Could FullTilt issue shares?

This may be completely wrong, but with it looking unlikely we will get our money back from from Fulltilt, if Fulltilt was to brocker a deal with players, to offer shares in Fulltilt (the company) if it was to relaunch, with shares allotted as percentage to what player is owed, it may help get Fulltilt going again earning money etc. I realised the value of the shares might not be anywhere near what player is owed, but it would be at least something.
It would be difficult, possibly not even legal, just a thought.

You are better off as a creditor. If they issue shares and then never sell the entity and or restart then your shares are worthless. Also, it is very difficult to sell shares in a non-public entity as there is no established market for the shares.