Let me add here that before the CCAA filing the noteholders would have been paid by the $100 plus million they were raising. Once the DIP is raised the next step would be to try and arrange financing to pay off the note holders. Since the note holders have been so greedy it wouldn't surprise me if Kry, the monitor and the court all said wait in line like the rest of the unsecured creditors. It would serve them right!

Have a look at QVT financial and what their business is all about.

Here is one google headline:

QVT Financial Files Lawsuits Against Galatasaray Sportif and Its Board of Directors to Prevent Coercive Tender by Galatasaray Futbol and Subsequent Merger