Very unlikely to hit 2 cents on Monday. Very likely that it will eventually go to zero. New equity will be issued to the senior debt holders and current unit holders will get nothing but a tired hand.
The only reason to buy BBEP common units is to close a short position because you are too impatient to let it go to zero after the bankruptcy. After all, what's another 10 cents, when you've made $20 on the downside?
That is wrong. Please don't give advice.
If you currently own LINE units, tell your broker that you want to accept the exchange offer for LNCO shares. There will no doubt be a small fee for the exchange.