The noteholders CCAA plan was tossed. It was hard ball, and they lost. They apparently changed direction, as sometimes investors do, and now want the company to follow through with the PP, with their DIP loan terms giving the company less money and nine months. After all, Fung's affadavit says the money is there, willing and chomping at the bit to sign on. Seems reasonable... maybe. Like a snake. But, it is calling Fung out to see if this PP stuff is all smoke and mirrors. If the noteholders are good, and because they are in this business of money-gaming I imagine they are, they will put in an additional offer with the terms as outlined by CRYXF. Just in case.

Regardless, I never thought the noteholder's way was the way to go. I take no sides in this. Just trying to point out that the jury is out (har, har) as far as the company being shareholder friendly. Making TSX holders into stuckholders for a couple of weeks, and now all holders seeing possible dilution does not seem very shareholder friendly. Those recently entering, only to find their shares worth about half when the DIP loan is announced, might be Ok with the low cost basis along with low expectations. True longs, expecting a greater ROI will be hurt.

And, yes, if the ICSID award bucks are not in hand within the new note timeline, the new noteholders, secured or not, are going to come a knockin' at the collections door.

It will be interesting.