laid off with unpaid wages

My previous employer had laid off his employees since he was unable to meet the payroll. Since then his bank has acquired all of the corporations assets. He owes the employees for two pay periods. I have file a wage claim with the state and they do not have any legal jurisdication to pursue the matter.
Now my employer has sent a letter stating the bank will pay us for nearly one pay period, but is requiring all employees to agree to settle and sign release of claims against the company. Otherwise no one would be paid.
Any suggestions?