except, with the suplement monitor report, there are no assets left to be seized by and for CS even after CCAA termination. Burnstone is under BRP and can not be siezed. However, burnstone probably sold for a 50% of its book value that is less than 350M. My understanding is that Creditors/DIP lenders and Adhoc group including bond holders have to settle those funds per the settlement agreement. Now the only hope is to recover from royalties for shareholders if any in the sale agreement. our monitor, as we have seen, would not take into account spread out royalty payments.
Even if some NPIs (not sure how many years) goes to creditors/bondholders after they distribute cash proceedings from the sale, probably after a few years, GBGL receiver gets some NPIs at a cost of administering these accounts and from remainings probably we see a penny or two distributed for a few years after all obligations are met.
