Avarone Metals Inc V.AVM

Supreme Court

[basherbob]

$0Leave panel appointed in ABCP file$0$0Posted: September 09, 2008, 3:57 PM by Jim Middlemiss$0ABCP file, Middlemiss$0$0$0The asset-backed commercial paper restructuring is now in the hands of Supreme Court Justices Louis LeBel, Morris Fish and Louise Charron. That's the panel that's been appointed to consider whether Canada's top court will weigh in on the restructuring of the frozen $32-billion market. $0$0The corporate investors asking the court to intervene argue that conflicting case law and the importance of the impact the restructuring will have on future insolvencies justifies the top court's intervention. They argue that by taking away the right to sue, the committee exceeded the mandate of the Companies' Creditors Arrangement Act and improperly confiscated the investors' property.$0$0The Pan-Canadian Investors' Committee overseeing the restructuring says that granting legal immunity in restructurings is common and that the CCAA legislation should be interpreted broadly so as to allow such releases. the committee argues the case has no national importance so the court should not agree to hear it.$0$0There is no timetable for when the judges will grant their decision. $0$0Jim Middlemiss$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0Leave panel appointed in ABCP file$0$0Posted: September 09, 2008, 3:57 PM by Jim Middlemiss$0ABCP file, Middlemiss$0$0$0The asset-backed commercial paper restructuring is now in the hands of Supreme Court Justices Louis LeBel, Morris Fish and Louise Charron. That's the panel that's been appointed to consider whether Canada's top court will weigh in on the restructuring of the frozen $32-billion market. $0$0The corporate investors asking the court to intervene argue that conflicting case law and the importance of the impact the restructuring will have on future insolvencies justifies the top court's intervention. They argue that by taking away the right to sue, the committee exceeded the mandate of the Companies' Creditors Arrangement Act and improperly confiscated the investors' property.$0$0The Pan-Canadian Investors' Committee overseeing the restructuring says that granting legal immunity in restructurings is common and that the CCAA legislation should be interpreted broadly so as to allow such releases. the committee argues the case has no national importance so the court should not agree to hear it.$0$0There is no timetable for when the judges will grant their decision. $0$0Jim Middlemiss$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0