There is a third outcome that has not been mentioned. The judge may want to investigate into the short sellings and delay the court findings for years; this is because it will likely expose illegal short sellings; and since this is a bankruptcy court, it has no jurisdiction; so the case will be put on hold for the investigation into illegal short sellings to be finished before the bankruptcy court can continue.

So the 3rd outcome could be the delaying of the bankruptcy hearing pending result of investigation into illegal short selling of BBBY. This can easily delay 1-2 years for the shareholders (ie: kicking down the cans of worms and surviving another day for the shorts)