Suppose the Alpha Manufacturing Corporation is experiencing extreme financial difficulties and is considering bankruptcy

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Suppose the Alpha Manufacturing Corporation is experiencing
extreme financial difficulties and is considering bankruptcy. Its
shareholders are currently almost equally divided about whether or
not the company should go bankrupt, with one outspoken faction
pushing for bankruptcy and the other strongly opposing it. They
have $50 million in debt all in the form of bonds, and bondholders
are pretty well united in that they want the firm to declare
bankruptcy.

The CEO announces that he is leaning against bankruptcy. This
means one faction of shareholders is happy, but another faction of
shareholders is very upset and the bondholders are also unhappy.
Can the unhappy faction of shareholders team up with the
bondholders to vote out the CEO?
Suppose Alpha ends up declaring bankruptcy. They do not have
any cash in the bank but they own $60 million worth of real estate.
They only have one type of shareholder—common shareholders. If they
sell the real estate, how much of this will bondholders get and how
much with shareholders get?
Now suppose that Alpha has two classes of shareholders—common
shareholders and preferred shareholders. Preferred shareholders are
owed $20 million in dividends that have been unpaid in the last two
years. If Alpha goes bankrupt and sells its $60 million worth of
real estate, how much will bondholders get, how much will common
shareholders get, and how much will preferred shareholders
get?