1. Tender your shares You have the option to tender your shares to receive $1 par value per share of a new issue of 6% non-cumulative pref shares. If enough folks do this the company may elect not to file bankruptcy.
2. Vote For or Against a Standby Plan If not enough folks tender their shares, the company will file a complex prepackaged bankruptcy plan which is detailed in the filings and was discussed at length here.
I voted for the plan. OPtion 3 iof course is you can sell your shares. I'm on the bid near 46 cents for a couple thousand more shares. After that the price could go lower as there seem to be some big sellers as judging by the recent decline in share prices.