just an idea but what if the R/S is a threat. so

just an idea but what if the R/S is a threat.
so we know that the toxic lender wont sell at a reasonable price right?
an R/S would decrease the value of the TOXIC lenders shares. even if he dumps them all he wont get the same amount of money that the company has been trying to offer to buy off the note.

so all of a sudden the toxic lender has 2 choices. accept the companys offer. or get less money than the companies offer.

you have to think about this from the companies perspective.
who are they fighting against and how does this R/S help them in that fight.

This THEORY is my answer to that