You can make a case for many outcomes.

The judge is aware of the payment due on the 16th which is why he gave an extension to the 15th. I wouldn't be surprised if the ruling is announced this weekend but obviously Monday something will have to be done as the CCAA extension runs out that day.

I think the judge will accept the Tenor DIP offer as what is best for all parties. I don't think he will do anything about Reyes filing since the monitor agreed 10% is fair. I don't even know if he has the authority to accept the Tenor offer and say 10% is too much. I would love the compensation be shares instead of 10% of the award so management is tied to what we get.

Nothing Judge Newbould has done so far shows he will rule against us in favor of the noteholders. If I could ask one question and get a truthful answer I would want to know if any CRY management will directly profit from Tenor's 35% of the award. The way this has all unfolded it I wouldn't be shocked to learn Fung and some of the boys are invested with Tenor somehow.

JJ