It's a red herring. Gowling are most likely technically still lawyers for the opt in committee but as regards the purpose of the opt in process they appear to be dead and gone.

Hopefully the opt in committee are looking at the next steps, particularly as regards the company coming out of CCAA and the distribution of proceeds. As an unlisted company a shareholder agreement would be useful but as Tenor control the company it will not be easy. I doubt Gowling will do this without a retainer and only on a fee basis.

Perhaps those of you who opted in will comment on whether you would support (i.e. contribute to the cost) of Gowling's ongoing involvement, especially given that what they "promised" has been dashed.