General,
Aside from the greek and royal, most books don't offer true bailouts. WHat they offer are generous bonuses to those who got stiffed. So if a book offers a bailout, and players accept, and then later on on panam pays the players. It really shouldn't matter that much, since we are likely only talking about about a bonus, not a true bailout. And considering players have had their money in limbo for a month, it wouldnt be so terrible if some were able to come out a little ahead.
The only real problem I see with starting the bailouts is that it would send the message to panam that they don't need to pay. With both PTS and Blue MArlin, as soon as the bailouts started, all talk about finding investors and paying off the players alos stopped. Though in both cases I doubt additional time would have made much difference.
I think since its the players money at stake, you should get a consensus feeling of what they want to do. ANd if they want to start looking for a bailout, then therx should start trying to line them up. How much longer can you reasonably ask people to wait for panam to pay