Auntierooski,

There are many questions for which we will not get an answer from anyone in the know, simply because there is a vested interest in keeping shareholders in the dark. This starts from the top down, with the Board of Directors, Tenor, Gowlings, etc. There is money at stake by letting certain information become public. The great secrecy surrounding the bankruptcy and the lack of communication from the company has been the telltale from the very beginning.

So, do not hold your breath waiting for any answers, specially from Gowlings. It is in their best interest to keep a low profile going forward because they were negligent in pursuing the shareholders' interests from the outset. So, Gowlings must be praying to God for the two-year statute of limitations in Canada to run out and put this behind them.

Regarding the shareholders' expectation for a payment: The Mechanics of Distribution disclosed in the 18th. Monitor's report says that...

“The Applicant shall make payments to the DIP Lender, the Key Participants and the Shareholder, pari passu and pro rata, based on the percentage of their Net Arbitration Proceeds.” 

So, once all the payments required to be made per the distribution mechanism (reasonable operating expenses, taxes, the DIP loan plus interest due, the noteholders, etc.), the remaining balance or "Net Arbitration Proceeds" shall be distributed to Tenor, the MIP participants (Fung, Oppenheimer, etc.,) AND the shareholders under pari passu (Latin for "with equal footing" or "under the same conditions") and pro rata (Latin for "proportionally). Therefore, whatever the NAP amount is, it must be distributed under the same conditions (e.g. at the same time) and based on the NAP share allocations, as follows (round numbers): Tenor 88%, MIP (Fung and others) 3%, shareholders 9%.

As an example: Assuming the company received $400 million, If after making all the payments required there is a NAP balance of $100 million, Tenor will get $88 million, and so on. The payments received from January 2019 through Dec. 2021 will be distributed on the same basis as the $100 million, after paying the corresponding taxes.

Shareholders will indeed get pennies, unless they start making noise with the Canadian authorities in charge of protecting shareholder rights (Ontario Securities Commission), the integrity of the bankruptcy laws (Office of the Superintendent of Bankruptcy) and regulating corporations (Canada Business Corporation). 

This is why the Board of Directors, Tenor, Gowlings and et. al. will not be giving you any information and will strive to keep the CCAA process as secret as they can get away with, so that no one "rocks the money boat".