You read correctly.

However, PDF Page 174 (Motion Page 166) shows the Final Loan Order has been adjusted, into a sequence beneficial to Tenor. Tenor will get their additional 15% arb proceeds on the next draw.

Calcs of arb proceeds are nice to dream about. PDF Page 162 (Motion Page 154) indicates any distribution to commons only occurs, "...as a class, entitled to share in the distribution of assets of the Borrower on dissolution, liquidation, winding-up, etc., of an amount equal to the net equity of the Borrower, pari passu with any amounts distributed to the holders of Special LAC Shares."

The company has to go out of business for commons to benefit. So, commons cashing out while unable to trade will be difficult, at best. Especially for revoked US holders. There has yet to be any indication from the company of any such plan(s) to scuttle themselves, or the BOD signing off a special distribution for commons upon arbitration proceeds collection. Until then, just rumors.