Very useful Chaser - thanks.

You say: "The waterfall or Mechanics of Distribution", when did these two terms become synonymous?

You also say: "The revised settlement agreement was disclosed by PDVSA's legal counsel" so presumably you know the terms? What are they? If they are public domain can you copy them here?

Lastly you say: "to cow shareholders into selling their shares for pennies". Do you mean at a rate less than set in the "mechanics of distribution"? I don't see why they would do that as shareholders pose no threat. I can see that if shareholders continue to try to sue for more than the 9% or so of the NAP, Tenor will defend their share but defending is very different to "cow(ing) shareholders".