From Price Waterhouse...

What is CCAA?

The Companies' Creditors Arrangement Act (commonly referred to as the "CCAA" or the "CC, double A") is a Federal Act that allows financially troubled corporations the opportunity to restructure their affairs. By allowing the company to restructure its financial affairs, through a formal Plan of Arrangement, the CCAA presents an opportunity for the company to avoid bankruptcy and allows the creditors to receive some form of payment for amounts owing to them by the company.

That last part I bolded/italicized is telling concerning Crystallex. CCAA exists to keep a company in "business" so creditors can be paid back. A company is a money making/losing entity that exists on paper. Shareholders are not creditors, but owners of a piece of this entity that is indebted to the creditors. Those in charge of the decision making for that entity are the management. Management decisions will tend towards taking care of themselves first, then maybe take care of shareholders.

CCAA, like much of how things work, works in "baby steps." Coming in and giving a bottom line take-away, as the Bondies did, is not the way CCAA works. Coming in and taking a bit here and a bit there, as Tenor did, is the way that CCAA works. What shareholders see is some legal-regulatory-big-conspiracy-grab where government appears to to be working with business to wipe out the little guy. It is what it is.