jimmijazz - I am not going to post my opinion of a lawyer who reads these forums.

I think the info about the shareholding of the "bad" noteholders is on the Ernst & Young website. The quickest answer might be to ask the opt in committee - it is more or less public info.

You need to draw some scenarios about what could happen to work out the best way to proceed:

1. Tenor do a deal with VZ which wipes out the residual

2. Fung takes some VZ asset instead of cash (a GRZ lite version)

3. A plan of arrangement wipes out commons

4. Legals fees require a 5th DIP

5. VZ hands over $1.386 billion + interest in cash and it is distributed to shareholders according to the waterfall provision

I can tell you for option 5 I will shut up, sit back and trust Fung / Tenor. For the others I need details but I am confident that an opt in arrangement is not in my best interests. The opt in is for changing the waterfall provision and otherwise increasing the payout.