You are forgetting the creditors - the current AAMRQ share holders will get remaining shares after distribution to creditors satisfying their claims. There have been many posts on this - current AAMRQ shareholders will get roughly 1/3 of the 544m shares after creditors claims.
Wow - your analysis that it will go below $10 is compelling. I would argue that oil topped out today at $97 and $10.23 represents 50% upside post merger. Likelihood of bounce probably higher than sub $10