CedarW is correct in his assessment.
To address your points:
Same urgency to continue the Ponzi scheme business?? I think you mean the urgency to recover some money, but that has nothing to do with the Restructuring, e.g. Noteholders' taking over the assets from shareholders. Answer: Sino-Forest was not a Ponzi scheme, but a major fraud. MW was wrong in characterising that issue because the Company never paid out anything. Yes, restructuring is over with.
All they need to do is freezing the accounts, laid off all the employees, and value the assets and liquidate them. Trees won't go anywhere, no matter belonging to shareholders or noteholders, there is no rush for that. Answer: This is exactly what they are trying to do with the Court approval. Shut the business down & sell off all assets. No, the assets lose liquidation value and time is of an essence under a distress sale..
Unless they want to continue the business Sino-Forest has been doing before, there is no need to do the Restructuring. That means, Sino-Forest's business has never been accounting fiction writing.
Answer: That was why E & Y said in court papers that Sino-Forest should have gone straight into bankruptcy rather than trying to save itself under a CCAA proceeding. It would have been much fairer to all stakeholders including common shareholders & other stakeholders under a Bankruptcy & Insolvency proceeding where everyone will have a say.
Under CCAA, the bondholders & creditors are the only stakeholders to benefit. Sino-Forest was never a going concern, and yes, a work of fiction or Chinese fairy tale. The Company was able to sustain itself for years with more than $3 bn it had obtained from bondholders & equity investors.
The restructuring of the debts under CCAA is over and it couldn't be done. So, the Plan to be approved by the court in the new year calls for dumping virtually all real assets, en-bloc, including Greenheart controlling shares, into Newco to be owned by all bondholders and creditors only. This is necessary to obtain clear title with no encumberances to the assets. Common shareholders and other equity claimants will be excluded. In addition, the Court will approve a separate Litigation Trust to go after MW with a $50 million funding pool. A waste of money as the Company will never win any defamation lawsuit because it is true that Sino Forest was a fraudulent enterprise.