Sextant Strategic Opportunities Hedge Fund L.P., Sextant Capital Management Inc. and Sextant Capital GP Inc.
In Receivership
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.
On July 17, 2009, on an application by the Ontario Securities Commission, an order was granted by the Ontario Superior Court of Justice (the "Court"), pursuant to Section 129 of the Securities Act, appointing PricewaterhouseCoopers Inc. as receiver and manager (the "Receiver") of all of the property, assets and undertakings of the Sextant Strategic Opportunities Hedge Fund L.P., Sextant Capital Management Inc. and Sextant Capital GP Inc. (collectively, the "Company").
In accordance with the provisions of its appointment, notice of the Receiver's appointment was issued on July 27, 2009 to all known creditors.
Status of file as of December 16, 2011
On December 16, 2011 the Court issued an order (i) approving the Sixth Report of the Receiver and the Receiver’s activities as described therein; (ii) approving the Receiver’s Statement of Receipts and Disbursements; (iii) approving the fees and disbursements of the Receiver and those of its legal counsel; (iv) authorizing and directing the Receiver to distribute the excess of its receipts over disbursements, after payment of the Outstanding Disbursements to the Trustee of Sextant to be administered and distributed by the Trustee pursuant to the BIA; and (v) discharging PricewaterhouseCoopers Inc., as the Receiver of Sextant, upon completion of administration matters incidental to the receivership appointment.
Status of file as of December 2, 2011
On November 30, 2011, the Receiver prepared its Sixth Report to the Court to inform the Court of the activities of the Receiver since the date of the Receiver’s Fifth Report and the status of the Receiver’s mandate and its substantial completion of the administration of the estate, and to support the Receiver’s motion for an Order that: (i) approves the Sixth Report and the Receiver’s activities; (ii) approves the accounts of the Receiver and its counsel, Torys LLP, for the period set out; (iii) approves the Receiver’s statement of Receipts and Disbursements for the period July 17, 2009 to November 30, 2011; (iv) authorizes and directs the Receiver to distribute the excess of its receipts over disbursements, after payment of the Outstanding Disbursements to the Trustee of the estates of the Sextant Group, to be administered and distributed by the Trustee pursuant to the BIA; (v) authorizes and directs the Receiver to distribute or transfer any and all remaining assets and all corporate documents, books and records in its possession to the Trustee, to be administered and dealt with by the Trustee pursuant to the BIA; and (vi) discharges and releases the Receiver. A motion will be heard on December 16, 2011.
Status of file as of August 15, 2011
On June 30, 2011, the Receiver prepared its Fifth Report to the Court to inform the Court of: (i) the activities of the Receiver since the date of the Receiver’s Fourth Report; (ii) the Receiver’s settlement discussions with the Spork Parties and the Liquidators and the negotiation of the Sport Settlement Documents with such parties; and (iii) the status of the prospective sale of the IGP/IGW Securities, and to the support the Receiver’s motion for an order that (iv) approves the Fifth Report and Receiver’s activities as set out; (v) approves the Spork Settlement Documents and authorizes the Receiver to complete the Spork Settlement; and (vi) approves the allocation of settlement proceeds agreed to by the Receiver and the Liquidators as between the Group and the Cayman Funds. The motion was heard and an Order was issued on July 12, 2011 approving all of the above.
Status of file as of March 29, 2011
On March 28, 2011, the Court issued an order approving the actions and activities of the Receiver to date, as set out in the Receiver’s Fourth Report and the Receiver’s fees and disbursements and Receiver’s legal fees and disbursements through to February 28, 2011 and authorizing the Receiver to pursue the principal courses of action outlined in the Receiver’s Fourth Report to: (a) continue to explore the potential realization of the IGP/IGW Securities held by the Group; (b) pursue a settlement of claims of the Group against the Spork Parties, subject to obtaining court approval for any resulting settlement; (c) complete the sale of the remaining Investment Securities; (d) engage in continued communications and discussions with the Liquidators, the Spork Parties and their legal counsel, and the OSC; and (e) assess whether and when to proceed with a bankruptcy of one or more of the Group, and to execute and deliver such documents or assurances that are reasonably necessary to effect the foregoing matters and to take such steps as are necessary or incidental for the completion thereof.
Status of file as of March 21, 2011
On March 11, 2011, the Receiver prepared its Fourth Report to the Court to inform the Court of (i) the activities of the Receiver since the date of the Receiver’s Third Report; (ii) the Receiver’s statement of Receipts and Disbursements for the period from July 17, 2009 to February 28, 2011; (iii) the Receiver’s settlement discussions with Dr. Spork with respect to the Sport Settlement Documents with the Spork Parties; and (iv) the status of the prospective sale of the IGP/IGW Securities. A motion was heard on March 28, 2011.
Status of file as of September 29, 2010
On September 28, 2010, the Court granted an Order, (i) authorized the Receiver to continue to explore the potential realization of the IGP/IGW Securities held by the Group; (ii) authorized the Receiver to complete the sale of the remaining Investment Securities; (iii) approved the fees and disbursements of the Receiver and that of its legal counsel; and (iv) approved the sale of the Quia shares.
Status of file as of September 20, 2010
On September 17, 2010, the Receiver prepared its Third Report to the Court to inform the Court of (i) the activities of the Receiver since the date of the Receiver’s Second Report; (ii) the Receiver’s Statement of Receipts and Disbursements for the period from March 18, 2010 to September 10, 2010; (iii) an update on the status of the prospective sale of the IGP/IGW Securities; and (iv) the proposed sale of the shares of Quia Resources Inc. A motion will be heard on September 28, 2010 .
Status of file as of April 8, 2010
On April 8, 2010, the Court granted an Order approving the Receiver’s Second Report and authorizing and directing the Receiver to continue to pursue the principal courses of action outlined in the Receiver’s Second Report. At the same time, the Court approved the fees and disbursements of the Receiver and that of its legal counsel.
Status of file as of March 29, 2010
On March 25, 2010, the Receiver prepared its Second Report to the Court to inform the Court of (i) the activities of the Receiver since the date of the Receiver’s First Report; (ii) the Receiver’s statement of Receipts and Disbursements for the period from November 1, 2009 to March 17, 2010; and, (iii) an update on the Receiver’s realization strategy for the sale of the shares held by Sextant Canadian Fund in IGP Iceland and Iceland Global Water 2 Partners SCA, a Luxembourg entity.
On April 8, 2010 the Receiver will file a motion for an Order (i) approving its activities as set out in the Second Report: (ii) approving the accounts of the Receiver and its legal counsel to March 17, 2010; and (iii) authorizing and directing the Receiver to continue to pursue the principal courses of action outlined in the Receiver’s Second Report.
Status of file as of November 16, 2009
On November 16, 2009, the Court granted an Order, which among other things (i) approved the Receiver’s First Report and the actions, activities and fees of the Receiver as detailed in the First Report;(ii) authorized the Receiver to retain an Agent in respect of the sale of the Investment Securities; (ii) authorized the Receiver to sell the Investment Securities, en bloc or piecemeal; (iv) authorized Newedge Canada Inc.to transfer the book-based titles and physical certificates of the Investment Securities to the Receiver; (v) declared that the list of Investment Securities and the Proposals be treated as confidential and sealed and shall not form part of the public record until further order of the Court or until the filing of a certificate by the Receiver confirming that the sale and realization of the Investment Securities has been completed to the satisfaction of the Receiver; (vi) authorized the Receiver to continue its communications and exchange of information and co-operation with Krys & Associates (Cayman) Ltd.: (vii) authorized the Receiver, at any time, to file an assignment in bankruptcy on behalf of any one or more of the Companies.
Status of file as of November 10, 2009
On November 9, 2009, the Receiver prepared its First Report to Court to inform the court of (i) the activities of the Receiver since the date of appointment; (ii) the Receiver’s statement of Receipts and Disbursements for the period from July 17, 2009 to October 31, 2009; (iii) the status of the ongoing liquidation proceedings in respect of Iceland Glacier Products S.a.r.l. (“IGP), a Luxembourg entity; and (iv) the Receiver’s proposed realization strategy for the sale of the securities held by Sextant Canadian Fund and to seek an order from the court for, among other things (i) approving the Receiver’s First Report and the Receiver’s activities described therein; and (ii) authorizing and directing the Receiver to sell the securities held by Sextant Canadian Fund.
The motion will be heard on November 16, 2009.
If you have questions not answered on this website, please call our hotline at 416-815-5162 and leave a message. Your call will be returned promptly. Please note that the hotline will out of operation between July 30, 2009 at 5:30 p.m. to 7:00 a.m. on August 4, 2009.
Further information will be posted as it becomes available.
For more information, please contact: Donna Smith.
Court Orders:
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Discharge Order and Endorsement, dated December 16, 2011 |
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Order and Endorsement, dated July 12, 2011 |
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Order and Endorsement, dated March 28, 2011 |
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Approval and Vesting Order, dated September 28 2010 |
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Order, dated September 28 2010 |
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Handwritten Endorsement of the Honourable Mr. Justice Campbell, dated September 28 2010 |
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Endorsement of Justice Morawetz, dated April 8, 2010 |
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Order, dated April 8, 2010 |
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Order, dated November 16, 2009. |
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Typed Endorsement of Justice Morawetz, dated December 14, 2009. |
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Handwritten Endorsement of the Honourable Mr. Justice Morawetz, dated November 16, 2009. |
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Appointment Order, dated July 17, 2009. |
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Endorsement of Justice Morawetz, dated July 17, 2009. |
Receiver’s Reports:
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Receiver’s Sixth Report to Court, dated November 30, 2011 |
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Receiver’s Fifth Report to Court, dated June 30, 2011 |
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Receiver’s Fourth Report to Court, dated March 11, 2011 |
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Receiver’s Third Report to Court, dated September 17, 2010 |
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Receiver’s Second Report to Court, dated March 25, 2010 |
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Receiver’s First Report to Court, dated November 9, 2009 |
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Notice and Statement of the Receiver, July 27, 2009 |
Motion Materials:
