Unfortunately, I think a lot of people are going to lose jobs no matter how this shakes out - and they'll probably be the people who needed jobs the most.
It seems like one of the biggest problems they had was they overproduced bikes, so I'd expect them to downsize to maybe 60 employees even assuming they get back up and running soon. They're going to need to trim things down and let demand catch up with supply and then begin growing again slowly and methodically.
Now I'll preface my following comments by saying again I'm not a lawyer, I've never been through anything like this, I don't have any inside information, I'm simply piling guess upon guess upon guess and applying some common sense. With that said:
I suspect there are probably about 10 people - top engineers and business people - who have a pretty good idea of what's going on and know they'll have a job with one entity or another if they get back up and running. Some of those people may even be employed by the receiver right now.
I suspect there are people right now going through things and counting paper clips so a full report can be generated prior to the start of any bidding. While independent lawyers and accountants could be brought in to do that, it would be a lot more efficient to use people who know where things are. So those people and people close to them probably know, for example: "Yeah, Erik is working with his partner X and he's going to try to make a bid for it and Hero is also going to bid for it and they've both told me I'll have a job with their new company."
In some cases people may know they'll have a job with one entity but not the other so they'll have a rooting interest. And if Hero gets it (and will keep operations in Wisconsin), I suspect we can expect an influx of Indian engineers and managers heading to East Troy to set up camp.