We know that TPS entered the frey. Remember, they are deemed by the court to be equivalent to P's now. They appear, to have not liked the settlement that may have been on the table.
What was also completely unknown was the conversion ratios involved -- eg, how many "old co" P's/K's/TPS's became how many "new co" commons -- and what the conversion, if any, for current commons into "new co" commons.
TPS may have likely said -- if we're not getting full value up front, then why would existing commons get anything -- that is the fundamental issue behind Absolute Priority {NO THIS ISN'T AN ARGUMENT THREAD ON THIS}
Ultimately, the reports are that the EC pulled out. But to me, it seems clear, they pulled out because TPS could not be satisfied.
...Catz
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