JC, I respect your opinion and will not disagree with what you have written. My only caveat that seems to change the comparisons with other CCAA protection is that in those cases there is no settlement or arbitration award potentially waiting to make everyone whole.

Whether it is in the CCAA guidelines or not about reasonable the judge has found in each case so far that the noteholders have been unreasonable and greedy. I don't have the time to search the documents but I'm sure it is there is his rulings.

What you have suggested could quite possibly happen. I keep coming back to if you are correct what changes in terms of timeline or the arbitration process if we come out of CCAA with no agreement? The noteholders have said already they intend to complete arbitration which has a set timeline no matter if Fung or the noteholders are running the company. The noteholders have already said they would want to retain certain management for the arbitration process.

In both cases the only way out is to wait for a settlement or arbitration. I would imagine in most other CCAA cases there are different ideas on restructuring and different business plans that usually include removing the old magement. I may be wrong but I feel like our CCAA case is unique when compared to others.

With Tenor now a secured creditor with the Judges approval the only way for the noteholders to get paid is through a settlement with Kry or letting the process complete itself.

JJ