I still think that a merger with LLC in BK is unlikely if Horton and the board rejects Parkers offer, even if the UCC favors it. The judge ultimately decides.
There is a reason why AA filed with 5B in the bank. They knew they had a better chance to emerge independent if they didn't need to borrow money. Bankruptcy law heavily favors the debtor. My money is on a stand alone exit. After that it's anybody's guess what those clowns will do.