RE:Distribution waterfall....Tired we have looked at this before. The CVRs have eaten up 90% of the share value, existing shareholders are left with about 10% of any award. If there is a buyout it is reasonable the CVRs would be converted to shares so the existing 106 million shares will explode to around 1 billion. Not an unreasonable outcome. Many of us have invested in at least one of the two CVR tranches for some protection.