I see what your saying about shareholders going into CCAA and not being treated fairly. It is too bad it took so long to get shareholders involved.

I disagree with shareholders should have known when we entered CCAA that Fung was in it for Fung and that Tenor would also try and take everything. Whether the CEO is a good one or a bad one they all have a fiduciary duty to shareholders. I think this is where JC's theory comes in that there was possible collusion between Fung/management and Tenor.

I have no idea if Newbould set a legal first in our case but it would make sense since the award far outweighs the debt making our case unique. Newbould probably saw that if Kry won an award the bondholders and Tenor were after as much as they could get. He has technically protected shareholders by not allowing us to be wiped out. I doubt however that he had any idea Tenor would end up with almost everything. Like most judges he would rely on the monitor who had supported Tenor and Kry.

It is really a shame that shareholders had no voice in the process given Newbould set a legal first as you say.

JJ