Currently, Uniti gets its rent money before any of the creditors. It's worth billions to the creditors to get this changed.
Uniti's lease was declared a valid lease in the Aurelius lawsuit - for the purposes of that lawsuit (under the specific laws and terms that applied to the terms of Windstream's outstanding bonds).
Now, the creditors and Windstream are trying to get the same lease declared just a financial transaction, not a true lease, under the slightly different specific laws that apply to bankruptcies.
If that happens, Uniti goes to the back of the line after most of the creditors. Even the unsecureds get more.
Windstream and the creditors _sort of_ have a case under certain interpretations of the law and the Windstream-Uniti history, but it's viewed by many as weak. The Uniti side has a stronger case.
To win, the creditors really have to thread a tricky needle given the record. The execs are already on the record on the other side of this issue from statements they made during the spinoff and the Aurelius suit.
Windstream management's testimony now in support of the creditors is critical. So they've got to wiggle through this just right to support that the Uniti was one thing under one set of rules and totally different under very slightly different rules.
The execs face felony perjury charges if they lie.
The creditors might support the generous 2020 KERP (Key Employee Retention Plan) for the execs just to keep them motivated to "say the right things."