The noteholders do not need to step up. They are silent for one of two reasons...

1. There will be a Big "knock-down-drag-out" on Apr 5 resulting in the private placement returning (Fung's first affidavit has specific reason for going CCAA), and noteholders exit.

2. Noteholders have already cut a deal to roll the notes, and will get the same PP deal. After all, since 36 large gets 35% of the take, 100 large is likely to get a significant percent of the take also.