Don-wys,

"Why would the judge not consider shareholders when it’s the fiduciary duty of the company to do so all throughout?"

And the Board of Directors, the Monitor (and the Superintendent of Bankruptcy), and the Canadian Business Corporation? 

Because the KRY CCAA proceedings is a sham that allows Directors working with the DIP Lender to organize a pignata party with entry by invitation that excludes the house owners. And all this based on a law that was meant to "allow an insolvent business to recover" and "avoid the economic and social costs of liquidation". And, to add injury to insult, this is happening to a business with $1.4 billion award can be enforced around the world and its collection is a question of "when", not "If",

The Directors and Tenor will ask the CCAA court to allow the liquidation "yesterday", but not before they get the money and then get full releases seeking to protect them from future legal actions and remedies, when (not if) the pandora box is kicked open.