That was all discussed before, and really not the point.
Point is, courts support management making the business decisions.
And, CCAA exists to protect a company from having to liquidate.

Tenor's first financing took a chunk of arb proceeds. Then ran out.
Second Tenor financing took another good chunk of the arb proceeds.
Shareholders not outright eliminated, but always giving up their portion.

The idea of a check upon collection still might have possibility.
Backroom shenanigans could put the kibosh on that theory.
Because, Tenor has controling leverage for dividing the arb proceeds.