I've found the link that was posted by Flyguy2006 in message #145 very interesting. I'm not a native speaker, but after listening to it a couple of times I think I got most of it. Seems like this statement is made by an Avianca pilot supposedly av9771. He describes that they were instructed to enter a holding pattern due to the viva colombia flight carrying out an emergency landing due to a (suspected) fuel leak. They initially entered the holding at 21.000ft and then descended to 19.000ft in the pattern. The Lamia flight entered the holding just above them at 21.000ft. After some time he reports that the Lamia asked for priority due to a "fuel problem". I'm not sure if understood that correctly but it seemed like ATC asked them if they would declare emergency which they initially denied. The controller explained to them that there is currently an emergency landing in progress. They kept on asking for priority due to fuel and then stated that they would proceed for the approach. All of sudden they started a descent forcing the controller to vector the avianca flight away from the holding. He claims that they could see the lights of the flight descending next to them. The controller asked them again and they declared "mayday,mayday,mayday" stating that they experience a total electrical failure now. They panically asked for vectors towards the runway and the controller replied that she doesn't have them on the radar anymore. They continued asking for vectors and she explained that she suspects them at 180° 9000ft about 8 miles according to "D.O.R.". I don't know what that spanish term means but I guess it could be VDF. The avianca pilots states that they became extremly anxious when they learned about the suspected position of the Lamia flight. Then there was a last transmission asking for vector to the runway which ended abruptely. Thereafter, the controller and also the avianca crew tried to call them several times without success...
I don't know about the authenticity of the tape and maybe any native (or at least better) speaker can correct any mistakes I've made in my translation. Nonetheless, I would derive two interesting facts from that tape: First, they did not enter holding on their request but had to due to the VIVA colombia flight. Second, they announced the complete failure of the electrical system after they declared fuel emergency and started an unauthorized approach try.
So, to me it rather seems like they were on their last bit of fuel when entering the holding which came maybe unexpected to them and then ran out of fuel which also obviously leads to the loss of both generators leaving them on sby power. Pure speculation obviously....