Tenor KRY Cooperatief U.A. Getting it All...
...with Tenor's DIP "end-around" enabling their own Plan of Arrangement and get board positions, control, etc., etc. The recent ticker being SEC revoked, along with the ninth monitor's report revealing "Events of Default" seems a bit too coincidental. And, was a great setup so that Tenor KRY Cooperatief U.A. could force the company to sign off their rights for seeking loans elsewhere. The mini-draw makes Crystallex illiquid just when the Stay ends. Nice.
The DIP, the "consulting," as well as other frivolous spending business decisions getting through without much question, may have been the judge's way of giving the company enough rope to see if the company would hang itself. Company intentions are now confirmed by the judge. Likely, a big reason the judge has been demanding a Plan in more recent orders. Knowing the history of how CCAA treats equity holders of illiquid CCAA companies, there is high probability of new equity being issued. If the revoked equity stays alive, it will likely be diluted with arbitration proceed give-aways because Crystallex needs funding - available only through Tenor KRY Cooperatief U.A. - to get to ICSID, as well as stay alive to collect.
Tough break for those who held all those years.
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