"collusion between Tenor and Fung does not pass the  Larceny smell"

No idea what you are talking about - there is no theft. The court approved the MIP and the waterfall agreement including 10% of NAP to specific Crystallex managers. Tenor and Fung have done nothing illegal (immoral is a different story, a conflict of interest is possible but there would need to be some evidence).

Even if Gowling are right that the DIP loans are at an usorious interest rate, Tenor has done nothing wrong - the court approved the DIP loan terms. Gowling need to prove that the court erred. It can happen but I give it (near) zero chance.