I believe you are correct, depending on Management/Tenor back-room antics. Whether Canadian or US, the way liquidation works is that Commons are always last in line. Always. Courts of Canada or the US can stipulate many things. But, the business of running the business always falls on company Management. We witnessed this in CCAA.

In Crystallex' case, what Commons will receive of the ICSID award depends on whether Management/Tenor continues the shenanigans of giving themselves and Tenor and Bondies more of the award through future funding. Doubt Management/Tenor will cut Bondies in for more, but stranger things have happened. Best current information available shows that the glass is less than half-full, award percentage-wise, for Commons.

If Management/Tenor leaves anything for Commons, and more importantly, jumps through the regulatory hoops for Commons then a check will be issued.