The opt in committee told the judge they did not rule out having a seat at the VZ negotiating table - so it is possible Gowling could have some influence (and even if they don't have a seat their presence in an ad-hoc fashion could make a difference). I doubt it but it is not beyond the realms of possibilities. One obvious influence is that Tenor will know that if they try to accept a bad deal with VZ then Gowling are likely to fight it in court - that's a nice safety net for shareholders but in practical terms it might not amount to much.

10 years is also not beyond the realms of possibilities. A good place to look is with Argentina, especially as VZ may also default in the next 18 months (if civil war doesn't break out first). One thing Argentina tried was to stay execution of ICSID awards pending resolution of the sovereign debt crisis - the courts allowed this under strict conditions which Argentina failed to meet anyway. I don't think VZ will be as bad as Argentina - sovereign debt is not as high and VZ's oil is an asset that should eventually meet all obligations. Of course if Maduro, who currently rules by decree, literally fights to stay in power all bets are off.