Here’s the key point...any Plan of Arrangment has to be voted on by the parties in interest BEFORE CCAA concludes.
If a shareholder believes the Plan of Arrangement will involve the equity of the company to their benefit then they will get to vote BEFORE CCAA concludes and the Stay is lifted.
If the Stay is lifted and no shareholder vote has occurred then they are not parties in interest and no deal involving the equity of the company to existing shareholder’s benefit has occurred.
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