"That is how my figures are in dollars not just cents."

$1 per share requires Gowling win an additional 35% of NAP, total shareholer award becomes nearly 47%. A loss of $370 millon for Tenor who will fight tooth and nail (i.e. for years). Gowling gets perhaps $15 million pay out, based on the shares opted in. $2 requires Gowling win an additional 81% so shareholder pay out is nearly 93%. I suspect even you don't believe that could happen (so you figure is at best in dollar - singular). 

I don't think the 11.746% number is right either. I believe the waterfall agreement changes that depending upon the size of the NAP. As an opt in have you tried asking Gowling what the base figure is? If they can't give you specifics due to confidentiality agreements perhaps they can just confirm that the waterfall agreement could provide a greater percentage.

By the way to get to 50 cents per share would require a waterfall agreement whereby after $700m (guess) of NAP Tenor's share drops from 88% to 55% (if it dropped to zero we would get 72 cents per share).