"The way for Tenor-Fung to do that would be to accept payment spread over as many years as possible."

I don't see how that benefits them. Like us they would like this settled asap but like GRZ they would prefer staged payments rather than this tedious back and forth in the courts (which is milking money from us all). Getting it out of the courts is to the benefit of us all.

One advantage to us with a staged payment is that Gowling don't have any time pressure. It will take years for Gowling to undo the court approved distribution (if that is even possible) - they most likely have years now. I've always said that Gowling don't have an argument until the money is actually paid, hence they have done nothing (hopefully they have done some preparation) so far.

One disadvantage is that Tenor are less likely to settle out of court with Gowling with a staged payment - if they were getting $1 billion cash immediately they might be more inclined to give some up. (Maybe that's far fetched to think they behave like normal people would?)