Obviously, this is not to say that the company will have any problem in obtaining a favorable decision in the ICSID arbitration. So, this is about how revoked shareholders will benefit. That remains to be seen as it is unknown what is going on in the Tenor-Management back room dealings. Last check, revoked shareholder's glass was less than half-full, and will likely contain even more air when collection becomes reality. Unlikely this whole exercise was for shareholder benefit. Any collateral benefit for shareholders is unintended by Tenor/Management.

Bullet One - A possibility that seems unlikely. Then, again, the Tenor/management shenanigans are gaming here. Publicly, there has never been any official word from the Company, besides rumors, that such an event would ever take place. Intent of CCAA is to help a business to continue to remain in business. By all intents and purpose, the company is showing CCAA that it wants to remain in business. Possibly, Crystallex exits CCAA, then shares the spoils with revoked shareholders through liquidation. Considering past treatment of revoked shareholders by Tenor/Management, it is anyone's guess.

Bullet Two - Not likely. For revoked US holders, regaining active trading status would be extremely difficult. Re-registration of revoked shares is near impossible. Revoked shares are not the same as unregistered shares or like IPO shares, according to SEC definition. Section 12(j) makes revoked shares completely illegal to trade, so good luck in finding a broker willing to risk their license. But, it has nothing to do with the SEC. DTCC has made Crystallex shares CNS ineligible - trades cannot clear except manually (enormous fees). And, DTCC and FINRA would never allow revoked shares to be re-registered. Check the history of revoked shares being reinstated. Pretty gloomy.

Bullet Three - A possibility. Trying to re-register revoked shares was covered in bullet two. However, completely new equity registration is very possible. Funny thing, issuing new equity is far easier than trying to reinstate revoked equity. So, for current shareholders, the big problem is having Tenor/Management merge revoked equity into the new equity. Doing such a thing is no where near as simple as just saying so. And, a simple change of the revoked ticker symbol is really not so simple. This all goes right back to becoming CNS eligible, the DTCC and FINRA. Tenor/Management would have to want to truly deal with all of the paperwork, explanations, and, especially, the enormous fees. Unfortunately, Tenor/Management has shown revoked shareholders little respect in all of this. Much easier to just issue new equity and start the game over, again.