RE:RE:Court Order Approving Receiver's Proposal for Claims processQuite frankly, I would have to agree about McQuarrie and the recent Seventh report, we see that the ad hoc debenture group entrered into another Letter of Engagement on April 11, 2017 (see paragraph 19)
Think about that for a while. They entered into another Letter of Engagement a week or two AFTER National Bank of Canada was paid in full the amount that was due to them.
Macquarrie (on behalf of the Ad Hoc Group) did not sign a Confidentiality Agreement or visit the data room. In addition, the lawyer for the Ad Hoc Group in a court appearance when the HOC deal was first announced stood up in the court room, and to use a crude anology undid his pants and bent over, by saying that they were satisfied with the final amount bid and acknowledged they had signed a non-disclosure agreement on the final price.
That makes me think that we are a bunch of rubes that don't know any better.
Personally, it almost sounds as if there was a backroom deal to take advantage of the other 75% of debenture holders who did not join the Ad Hoc Group.
Scottie99 wrote: I think the Seventh report by the Receiver is pretty clear on where he stands. The legal fee is justified but success fee or selling fee or whatever Macquire calls the rip off does not fit in. I am amazed the Adhoc Group could support this success fee to Macquire and even made a news release to that effect.
Apparently, the Receiver got the e-mails and fax from debenture holders outside of the Adhoc Group to support his position that Macquire had nothing to do with the sale of TBE to HOC during receivership and should not be paid. He said Peters & Co and CIBC were the ones that talked to HOC about a bid, set up the document room and have been paid for the services. That since Macquire refused to sign the confidentiality agreement, they had nothing to do with the sale to HOC and so don't justify their success fee. Moreover, there was no breakdown on the hours spent or basis for the fees they quoted.
I think the Judge would agree with the Receiver and tell Macquire to take a hike!
mhastings wrote: The court has approved the Receiver's proposal for how it will run the claims process. Basically read the Receiver's Sixth Report and that's what's going to happen. Should be published tomorrow. Nothing exciting here. As debenture holders I understand we just sit back and do nothing. Our claims will be managed by Computershare. We don't have to fill in these claims forms. This court order does NOT address the recent application by the Ad Hoc group. Not sure if we'll get a written order for that or not. Judging from this forum it would appear the claim for legal fees (~$200K) were approved and the claim for Macquarie fees (~$3M) were rejected.