Uncle, you said it yourself - the shares are almost worthless, so why would they convert secured debt into more worthless shares. The level of security on debt varies, but the (Norwegian) governments tend to put themselves at the front of the queue for break up assets - it wouldn't be much, but at a guess, I'd say it's more than the equity would be worth. Anyway, first the administration has to be approved by the judge, and that's far from certain.