RE: Onereality Cangator, I most certainly do not disagree with your general point and position, but I do see it from a slightly different angle having seen these things play out so many times before. It is fine to say that the company can not force anything. That is true. This is a creditor action and nothing is going to happen unless they agree to it. Shareholders in some cases have a right to vote, but that is only an opportunity to agree. At the end of the day if the creditors do not get what they want then they force bankruptcy and take all that they are entitled to. It is like saying that you a free choice to disagree with the person that is holding a gun to your head. Yes, technically you do have the right to disagree, but the reality is that he has the final say so you may as well agree and save yourself from the 3rd eyeball socket.
Also, do not forget that you do not have to be insolvent to file. You just have to show that it is probable in the near future. When you take into account the equity and debt obligations and couple that with the projected declining income, I believe that the case can be made not that far into the future.
Take care...I must run.... have some action at the bell.