The corp BK attorney I spoke with usually deals with real estate stuff, but he was very negative on manufacturers who end up in ch 7 recovery. He said the highest he has seen was 25% payout, many times nothing. In this case, he said if Van's comes out of ch 11, sub 5 a typical cash recovery would be 50%, maybe a little more - all of those claims would have to be discharged prior to exiting ch 11 - that is how the process works. So the choices were pretty grim - bail out, file a claim and hope for 25-50% on the dollar regardless of Van's survival, or "pay" (on paper) 50% more deposit and accept the 12% increase. I still need a 540 - good luck getting even a decent rebuild for under 70k.
There is no way the trustee or the other creditors are gonna let deposit holders who bail and file a claim skate with 100% on the dollar. There is no creditors committee in this case, but I can tell you the other creditors will be lobbying Vans and the Trustee to ensure everyone takes an equal opportunity haircut.
That's how BK works. Ask any airline pilot over the age of 45.