Lowering face value is not an option if they intend on being a going concern. Their core business is maintaining something that's worth a dollar and they can't

Lowering face value is not an option if they intend on being a going concern. Their core business is maintaining something that's worth a dollar and they can't do that, then the market will move on to other things. It'll be permanently an unwinding operation. Their best play right now would be to find some big pocketed investors with on chain assets. Have them buy USDC on-chain for $.90 on the dollar, write off the $1 redemption value with a $.10 bonus, and defer redemption on those tokens until they figure out the liquidity situation. It'd be a crazy bet and requires on-chain assets to kick start it, but the investors would be making a decent return in exchange for delaying their redemptions.