What if Credit Swiss (CS) has been buying up most of the shares since Great Basin fell below US $0.01. Couldn't CS sell both Burnstone and Hollister free of the debt owed them to an interested miner at a price where they would recoup, most or all of the value of the Burnstone Loan?
First of all, I believe they can not sell Hollister again since it is already sold. Secondly, if they aren't going to recoup all of their loans from the high bidder there is no reason to buy up shares since the shares will be worthless. Your scenario does work if the high bid is greater than the loans outstanding (ie. they would be making a profit if the bid would result in positive share value).
With all of the delays, however, my guess is that the bid is less than the outstanding loans, and the credit committee is trying to negotiate an earnout deal similar to the Hollister sale. In any case these ongoing delays would seem to convey that the common shareholders will get zilch.
One final thought, if CS is actually buying shares in the open market, and they know that the bid is high enough to generate positive share value, they would probably be opening themselves up to massive legal problems, therefore I don't think they, or any of the credit group is buying shares. Maybe the credit committee is negotiating a higher price so that the shareholders will get something back for supporting this company over the years.....yeah right!!