As I stated last week I thought the bondies would counter the Tenor offer . So far and after today filings we see the details of it.

I.E. 81% bondies

14% % shareholders

5% management

Tenor could counter with a offer of ;

22 to 25% CVR

2 to5% MIP

15% % payout to bondies

rest for shareholders

or

Bondies may ;

roll debt w/out exchange for 30 to 35% CVR

2 seats +1 independent plus 2 KRY BOD's

$35 million for 20 to 23% of dilution

My assumption is the bondies control at least 100 million shares and will move to control collateral damage if they don't have governance. If not, Tenor and management holds them on hard packed dry ice till ISCID claim is payed in full or early settlement is reached.

Don't forget . The lawsuit has not been dropped. It doesn't mean it can't or won't be used as leveradge in light of the counters I see coming. What makes this drama play out to me is now the bondies are willing to drop thier claim to 81% vs 100% in the 1st offer to Nuebold.

Time will tell...April 6th will be interesting to see. DIP hearing only and my guess is the extension will be to hear the counter in a week or so. July 6th will be drop dead deadline.

Cheers!