Thanks for this but that is not my understanding of the purpose of the preference shares. Whilst Tenor may use the preference shares to vote in two directors I do not think they have other voting rights. Once out of CCAA I do not think the preference shares would constitute control (and they may expire at that time in any case). However, the terms of the DIP provided for Tenor to convert their NAP share to equity so would obtain control if they exercise that option. My guess is that if they were to do that they would at the same time purchase all the remaining equity as it makes it much cleaner for them when dissolving the company (or whatever they choose to do with it).

This is the information I gleaned from the audited financial statements for Dec 31, 2012, if this changed later I'm not aware of it.