GREY:LSTMF - Post by User
Post by
Oldfart74on Jan 23, 2017 1:29pm
153 Views
Post# 25742311
September 26 initial order
September 26 initial orderThe company filed for CCAA on Sep 26. The court approved a SISP process to sell the assets. At the end of the day the secured creditors were the highest bid and the sale of the assets to the secured note holders in exchange for their notes was approved by the judge. When the unsecured note holders rejected the July proposal, they, in effect, rolled the dice and hoped to win the court case. They lost the Opression case and so ended up with nothing. If the unsecured were going to share in the new company with secured, why go to court?
Here is court decision
https://www.canlii.org/en/ab/abqb/doc/2016/2016abqb665/2016abqb665.html?searchUrlHash=AAAAAQAHTXVkcmljawAAAAAB&resultIndex=1
here is the link to court of appeal
https://www.canlii.org/en/ab/abca/doc/2016/2016abca401/2016abca401.html?searchUrlHash=AAAAAQAHTXVkcmljawAAAAAB&resultIndex=2