You said

"The judge said that each shareholder will receive a pro rata distribution based on their shareholdings whether they opt-in or not..."

Where did you get this "Judge said" information. I would like to see its source. You sound like CNN anchors "Sources say..."

Is the  "  ...opt-in or not..."  part of what the judge said?

Did the judge also say this:

" ... only party to benefit by more opt-ins are Gowling and that this might encourage them to pursue (unnecessary) litigation."

The difference is, actually, what us opt-ins get will be less for Tenor.  That's your point.

With our opt-ins plus the committee members in this litigation Tenor can not make deals with VZ behind our backs.

This value judgement you offer is meaningless.   It's called BS baffels Brains.  I do not think this judge will risk setting a precedent which could negatively impact future loans for CCAA companies.