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Re: Curse post# 178

Tuesday, 10/16/2012 4:21:32 PM

Tuesday, October 16, 2012 4:21:32 PM

Post# of 319
Hope the Best on Finding Anything Else Close...

Been there. Done that. CRYFQ would be atypical to the extreme. The Stays going on for years and years are few and far between. Going by what is typical, the Stay is extended for around a year, on average, and a Plan is set. Never a guarantee on potential. The potential treasure, under the rainbow, is not getting any attention likely because the judge can do a quick calc (or, more likely has already done so) to get reasonable ballpark numbers. But, again, no guarantees on potential. Then there is the collection aspect of the potential award, likely many more years. So, will just agree to disagree. Would be very glad if proved wrong should this continue on with Stay after Stay ad nauseum, just as long as it is good for commons.

However, seems the writing is likely on the wall with the previously mentioned, "little" things happening. Judge apparently wants a Plan done and voted on within the CCAA guidance, and under the typical average timeframes. Judge also seems to have a bit of a personal stake in this, as he somewhat represents regulatory oversight. Being so close, with all creditors except bondies agreeing, and a result of scuttling the company will say the system does not work. Not a good thing for the CCAA system.

The spending issue may very well be all a part of the shenanigans. It is becoming obvious to many that the company will need funding and it is possible that management will arrange a sweetheart deal to noteholders for a survival loan, as a part of the Plan of Arrangement/Compromise. Tenor's loan amount never seemed to be enough to me from the get-go. Who knows. Lack of disclosure makes for uncertainty, and the Market hates uncertainty.

Still think it may all be a grand act of shenanigans by management/tenor/bondies, and they will come out fine. Commons, on the other hand, not so sure. Still, as always, hoping the best for commons.

GLTA

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