All parties are good with extending the stay until December 2014 as long as,

1) Tenor gets another 15% of net arbitration proceeds for continuing the flow under the current DIP facility, and adding another 11 million to be drawn down.

2) the noteholders have settled on getting all their interest accrued and some other fees they incurred along the way (approx another 10 million), to bring the total prinicipal outstanding as of May 20, 2013 to $124 million. But now, their interest rate effectively goes up to 20% per year, (9.375+++) accruing from the beginning of the standstill agreeement on May 20, 2013 until the end of the standstill agreement date (December 2014, or later if the parties agree to extend).

3) managment still gets their up to 10% MIP, which seeing how greedy they've been up until now, is likely going to be the full 10%. Plus, oppenheimer wants a raise for bringing us into bankruptcy.

4) and shareholders get the rest, whatever that may be. I guess we should be happy we may get something in the end, but I feel management and Tenor have been all to chummy in this whole process, and well, the noteholders were greedy, but not as greedy as Tenor and managment.

So, roughly calculating, on a $500 million dollar settlement (base case, and assuming all other debt and expenses are paid out of current loans):

Debt repayment:

Tenor gets: $55 million debt and interest (by the time this is done say Dec 2014).

Noteholders get: $165 million (full principal repayment plus accrued interest on 123 million starting May 20, 2013).

Which leaves $280 million left to be split up.

Tenor Gets: 50% or $140 million (or $160 million if I read correctly that the net arbitration proceeds now exclude the extra interest to the noteholders).

Mgmt gets 10% or $28 million

and shareholders are left with $92-112 million or $0.22-$0.28 cents / share

keep in mind, this is based on $500 million settlement, which I feel is way too low, but I just wanted to show an base case. I'm looking more in the $800 million dollar range at least, at which case we can expect a share price of $0.63 cents per share.

These are just rough calculations, but at least the picture looks a little more clearer for us shareholders.

Cheers,

FK.