You say the merger of OPCO and PZN is necessary, but you also say both entities are about to go bankrupt. What you must mean is that Blackstone's cash infusion is necessary. Merging without a cash infusion is obviously worthless. The merger is part of Blackstone's price for buying in.
You say PZN shareholders get something from this deal. What? All of a worthless OPCO is not much. The deal is structured to pay more taxes, but save money by paying no common dividend.
I will vote NO. Why write Blackstone a blank check in the blind faith that they will generously give anything to common shareholders?