From my limited knowledge on the subject, it starts with everyone owed money filing claim to various assets. The Attorneys executing his will then look at what is owed, what assets are held, what the will states, and what the people in the will want to do. From that, the Attorneys submit a plan to the courts, everyone wanting money bitches about the plan and how it screws them, the Judge forces the attorneys to modify the plan, and eventually approves it. In the end, there is likely one of 3 outcomes:
1) Part or all of major assets like the catalog are sold, everyone is paid off, and the people in the will get whats left.
2) Everything will be sold, it won't be enough to pay everyone off, the people in the will get nothing, and people holding unsecured debt won't get all their money back.
3) Some assets will be sold but those in the will will finance the rest of the debt to keep the catalog and other assets together.
One thing is for sure, it will take years to sort out.