Yes but I've only glanced through the agreement - which part did I miss or misunderstand? I know Gowling left open the possibility for many scenarios but I believe what you are committing to and what is expected is option 2. Which option do you expect (or some other variant)?

Don't ignore the legal fees - Tenor have a bottomless pit to defend their award, Gowling don't, shareholders don't.

You seem to argue in favour of the opt in committee based on losing everything. This is wrong. I think you know that if Tenor tried to take all the award the opt in agreement is not a good mechanism to fight it. And it appears that Tenor know this is not feasible as they have granted another extension of the various credit agreements without penalty. They could have pushed for further compensation but rightly chose not to. Some might think that was generous of them.

I'll leave your analogy alone - why not just stick to what we have?