I cannot fathom giving away 49% for anything but a large (say $150 million) loan through 2015 or later, something that insures we get all the way through the process, and even then with the court seal of approval Fung can earn that $150k bonus and negotiate the CVR back down to 30% or so.

Giving away any CVR for a small loan seems ludicrous, but then it is Fung at the helm so who knows, maybe some more of his old cronies need to wet their beaks.

p.s. It certainly is nice having a monitor -- we find out what's happening prior to AGM and in much greater detail.