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Bitcoins are not recognized as real money and thus have nothing to do with solvency in the formal sense.
Your "likelihood of litigation" hobgoblin is purely academic, and assumes the existence of entire bodies of law and precedent which do not yet exist.
Good luck convincing a real judge to care about your experimental imaginary internet nerd tokens.
Bitcoins may not be recognized as "real money", but I have no doubt at least some judges could be convinced that they classify as assets - i.e. exchangable for money. And assets are taken into consideration in both bankruptcy proceedings and litigation processes.
Although I didn't have any coin at BitFloor, I have to agree with BitcoinForLiberty: converting the BTC balances to equity or loans sounds better than forfeiting the balance and waiting for the bankruptcy proceedings to play out.
Converting the balances to equity or loans should be entirely legal too. I think perhaps doing an "IPO" on GLBSE might be a mistake - there are very strict regulations surrounding public offerings. But private equity, on the other hand, would be fine - and private equity can normally be traded quite easily OTC, or even might be registered at an exchange and traded on an exchange (which is still different than doing an Initial Public Offering).
