What Reyes did was a good thing, by showing that commons are aware of the numerous shenanigans going on. Although what Reyes filed is compelling to commons, it seems to relate that this was a losing play pretty much from the get-go, and JudgeN may take it as stupid-is-as-stupid-does. Reyes might have done better by stopping at the point of requesting commons be allowed to vote on a Plan, rather than going on and on about how the company should do this or do that.
Noteholder's filing is most interesting of yesterday's disclosures, showing immense take-aways from commons, along with very reasonable and legitimate arguments concerning the scheme the company is using to do an end around on the CCAA process. The Judge will definitely take notice of this and act on it, as he signaled his intent in an earlier filing. Although Noteholders have played the "evil outfit," it appears now that all others involved have shown their true intent. And, they are all in cahoots to take value from shareholders. Tomorrow will possibly be more about the CCAA process, with the proposed loan more as an aside that needs quite a bit of work.
The Stay Order (also posted on E&Y yesterday) was extended to the day before the Tenor bridge loan is due. This date is likely not coincidence. It appears JudgeN is leveraging all parties to work something out, and explains the delayed E&Y postings. After tomorrow, the last day to extend the Stay further is Friday the 13th (that is coincidence). There will likely be another gathering prior to, or on, the 13th in front of JudgeN. If there has not been significant progress, it could be a do nothing hearing for JudgeN. If the company, Tenor, and Noteholders do not work something out that is reasonable to JudgeN that falls within the CCAA mandates at that point, the Stay is lifted on the day the bridge loan is due.
They will definitely work something out. They have to, or everyone loses except Tenor. Unfortunately for commons, only bargaining chips are shareholder's equity and shareholder's future award.
Tomorrow's court date precedes a Market Hoiday. Also, likely not coincidence.
