I would have guessed your answer, but I’m glad to see you say what I thought you would.
As a commercial real estate broker, I dealt with numerous Ch 11(reorganization) bankruptcies. Most don’t ever move into liquidation, as a property has to have assets that exceed liabilities in order to qualify for the CH 11 in the first place. Mr. Wallace F’d up big time, and I predict he will rue the day, now or in the future.