League Assets Limited Partnership

CCAA Filing

Page last updated: July 31, 2014

This page is for information purposes only and you should consult your professional adviser if you have any questions or are uncertain as to your rights or obligations.


Status Update - July 31, 2014

We advise that Olympia Trust will be issuing a notice out to all League clients who hold a registered plan with them, in the next couple of weeks. The notice will cover the valuation changes of the various League investments. After your plan has been revalued by Olympia Trust, if all you hold in your plan are League investments valued at zero dollars, you may be able to close your Olympia Trust plan. You will need to deal directly with Olympia Trust on the closure of your plan.

For RIF plan holders, if you recently received a letter from Olympia Trust that notified you of your 2014 withdrawal requirement, this letter can be disregarded if two conditions have been met:

  • the underlying League investments in your RIF have been revalued to zero dollars, AND
  • the League investments valued at zero dollars are the only investments you hold in that RIF plan.

If you hold a League investment that will see a recovery, you need to keep your plan open to receive the payment, and, you should still comply with any 2014 RIF withdrawal requirements.

Status Update - July 30, 2014

In respect of the up-coming investor conference call, we post the phone in numbers and instructions for the investors:

To join the call, please dial either of the phone numbers listed below:

  • Toll Free: (855) 223.7309
  • Toronto: (647) 788.4929

Once dialed in, your Event Conference ID is: 78721827

To make sure everyone has a chance to join the call in time we will be opening the line 15 minutes early, and we encourage participants to join prior to the scheduled start at 1:00 pm PST.

The call will last for approximately 90 minutes, with the majority of the time dedicated to reviewing the "League Group Report to Stakeholders" and answering your questions. It is recommended Investors review the League Group Report to Stakeholders prior to the call. The Report can be found on the Monitor's website, under the tab Creditor and Investor Communications.

The call will be recorded and available within 48 hours on the PwC website.

Please note: Due to the high number of anticipated questions, you will be limited to one question plus a follow-on question if further clarity is required.

Status Update - July 24, 2014

We advise that League will be hosting a 90 minute investor conference call on July 31, 2014, at 1:00 PST. The recently released Monitor's Report to Stakeholders (found under the tab Creditor and Investor Communications), specifically the Waterfall Analysis, will be discussed amongst other topics.

As with previous investor conference calls, you must register in advance of the call if you intend on joining the call. To register for the call, and to put your question in writing in advance if you wish, complete the simple instructions here:

Register for the Conference Call

Registration for the call closes at 10:00 am PST, on July 31, 2014.

Once you are registered, League will email you the call in information approximately 24 hours before the start of the call. For investors who cannot attend or will miss the call, we will provide a link to the recording on this website, in due course after the call.

Status Update - July 21, 2014

The Monitor has prepared its 22nd report to the Court (found under the Monitor's Reports tab), which covers the vesting of the Duncan leases. The Court hearing on this matter is scheduled for July 23, 2014, and a copy of the application and relevant affidavit can be found under the tab Motion Materials.

Additionally, Fasken Martineau is making an application to the Court concerning their fees as representative counsel to the investors to date, and funding for future fees. The application is due to be heard July 25, 2014. Their application and Ms. Vicki Tickle's affidavit are posted under the Motion Materials tab.

Status Update - July 3, 2014

The Monitor advises that the stay of proceedings in the CCAA action of League, has been extended to October 17, 2014. A copy of the Court's order can be found under the tab Court Orders. We also advise that the Monitor's Reports to the Court, numbers 20 and 21, are also posted under the Monitor's Reports tab. Report # 20 contains:

  • an update on the Colwood foreclosure proceedings
  • a summary of the claims process to date
  • an updated cash flow statement of League to September 15, 2014
  • repayment of the DIP loan information, and
  • update to the Court on the liquidation of League

The Monitor's 21st report contains information pertaining to the sale of the Tyee property, due to be heard in Court on July 4, 2014.

Status Update - June 24, 2014

The Monitor has posted its Report to Stakeholders which can be found under the tab entitled Creditor and Investor Communications. Further information and our Report to the Court concerning the Court hearing on June 27th will be posted in due course.

Status Update - June 23, 2014

The Monitor is updating the release of the stakeholder report. We expect the report will be posted to this website by end of day tomorrow, June 24, 2014.

Status Update - June 16, 2014

The Monitor advises that its report to stakeholders is nearing completion. The Monitor expects to file it with the Court, and post it to this website, on Monday, June 23, 2014.

This report will cover the results of the Monitor’s analysis and investigations into:

  • What happened to the funds raised from investors;
  • The compensation paid to League’s principals;
  • The 65 “White Box” entities that are not included in the CCAA filing;
  • The estimated proceeds from property and other asset realizations; and
  • The estimated recovery to the stakeholder groups of League (referred to as the “Waterfall Analysis”).

Status Update - June 11, 2014

The Monitor advises that a Court hearing is scheduled to take place on June 12, 2014, wherein the Court will hear our application to approve the sale of the Quadra Village property. Our report on this matter is contained in the Monitor's 18th Report to the Court, which can be found under the tab Monitor's Reports.

Status Update - June 3, 2014

We advise that the Court issued two orders yesterday, to approve the sale of the Merivale and Broughton properties. A copy of each Order can be found under the tab Court Orders.

Status Update - May 29, 2014

The Monitor has made 2 applications to the Court for the approval of the sale of the Merivale and Broughton properties. Details of both sales can be found in the Monitor's 17th Report, located under the Monitor's Report tab. The Court hearing is scheduled for June 2, 2014.

The Monitor is working to prepare a comprehensive report to the Court and to stakeholders which will address numerous aspects of this CCAA administration and its go-forward plan. More specifically, this report is expect to cover among other matters, the results of the claims process, an analysis of what happened to the funds raised from investors, and estimate of the recoveries for stakeholders (i.e. the waterfall analysis) as well as the Monitor’s comments on the next steps and forward direction of this administration. The Monitor intends to file this report in mid-June, 2014.

Status Update - April 28, 2014

The Monitor recently filed it's 16th report to the Court regarding the sale of Sundel Square and Anderson Crossing. You may find this report under the Monitor's Report Tab.

Status Update - April 24, 2014

The Monitor recently filed its 13th, 14th and 15th Reports to the Court, all found under the Monitor's Reports tab. The 13th report covered the sale of the Harris Fraser shares, the financing of insurance coverage, and repayment of some of the interim financing. The 14th report covered our request to the Court to extend the deadline date the Monitor has to deliver any Notices of Revision or Disallowance on claims or disputes. The 15th report covered the Monarch settlement transaction. Orders were obtained on these subjects, and can be found under the Court Orders tab.

The Properties tab contains an updated list of the properties subject to the CCAA process, as more properties have become subject to a sale agreement.

Our next Court date is April 30, 2014 when we will be seeking approval of the sale of the Sundel Square and Anderson Crossing properties.

Status Update - April 11, 2014

We advise that the investor conference call that took place yesterday, is available to be listened to here: https://soundcloud.com/leaguegroup

Status Update - April 1, 2014

We advise that the Monitor's 12th report, speaking to the various intercompany transactions between all of League's entities (white box and yellow box), has been posted under Monitor's Reports tab.

Status Update - March 27, 2014

We advise that all tax slips, are issued by League, and any questions regarding those slips need to be directed to League (info@league.ca). The T5s were mailed by February 28th, and the T3s and T5013s will be mailed by the mailing deadline of March 31, 2014. The tax FAQ document that was to be issued, has been sidelined due to legality issues. We still hope to be able to publish the document, although a timeline is currently not available.

We update investors and creditors by advising that the Monitor is currently reviewing all unsecured creditor claims that were filed in the claims process, as well as the Notices of Dispute that were filed by some investors and ex-employees of League. The Court has given the Monitor until April 24th to complete its review on all claims and disputes.

On April 1st, we will be filing in Court, our report on the inter-company transactions that have taken place in the various League entities, both inside and outside of the CCAA entities. A copy of the report will be posted on this website, in due course.

Status Update - February 27, 2014

We advise that the Court has approved the sale of the Rosewood building, and the relevant Order is posted under the Court Orders tab.

We also advise that League will be mailing out T5 slips to investors, by February 28, 2014. T5013 and T3 slips will be mailed when they are due, by the end of March, 2014.

An updated list of investors who've consented to share their email information is posted under the Creditor and Investors Communications tab.

An updated list of the properties under the CCAA has been posted under the Properties tab.

Status Update - February 25, 2014

We advise that as a part of today's Court hearing, the Monitor is also seeking a small amendment to the Claims Process Order. It has been identified that the legal entity IGW Capital Ltd., should have been added to the claims verification process, as an Additional League Company (as defined in the Claims Process Order). The Notice of Application can be found under the tab Motion Materials, and the Monitor's 11th report in respect of this application can be found under the tab Monitor's Reports.

Status Update - February 21, 2014

Further to the conference call that representative legal counsel Fasken Martineau held for investors on February 18th, we advise that for those investors who have consented to have their email address shared, that this information is available in a PDF which is able to be downloaded for use. The PDF is located under the Creditor and Investor Communications tab. Updates on this list will be posted to this website, from time to time, as needed. We advise that any questions about the conference call need to be directed to Fasken Martineau, who can be reached via email at: league@fasken.com.

We also advise that League's offices have a new mailing address, effective immediately:

PO Box 28070 Westshore RPO
Victoria, BC V9B 6K8

We also advise that an upcoming Court hearing is scheduled for February 25, 2014, to approve the sale of the Rosewood building. The Notice of Application, and the Monitor's 10th Report, are filed under the tabs Motion Materials, and Monitor's Reports.

Status Update - February 17, 2014

We advise that a claims package has been mailed to all known and eligible investors, unsecured creditors and employees, to the address of record that League had on file. Please contact the Monitor via the email link on this website should you not have received your package by February 20, 2014.

We advise that investor representative counsel, Fasken Martineau, has created the Investor Consent To Sharing Email Address form. Should you wish to share your email address with other investors, please download the form (found under the Creditor and Investor Communications tab), complete the form, and email it to league.inquiries@ca.pwc.com. We advise that this is an 'opt-in' process, and that your email address that is currently on file with the Monitor will not be shared with any other party, unless you opt-in and complete the form. Once we've received feedback from investors who wish to share their email address, we will post a document (able to be downloaded) on our website, under the Creditor and Investor Communications tab.

Status Update - January 23, 2014

Today the Court granted the Monitor's application to start the claims process for investors, creditors and employees. A copy of the Court Order, (either with all schedules, or without any schedules) can be found under the Court Orders tab. Copies of all claim forms that are generic in nature, can be found individually under the Creditor and Investor Communications tab. A mailing to each investor, creditor and employee, with the schedules that pertain to your claim, will be made over the next 10 days. Important instructions on how to proceed on your claim will be in the mailing materials. Please note that schedules B, & K are for the Monitor's use only, and schedules D & F will contain personal information, and therefore none of these forms will be posted to the website.

The Court also approved the sale of the Tsawwassen property, and the Order approving the sale can be found under the Court Orders tab.

Status Update - January 22, 2014

The Monitor has filed its 9th Report to the Court, and it can be found under the Monitor's Reports tab. On January 23 and 24, 2014, the Monitor will attend in Court to seek approval to commence the claims process for unsecured creditors, employees, and investors. Should our application in Court be successful, a mailing (via Canada Post) to all affected parties will take place over the time period of January 27th - February 3rd. As well, we will post all the claim materials (Claims Process Order and blank forms) under the Creditor and Investor Communications tab on this website in due course.

Status Update - January 10, 2014

Pursuant to the Process Order, selected properties of League have now been listed for sale. A summary and status of all of League's properties under the CCAA, along with the contact details of the listing agents for the properties under sale, can be found in a document under the newly created Properties tab. Parties interested in the purchase of these properties should contact the listing agent directly.

Status Update - December 24, 2013

We advise that a Frequently Asked Questions ("FAQ") document has now been posted under the Creditor and Investor Communications tab.  Our intent is to publish an updated version, once a month, as we move along through the CCAA process.

We also advise that we are working on a TAX FAQ document, which will address in more detail, questions concerning minimum RRIF payments, tax slips for 2013, and losses eligible to be claimed, etc.  We expect this document will be posted in mid to late January 2014.

There is an updated list under Motion Materials tab, which includes the revised Excluded Property List, and the Tangible Asset Property List.  

Status Update - December 19, 2013

We advise that the Court approved the assignment of the Partners' REIT Management Agreement today, and a copy of the Court Order can be found under the Court Orders tab.

Status of file as at December 13, 2013

The Court ordered to increase the investors' representative counsel's fund, and details can be found under the Court Orders tab, dated December 11, 2013.

We advise that a Frequently Asked Questions document ("FAQ") is still in process, and will be posted as soon as it has been finalized.

Status of file as at December 10, 2013

The Monitor has written and filed its 7th Report to the Court, which can be found under the Monitor's Reports tab.  The report has been written in support of Fasken Martineau, representative counsel for the investors, in their application for approval of their current fees, as well as an additional amount of $150,000 to be approved by the Court.  Details of Fasken's activities to date are included in both the Monitor's 7th Report, and the Affidavit of Mr. John Grieve, which can be found under the Motion Materials tab,  The Monitor supports this application.  

Status of file as at December 5, 2013

We have been advised from League, that investors with email addresses ending in @telus.net may have not received the call in information for the conference call held yesterday. This may have been due to the Telus spam filter, and was an unfortunate incident, outside of League's control. However, the call can be listened to in its totality, through this link: https://soundcloud.com/league-lfp/conference-call-dec-4-2013

For those investors without access to the internet, you can dial 1-855-859-2056, and enter the passcode 11350750, and listen to the call. The call will be available via this method, only until January 4, 2014.

Highlights of the investor conference call included:

We are currently working on a Frequently Asked Questions ("FAQ") document, and one will be posted as soon as it has been finalized. The Monitor is also aware that representative counsel Fasken Martineau is also working on an FAQ, and we will post their document on our website, when it is available.

We heard from investors on the call, that they wish to be able to have access to, or share, investor information either within their project, or, with the investor pool as a whole. We advise that we are discussing this issue amongst the Monitor, League, and investor representative counsel Fasken Martineau, as to the best way to achieve this, and will post further information on this subject in due course.

We also advise that a claims process for the creditors and investors will commence in late January, 2014. The claims process will help the Monitor determine 'who is owed what', and will take place via a mailing through Canada Post, not email. More information on this process will be posted in January.

Mr. Vermette also laid out a tentative timeline for the CCAA process, which would see the claims process run through the end of April 2014, and potentially League could be in a position to file a Plan, and exit the CCAA by June 2014. We caution that this is a tentative timeline, and could change.

Status of file as at November 29, 2013

We advise that the second investor conference call, will be held on Wednesday, December 4, 2013, at 1:00 pm PST. The conference call will work as the first call did, in that participants will be asked to register, and the call in number will be provided just prior to the call, via email to the registered participants. We expect the call will last 1 hour.

Status of file as at November 22, 2013

Today the Court approved the Process Order, a second DIP loan of $10 million, the sale of League's Partners REIT units and the sale of the Cowichan property. Copies of these orders can be found under the Court Orders tab on this website. The Stay of Proceedings has been extended to June 28, 2014. For greater information on how the today's court hearing impacts the restructuring we encourage you to read the Monitor's 6th report which is available under the Monitor's Reports tab on this website.

Status of file as at November 21, 2013

We advise the Monitor will be posting its 6th report to the Court on this website by end of business day today under the Monitor's reports tab.

Status of file as at November 18, 2013

Today was Day one of the scheduled three day comeback Court Hearing. The only matter heard today was an application by League for the extension of the stay of proceedings granted in the Initial Order dated October 18, 2013 and in the Amended and Re-stated Initial Order dated October 25, 2013 which was granted by the Court.  A copy of the Order can be found under the Court Orders tab on this website. The comeback Hearing will continue to be heard tomorrow and this Friday. The Monitor's 4th report to the Court will be posted on this website this evening.

We have posted many court application materials, that can be found under the Motion Materials tab.

Status of file as at November 13, 2013

Further to the October 25, 2013 hearing, (wherein the Court granted interim financing to League, extended the stay of proceedings, and appointed representative counsel for the investors), the Court has released its Reasons For Judgment. The document is posted under Court Orders.

Status of the file as at November 12, 2013

We advise that the second investor conference call, originally scheduled for November 20, 2013 has been temporarily postponed, as the Court hearing is now scheduled to last for 3 days (November 18, 19 and 22nd), and we wish to impart any updates from the Court, on the call. A new date will be set for the conference call, and details will be posted to this site as soon as they become available.

We have posted many court application materials, that can be found under the Motion Materials tab.

Status of the file as at November 4, 2013

We advise that the Court approved the modifications to the loan agreement with BCMP to increase the financing available to complete the Quadra Village residential rental unit complex located in Victoria, B.C. A copy of the Order can be found under the Court Orders tab on this website.

Status of the file as at November 2, 2013

A court application will be heard on Monday November 4, 2013 at 9:30 am to approve modifications to the loan agreement with BCMP to increase the financing available to complete the Quadra Village residential rental unit complex located in Victoria, B.C. The increased financing is intended to permit the redevelopment to be completed by the end of November to permit full occupancy in December. The Monitor supports this application and has completed its 3rd report to the Court for this application and it is posted in Monitor's Report section of this website.

Status of file as of October 31, 2013

We advise that the conference call held October 23, 2013 for investors and creditors, is still available and can be accessed through this link:

https://soundcloud.com/leaguefinancial/league-pwc-conferencecall1

Status of file as of October 30, 2013

We advise that the sale of the Westlock Mall in Westlock Alberta, was approved the Court. A copy of the Court Order can be found under the tab Court Orders.

Status of file as of October 29, 2013

We advise that Mr. John Grieve, of Fasken Martineau DuMoulin, representative counsel for the investors, can be contacted through email at:

league@fasken.com

The Monitor has filed a Report to the Court, commenting on the sale of Westlock Plaza, and a copy of the report can be found under Monitor's Reports. The hearing to approve the sale has been scheduled for October 30, 2013.

Status of file as of October 26, 2013

We advise that as a result of yesterday's hearing, an Order for interim financing was granted to League. In addition, the Court ordered that Mr. John Grieve of Fasken Martineau DuMoulin, be appointed as representative counsel for all investors.

More details on the outcome of the hearing, and a copy of the Order will be posted to this website as soon as it is available to the Monitor.

Status of file as of October 25, 2013

We advise that the Court hearing scheduled for October 24, 2013, was delayed until today. Today's hearing is expected to last a full day, and we will update this website as soon as further information becomes available.

Status of file as of October 24, 2013

To follow up on yesterday's conference call, we advise that a recording of the call can be listened to by following these steps:

Dial 1-855-859-2056
Passcode for the call is: 90525848

The call will be available to be listened to until October 30, 2013, at 9:00 pm PST.  

Status of file as of October 23, 2013

The League Group of companies will be making an application in Court on Thursday, October 24, 2013 to request an Order for interim financing. A copy of the Notice of Application and an Affidavit from Adam Gant are filed under the Motion Materials tab.

The Monitor will also be bringing on an application to have representative counsel appointed for all the investors. The proposed counsel is Fasken Martineau DuMoulin. The Monitor's application materials contain a letter from Mr. John Grieve, counsel at Fasken Martineau DuMoulin which we draw to the attention of all interested parties. The Monitor's application can also be found under the Motion Materials tab.

The Monitor's first report to the Court is now filed under the Monitor's Reports.  The report comments on the interim financing application and the application for representative legal counsel to be appointed for the benefit of Investors.

A mailing to creditors and investors is currently underway, and copies of the mailing materials can be found under the header "Creditor and Investor Communications".

Status of file as of October 21, 2013

Further to the status update of October 18, 2013, should you wish to partake in the conference call slated for 1:00 pm PST, please register to take part in the call, so that the company can address any technical issues prior to the call. The deadline to register for the call, will be at 10:00 am PST, Wednesday October 23, 2013.

Status of file as of October 18, 2013

On October 18, 2013, the Supreme Court of British Columbia granted League Assets Corp. (the "League Group") an initial order pursuant to the CCAA.  Included in this order is a stay of all proceedings against the League Group until November 18, 2013 and the appointment of PricewaterhouseCoopers Inc. as the court appointed Monitor.  Included in the motion materials tab is a list of entities included in the filing.

The stay of proceedings has the following implications for creditors and investors:

  • All actions by creditors are stayed and payments discontinued for obligations incurred or monies borrowed, prior to today
  • Payments to certain secured creditors may be continued once the League Group obtains authority from the Court for interim financing which the League Group intends to do next Thursday October 24, 2013
  • No payments will be made in respect to retraction or redemption requests
  • No payments will be made in respect of distributions with the exception that some payments may be made to investors holding investments within a RRIF, once the League Group has secured interim financing
  • The League Group has discontinued selling any investments for entities within the League Group
  • The League Group intends to make payments to suppliers and service providers, for goods supplied and services provided after today

A conference call for creditors and investors has been scheduled for Wednesday October 23, 2013 at 1:00 pm during which additional details will be provided and investors will have an opportunity to ask questions. Conference call details will be posted on this website on Monday October 21, 2013.


This Web site will be updated as information becomes available.