Well, at least things are starting to move along and get more realistic.

Finally, the noteholders have decided to start bringing down their demands and start some serious negotiations. They have to understand they aren't the only class of creditors in this CCAA restructuring, and in fact, not even the most senior class.

I can completely understand why Tenor would have an issue with their proposed offer. In case the unsecured noteholders have forgotten, Tenor, in addition to their principal and interest, also get a portion of arbitration proceeds (or equity) after all expenses/interest are paid. So, the higher the interest that the unsecured creditors ask for, the less of a windfall that Tenor gets at the end. I have a feeling they are even less generous then Crystallex management.

So, what happens next? who knows. Maybe crystallex counter offers with full principal and interest, and thats being generous. Then unsecured noteholders come back asking for full interest and 10% of the arb proceeds, and maybe we settle somewhere in the full inteest and principal and 5% of arb proceeds area. I think shareholders will be able to recoup some of their losses, adn those that have averaged down will be able to make money.

Even at the outrageous 15% interest + 15% arb proceeds that the unsecured noteholders are asking for now, a $600 million settlement, after all principal, interest, expenses, and arb proceeds giveaways, still leaves shareholders with about $0.30 at the current number of shares oustanding. and with higher rewards, we go higher. So, things are looking somewhat brighter for us.

Cheers,

FK.