I am not taking sides with Bondies, although have been accused time and again of such. There is a lot more going on than just a Plan proposal, that takes-away from shareholders.

There absolutely is money on the table. $100 large. By proposing a Plan, the Bondies are extending their current unsecured loan, instead of stopping the CCAA process and scuttling the company. Do not be fooled into thinking that Crystallex is completely in charge of this CCAA. The court cannot force any Plan, only a vote by creditors can. It does not matter if the Notes are unsecured, the Notes are still debt and have rights of collection under CCAA. This proposed Noteholder Plan is basically a refinancing of the notes at 15% simple interest, plus 15% of the arbitration proceeds for the "opportunity." Anything more than 15% of arbitration proceeds give-away is all contingent of continued Crystallex delays.

For some reason, Crystallex does not want to deal with the Noteholders. Maybe the Noteholders have compromising pictures of Fung with animals, or whatever. Regardless, I do not believe it has anything to do with Crystallex protecting shareholder value. Who knows, maybe Tenor will step up and pay off Bondies for more of the arbitration proceeds because of this Bondie proposal. Why Tenor has not stepped up is unknown and somewhat suspicious. Anyway, Crystallex definitely does not want any vote on a Plan to happen, and knows Bondie fear and greed keeps this circus alive. When Crystallex runs out of money in the near future, who will be there? Tenor.

Calling the Bondie proposal ludicrous or outrageous is justified. However, Tenor received 10% compounded (equals 15% simple after nine years) interest plus 35% of arbitration proceeds. If no one thinks this mess cannot continue on and on before collection of proceeds, well, this circus has been running on and on already. And, when Crystallex runs out of cash, what sort of terms for another loan "protecting shareholders" will Tenor provide based on the last loan.

As far as the "outrage" over Noteholders not paying the court costs as yet, Noteholders have not seen any interest payment on thier Notes since CCAA. So, what is so bad about them saying to put it on their tab and work it out later? Ok, understandable that Bondies are the bad guy here. But, c'mon. Bondies could file for CCAA protection and delay.

Whatever the court decides will be a rough path, of a bunch of rough paths, for shareholders.