RE: Some thoughts about the upside...monmickTo answer to question...zero. They would have been wise to exit with what's left of their investment and use the proceeds to buy the new shares. In the case of Stelco, the company was hugely profitable (on account of the sudden rise in steel prices) at the time it was going through its restructuring.
Of course, the situation here is somewhat different. The original shareholders of Queenstake are very likely to make money, if they stick around.