Its All Over
Heretofore, no lawyers would touch this case since no fraud could be proven. It was just a buisness loss with hundreds of other oil and gas companies filing for bankruptcies after crude oil dropped from $100 to $20. Pacific E & P owed $billions and couldn't pay its debts. End of story.
The Statute of Limitation shall expire on April 27, 2018. Shareholders will be time-barred from commencement of any lawsuit.
In order to proceed under the Class Action Act, leave (i.e. permission) must first be approved by the Ontario court to commence such class lawsuit prior to the expiration of the above deadline.
Pacific E & P (PRE) and its subsidiaries are all defunct companies and operations wound down. FEC has emerged as a new company exiting out of the CCAA proceedings and has nothing to do with the former PRE company. Former shareholders cannot squeeze blood from stone even if they win because there are no assets left.
Forget it. It's too late.