Don-wys as a shareholder I am less interested in maximising how much Gowling get paid. I appreciate you are saying the more opt-ins the greater incentive for Gowling to do a good job - that's a real world view - certainly better than suggesting they would do a good job because they are reputable.

I did not say Gowling is the best way for shareholders to be heard and defended. I do not know, and currently don't expect, Gowling will "defend" our interests. My belief is that Gowling will try to change the waterfall agreement (for their benefit as well as ours). If Tenor try to further reduce the pot left for shareholders I don't know if Gowling is the best way to prevent that (ironically Gowling have so far only reduced the pot, albeit a tiny amount).