I don't see why kry is under an compulsion to the noteholders to do anything other than agree to repay their notes plus interest. Tenor got a special deal because it was willing to come forward and give kry the working capital it needed to complete the arbitration. The notheolders, on the other hand, have not given anything additional. Rather, they are merely owed what they agreed in the past to "invest" in kry via unsecured notes. The fact that Tenor got a piece of the pie was due to its timing, not dissimilar to someone buying kry's shares now for a dime. Just because Tenor got a good deal does not mean that the noteholders are due anything other than what they are already due. They are contributing nothing additional and they hold no clout or club to force kry in the eyes of the judge to do anyhing other than offer to repay the outstanding notes plus interest. To me it is relatively simple. I would be very surprised if kry offered them any portion of the arbitration award or if the judge put pressure on kry to do that. They had their chance to get a piece of the pie and they lost out.
