At the bottom of the Distribution Mechanics statement there is the following entry...

"The Applicant shall make payments to the DIP Lender, the Key Participants (Management MIP) and the Shareholder, pari passu [Latin for "with an equal step"] and pro rata, based on the percentage of their Net Arbitration Proceeds."

In other words, shareholders will get their money at the same time as Tenor, and Mgt. You can be sure Tenor, Fung and Oppenheimer will want their money "yesterday".

The only reason I can see Tenor and Mgt. pursuing a delay of the distribution is to eliminate the risk of a criminal rate of interest suit. Canadian law prohibits compensation (interest, fees, special payments, etc.) on loans to exceed 60% p.a. and at this point Tenor's cummulative compensation is without doubt higher than 60% p.a on the DIP loans. Tenor is owed about $100 million for the DIP loans + interest. And 60% compound interest rate on $100 million can add up quickly.  

But a suit for this can only be filed after Tenor ACTUALLY collects money and an actuarial calculation based on actual payments demonstrates the 60%+ p.a. compensation. A good source of information on this can be found in the Great Basin Gold Ltd. (British Columbia Supreme Court) case Date: 20121001 Docket: S126583.