Current Insolvency Assignments
View a list of current PwC insolvency assignments.
Page last updated: December 6, 2019
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.
As a result of today’s Court hearing, the Court approved an extension of the stay of proceedings to September 30, 2020. Additionally, the Court approved the Storage, Retention and Destruction Plan for League’s books and records as highlighted in the Monitor’s 43rd Report. A copy of today’s Court Order can be found under the Court Orders tab.
League continues to wind down all the remaining entities, also as noted in the Monitor’s 43rd Report.
Upon the Monitor filing a Case Completion Certificate (expected to be by June 30, 2020), the Monitor will be discharged and the CCAA Proceedings will be terminated.
Update on DO&T Distribution
Many investors have already received their entitlement from the DO&T Action and the resulting distribution of funds. However, the Monitor notes that it has returned mail and/or no current email contact information for many investors. Investors reading this update who have not yet received their entitlement are encouraged to contact the Monitor at firstname.lastname@example.org or to call (604) 806-7800 to furnish a current mailing address.
The Monitor has posted its 43rd Report which can be found under the Monitor’s Reports tab. The Monitor will attend a court hearing scheduled for December 6, 2019.
The Monitor’s 43rd report covers the last remaining items to be dealt with, including the proposed storage, retention and eventual destruction of League’s books and records. In addition, the Monitor will be seeking an extension of the stay of proceedings to September 30, 2020, to allow League to finish winding up the remaining League entities.
A copy of the Monitor’s Notice of Application for the December 6, 2019 hearing can also be found under the Motion Materials tab.
Pursuant to the August 16, 2019 court order, the Monitor has completed the DO&T Distribution. All payments have been made by cheque and mailed via Canada Post on October 31, 2019.
Monies have been distributed to Investors holding eligible investments and amounts under the CCAA proceedings as outlined in Appendix I of the Monitor’s 42nd Report (which can be found under the Monitor’s Reports tab). A letter containing information concerning income tax matters accompanies each payment.
The Monitor will not investigate any delivery issues on payments until after November 17, 2019 in order to allow Canada Post sufficient time to deliver the payments.
Investors needing to contact the Monitor must do so either by email at email@example.com, or by phone at (604) 806-7800.
Stay of Extension and Closure of CCAA Proceedings
The current stay of proceedings expires on December 20, 2019. A hearing has been set for 9:00 am on Friday December 6, 2019 at which time the Monitor will provide a status report on the distribution process and, seek an extension of the stay of proceedings until the remaining League entities are wound up.
With the completion of the DO&T Distribution, League will be winding up its remaining 38 active entities.
It is anticipated that the 2019 tax returns for the remaining active entities will be completed by June 30, 2020.
It is also anticipated that as each entity is wound up, the Monitor shall be discharged from each entity and that the wind-up process will be complete by June 30, 2020. Upon the Monitor’s discharge from the last League entity, the CCAA proceedings shall be completed.
Pursuant to the August 16, 2019 court order, the Monitor has completed the Waterfall Distribution. Monies have been distributed to Investors who held certain League investments outlined in Appendix J of the Monitors 42nd report (which can be found under the Monitor’s Reports tab). A letter containing information concerning income tax matters accompanies each payment.
As noted in the previous status update, the Monitor expects to complete this distribution by October 31, 2019.
On August 16, 2019 the Court approved the DO&T Settlement & December 2015 Waterfall Distribution. A copy of the Court Orders can be found under the Court Orders tab.
The Monitor will proceed with a distribution to Investors by October 31, 2019. The Monitor estimates that Investors will receive $0.039/unit from the DO&T Settlement. For example, if an Investor holds 50,000 units in an IGW REIT investment, he/she will receive a payment of approximately $1,950.00. Exact numbers will not be finalized as interest will continue to accrue on the DO&T Settlement Proceeds until cheques are distributed.
2015 Waterfall Distribution
A distribution to Investors holding certain League investments will occur by September 30, 2019. The investments receiving a payment can be found in Appendix J of the Monitors 42nd report to Court which can be found under the Monitor’s Reports tab.
Investors should make sure the Monitor has current contact information. If your contact information (mailing address and/or email address) has changed since October 2013, and you have not already provided the Monitor with updated information, please send your updated contact information by email to firstname.lastname@example.org.
The Monitor has posted its 42nd Report (the “Report”) to the Monitor’s Reports tab.
Since its last update on June 14, 2019, the Monitor disseminated a Notice to all Insurance Claimants notifying them of the amount of the DO&T Settlement, and the Court’s preliminary approval of the DO&T Settlement. The Monitor has received no notice from any party who intends to dispute the DO&T Settlement.
Should the Court grant the final approval necessary on the DO&T Settlement at the upcoming hearing on August 16, 2019, the Monitor will be in a position to proceed to distribution to Investors by October 31, 2019.
The Monitor estimates that Investors will receive $0.039/unit from the DO&T Settlement. For example, if an Investor holds 50,000 units in an IGW REIT investment, he/she will receive a payment of approximately $1,950.00. Exact numbers will not be finalized as interest will continue to accrue on the DO&T Settlement Proceeds until cheques are distributed.
The Monitor has carefully considered the basis on which to distribute these funds. Sections 5 and 6 in the Report outline the numerous issues considered to determine the proposed basis for distributing the Settlement Proceeds. Appendix I in the Report lists all of League investment offerings captured in the CCAA Proceedings, and presents the adjusted units used to calculate the distribution of the Settlement Proceeds.
December 2015 Waterfall Distribution
As indicated in Section 8 of the Report, upon Court approval at the August 16, 2019 hearing, a distribution to Investors holding certain League investments will occur by September 30, 2019. The investments receiving a payment can be found in Appendix J of the Report.
Do Investors Need To Do Anything?
As stated in the June 14, 2019 update, Investors should make sure the Monitor has current contact information. If your contact information (mailing address and/or email address) has changed since October 2013, and you have not already provided the Monitor with updated information, please send your updated contact information by email to email@example.com.
On June 12, 2019, the Court provided “preliminary approval” of the DO&T Settlement Agreement, and ordered that a second hearing be held on August 16, 2019 during which it would make its final decision.
Given this preliminary approval, the Court also ordered that the details of the DO&T Settlement Agreement be made public, and that the Monitor distribute a notice to all the Investors and DO&T claimants containing details of the Settlement Agreement, and advising of the hearing scheduled for August 16, 2019 (the “Notice”).
The DO&T Settlement Agreement provides broad releases of liability to the DO&T’s, in return for a payment of $17.5 million which will be funded from the DO&T Insurance. The payment will be provided to the Monitor for distribution to the Investors.
Rep Counsel and the Monitor support the approval of the DO&T Settlement Agreement. This support is based on the following considerations:
For further details, the following documents have been posted to this website under the DO&T Action tab:
Any party that wishes to contest the approval of the DO&T Settlement Agreement, must follow the procedures as outline in the Notice. The Notice will be sent by either email or by Canada Post no later than June 17, 2019.
Preparing for a distribution
In anticipation that the DO&T Settlement Agreement will receive final approval, the Monitor has commenced planning for a distribution. There are many factors to be considered and determined to prepare for the upcoming distribution. Details on the Monitor’s proposed approach to allocate the proceeds of the DO&T Settlement among Investors will be included in its next report, expected to be posted to this website by August 2, 2019.
As stated in the June 7th status update below, the Monitor is recommencing its review of any outstanding claim matters, so that all claims, including any DO&T claims, are resolved prior to the hearing scheduled for August 16, 2019. If a claim is not resolved by August 16, the Monitor plans to bring the matter to Court for its determination.
What do Investors need to do?
On April 4, 2019, Representative Counsel (“Rep Counsel”), counsel for the DO&Ts, and the Monitor participated in a mediation that resulted in a settlement of the DO&T Action, which is subject to court approval.
The terms of the settlement agreement, including the amount of the settlement, are confidential until ordered otherwise by the Court.
Court approval of the settlement agreement will be done in two stages:
A copy of Rep Counsel's application to the Court for the preliminary approval and Affidavit #1 of Ron Parachoniak which supports the application, can be found under the DO&T tab on this website. These documents provide some details on the background and work done to reach the settlement.
The Monitor supports the settlement agreement and is recommending to the Court that the settlement agreement be approved. The Monitor’s 41st Report to the Court which provides this recommendation, can be found under the Monitor’s Report tab on this website.
If the Court does not give preliminary approval on the settlement agreement, no details of the settlement agreement will become public as the parties will continue the DO&T Action and ready themselves for a trial scheduled to commence in September 2020.
However, if the Court provides preliminary approval of the settlement agreement, then the details of the settlement agreement will be made public, including being posted to this website. Further, all Investors and individuals who filed DO&T Claims will be sent a notice advising them of the terms of the settlement agreement, and the date the Court has set for a hearing during which final approval of the settlement agreement will be sought. The Monitor will be distributing these notices by email or Canada Post (in the event that no email addresses are on record), no later than June 17.
If any party wishes to object to the final approval of the settlement agreement they will be required to follow the process outlined in the notice.
In anticipation that the settlement agreement receives preliminary Court approval, the Monitor is recommencing work on the review of claims submitted by Investors and claims made against the DO&Ts. This work must be completed prior to any distribution of funds, and the Monitor would like to be ready to distribute funds as soon as possible should final approval of the Settlement Agreement be obtained.
At the court hearing to be scheduled for the final approval of the Settlement Agreement, the Monitor intends to seek the Court’s approval for the distribution of funds. Details of the proposed distribution will be provided in a Monitor’s report to the Court which will be posted on this website in advance of that Court hearing.
Investors are encouraged to make sure that the Monitor has current contact information for you. If your contact information (mailing address and/or email address) has changed since October 2013, and you have not already provided us with the updated information, please send the updated contact information by email to firstname.lastname@example.org.
Representative Counsel for the investors has been working diligently on advancing the claims against League's Directors, Officers and Trustees. Volumes of documents have been exchanged by the parties and Representative Counsel has conducted two days of examination of Mr. Gant, in order to prepare for a mediation scheduled for April 4 -5, 2019. Should the parties be unsuccessful at reaching a settlement, a trial has been scheduled to commence September 21, 2020 for approximately 90 days. We will post an update to this website on the outcome of mediation process, in early April, 2019.
We advise that as in previous years, T5013 tax slips will be issued by League staff for certain League entities only.
Investors holding partnership units in active Limited Partnerships will receive a T5013 tax slip. Generally, active Limited Partnerships are those entities which are being kept active to support the on-going DO&T action. A list of those entities can be found on page 8 of this recent court document: https://www.pwc.com/ca/en/car/leagueassets/assets2/leagueassets-105_120518.pdf. The deadline for League to issue 2018 T5013 tax slips is March 31, 2019. League staff can be reached via email at email@example.com.
Investors holding any investment in trust units in IGW REIT will not receive a tax slip, as the trust has not yet been wound up. The trust is also being kept active to support the on-going DO&T action. A list of the investments that reside in the trust can be found on page 2 of this document: https://www.pwc.com/ca/en/car/leagueassets/assets/leagueassets-435_121015.pdf.
We advise the Court issued an order to extend the stay of proceedings to December 19, 2019, to facilitate the on-going DO&T action and the completion of the Wind-Up Plan. A copy of the Court order can be found under the Court Orders tab above.
A court hearing has been scheduled for December 11, 2018, wherein an extension to the Stay of Proceedings for a further one year period will be sought.
In preparation for the hearing, the Monitor has issued its 40th Report which can be found under the Monitor's Reports tab above. The report contains an update with respect to the Wind-Up Plan, including the collection of 2 small receivables, the status of the December 2015 Waterfall and Claims Process, and the DO&T Action. We encourage readers to read the full report, however highlights of some subjects have been noted below for the convenience of some readers:
December 2015 Waterfall Update
In the Monitor's 36th Report, estimated recovery rates for investors were listed on page 142 of the report. In the Monitor's current report, it is reported that estimated recovery rates for investors have not shifted materially from the 36th report figures, and further that the Monitor does not expect any material shift in the future, subject to the outcome of the DO&T Action recovery and costs.
Since the last status update (April 2018), the discovery process has progressed, and Representative Counsel for the investors ("Rep Counsel") has completed its review of documents. Rep Counsel currently anticipates making requests for supplemental document production in certain targeted areas, where production has been identified as deficient. Next steps include conducting a preliminary examination for discovery of certain individuals undertaking other preparatory work in anticipation of a mediation.
Due to the large volume of documents produced (over 30,000), and the time involved in conducting a review of those documents, the timing of discoveries has been delayed. At present, an examination of Mr. Gant is scheduled for February 4-5, 2019 in Vancouver. Rep Counsel will examine the other defendants (including Mr. Arruda) and conduct an additional discovery of Mr. Gant at a later date. The parties have agreed to a mediation of the action in April 2019. A mediator has been selected, and subject to final confirmation from the mediator, the mediation will take place on April 4 and 5, 2019.
At the April 4th hearing, Representative Counsel for the investors (Fasken Martineau) were seeking the Court's approval on two subjects regarding the DO&T Claim.
Coverage Correspondence - this subject speaks to the production of any correspondence which denied or limited liability or otherwise reserved the rights under the DO&T insurance policies. The production of coverage correspondence was able to be negotiated between the litigant parties prior to the hearing. Representative Counsel has now received the agreed upon information on coverage, and as such, this part of the application was adjourned.
Protocol - the Protocol concerning the various stages and timeline of the litigation, were also able to be agreed upon by the litigant parties. As such, the Court approved an Order outlining the Protocol to be followed in the DO&T litigation. A copy of the Protocol Court Order can be found under the DO&T claim tab. We encourage readers to read the Order, however we've highlighted below some key time periods that investors may be interested in:
Exchange of documents - are to take place between April 23, 2018 and July 6, 2018, with a provision to extend to December 2018 for any additional document production requests, including any applications to Court for same.
Examinations for Discovery - the examinations of individuals are to take place in three phases, the first of which is to take place between August 31, 2018 and October 12, 2018. The second phase is to take place between January 14, 2019 and March 29, 2019, and the third phase is to take place between May 20, 2019 and June 21, 2019.
Additionally, a meeting to discuss the possibility of a settlement is to be held before March 9, 2019. Failing a settlement being reached, the litigant parties have agreed to proceed to Court in 2020.
The Court issued an order to have legal counsel holding a retainer, released and paid to the Monitor. The amount of the retainer is just over $22,000, and the Order is posted under the Court Order tab.
We remind all investors that any 2017 T5013 tax slips issued for the Limited Partnerships that remain active are issued from League staff, who can be reached via email at firstname.lastname@example.org. Certain Limited Partnerships (those who stand to gain from the DO&T action, if successful) must remain active while the DO&T litigation is on-going.
More information concerning the DO&T Claim will be posted to this website, as information becomes available for publication.
We advise that a one day hearing will take place on April 4, 2018. Fasken Martineau (representative counsel for the investors), is making an application to have the various insurance companies involved in the DO&T Claim produce any correspondence denying or limiting liability or otherwise reserving rights under the DO&T Insurance. Fasken Martineau is also seeking costs on this matter. This application is part of the on-going DO&T Claim action. A copy of the Notice of Application, and the Affidavit of Gregory Berry can be found under the Motion Materials tab.
Status Update - December 18, 2017
As a result of the hearing on December 15, 2017, the Court issued an Order, extending the stay of proceedings in the League Assets CCAA, to December 14, 2018.
In preparation for the hearing scheduled for December 15, 2017, the Monitor has prepared and posted to this website, its 39th report to the court. The Monitor seeks an extension of the stay of proceedings to December 14, 2018, which is largely to facilitate the on-going DO&T litigation.
The Monitor's 39th Report provides an update on several aspects of the CCAA administration, including the status of the DO&T litigation, which we encourage interested parties to read (sections 2.6 - 2.12). Although the November 3rd hearing in respect of the DO&T claim was adjourned, Rep Counsel advise they are continuing discussions with counsel for the Defendants to set a protocol applicable to the Filed DO&T Action. On the basis of discussions that have taken place to date, first round document production is anticipated to occur in or about January, 2018.
If agreement on the protocol is not reached, an application to determine remaining issues of dispute may be required.
The parties are contemplating the availability of summary processes to resolve the DO&T Action, however in the alternative, all counsel have agreed to reserve dates in the fall of 2020 for a trial of the Filed DO&T Action.
Counsels for the Defendants and the Insurers in the DO&T action have recently filed responses to the proposed Protocol, and these can be found under the DO&T tab. Given the responses to the Protocol application, the time set aside for the November 3rd hearing was not sufficient. As such, the hearing originally was adjourned until a later date this month (exact date not yet determined).
Another court hearing has been set for December 15, 2017, wherein an extension to the stay of proceedings will be requested.
We advise of an update on the DO&T litigation process. Representative Counsel, Faskens, has been working with counsel for the insurers to develop a Protocol for the litigation process which is typical of any significant litigation process such as this one. The Protocol outlines the different phases of the litigation process and a proposed timeline for those phases.
As Faskens was unable to obtain agreement with defence counsel on the Protocol, Faskens has made an application to the Court to approve the Protocol and, in effect, bind both parties to the litigation to it. The application is scheduled to be heard on Friday November 3, 2017 at 9:00 am, and the following application materials have been posted to the DO&T Action tab on this website:
- Notice of Application
- Affidavit of Kathy Nguyen
The materials are lengthy. As such, we highlight the following:
The DO&T Action is complex and will be a lengthy process as outlined in the materials. A trial is not contemplated until 2020. The Monitor will continue to post updates on the DO&T Action when milestones have been accomplished, or when matters of significance arise.
Counsel for the insurers in the DO&T action have filed a response to the Notice of Civil Claim. A copy of the response has been posted to the DO&T tab. Representative counsel for the investors are considering next steps, and once a path forward has been determined, we will post an update to this website.
We advise that the litigation in respect of the filed Civil Claim against the insurers who provided League's Directors, Officers and Trustees certain liability insurance polices, commonly known as the "DO&T action", is continuing. Representative counsel for the investors, Fasken Martineau, has confirmed to the Monitor that all 11 defendants have now been served, and that March 3, 2017, is an agreed upon date for the Defendants to provide their Response in these proceedings. Further updates will be posted as information becomes available.
The Court rendered its decision re: the claim of ANB Canada Inc. (previously known as "NorRock"). The Court found that the break fee of $500,000 (as identified in NorRock's claim), is not payable by IGW Industrial. A copy of the decision can be found under the Court Orders tab.
At the recent court hearings, two orders were granted by the Court. First, the stay of proceedings was extended to December 15, 2017. The second order dealt with two claims. One creditors' claim was disallowed as against the Petitioner entities, and an investors' claim was deemed to be as an equity holder of IGW REIT units. Both orders can be found under the Court Orders tab.
The Judge reserved her decision regarding the NorRock claim.
The Notice of Civil Claim, (also known as the claim against the insurers who issued League's Directors, Officers and Trustees liability insurance policies), most commonly known as the "DO&T claim" has now been made public. A copy of the claim can be found under the tab DO&T Action. The Notice of Civil Claim which lays out the basis for the legal action, is currently being served upon all defendants. As the litigation progresses, the Monitor will post any relevant updates as they occur, to this website.
Please ensure all investors keep their address current with the Monitor, using the email link on this website.
There is a court hearing scheduled for November 17th and 18th this week. The Monitor's 38th Report to the Court contains a general update on various topics, among them:
The Court hearing will determine the stay extension, and the resolution of the unresolved claims. Copies of the unresolved claim applications can be found under the Motion Materials tab. The Monitor's 38th Report will be posted under the Monitor's Reports tab by Wednesday, November 16, 2016.
We advise that the DO&T claim against the insurers who provided League with certain insurance policies, is still ongoing. We expect the DO&T claim process to take many months, and we may not have any 'new' information to post on the website for large gaps in time. Suffice to say, when we have relevant information to share, we'll post it to this website.
An application was made in Court today to replace John Parkinson who is currently the sole trustee of League IGW Real Estate Investment Trust ("IGW REIT"), with the corporate entity 1079403 B.C. Ltd. This was done in order to to facilitate the filing of the DO&T action. A copy of the Notice of Application setting out this subject can be found under the Motion Materials tab, and a copy of the Court Order can be found under the Court Orders tab. As is indicated in the Notice of Application, we expect the filing of the DO&T action to be done very shortly.
Sale of Dodson property
The Court approved the sale of the Dodson property at the recent hearing on April 8, 2016. A copy of the Court order approving the sale can be found under the Court Orders tab.
Fasken Martineau, representative counsel for the investors, also made an application at the April 8th hearing. They asked the Court to grant an order to indemnify 2 investors who will be named as representative plaintiffs in the upcoming DO&T action. A copy of the Order will be posted to this website shortly, however the Notice of the Application and the Affidavit of Jennifer Frances (lead counsel at Faskens on the DO&T claim), can both be found now under the new DO&T Action tab to the left on the home page of this website.
We expect to post another update on the DO&T action by April 30, 2016.
The Monitor advises that a Court hearing is scheduled to take place on April 8, 2016, wherein the Court will hear our application to approve the sale of the Dodson Plaza property. Our report on this matter is contained in the Monitor's 37th Report to the Court, which can be found under the tab Monitor's Reports. The report also includes an update on the implementation of the Wind-Up Plan.
Distribution to Unsecured Creditors
Distributions to unsecured creditors who have proven claims in certain legal entities of League took place on January 29, 2016. A list of the legal entities that were paid can be found on pages 139 - 140 in the Monitor's 36th Report to the Court, located under the Court Reports tab. If an entity's recovery was between 1% - 100%, a distribution has been made. A total of $1.172 million was paid to 149 unsecured creditors.
Distributions to Former Employees
Certain employees formerly employed by League Assets Corp or League Investment Services Inc., were paid a distribution over February 1 - 3, 2016. A total of $68,189 was distributed to 42 former employees.
DO&T Claim Litigation
All investors who are in a loss position with respect to their investments, are automatically included in a 'class action' suit against the insurers who issued League's Directors, Officers and Trustees a liability insurance policy. Representative legal counsel for the investors, Fasken Martineau, is currently preparing to make a submission to the insurers. Once that submission has been made, we hope settlement discussions can begin, or in the alternative, counsel may proceed towards a trial. The policies, if they pay out their maximum amounts, total approximately just over $20 million.
We don't have a definitive timeline for the events yet, but when any material information becomes known, we will post another update to this website. We expect it could be several months before the next update on this subject is posted.
Distribution to Investors
Investors in certain investments are expected to receive a distribution. A list of the investments that League offered, and any expected recovery can be found in this document:
However, the Court has ordered that as the investors are the only party to benefit from the DO&T action litigation, that they are the party to fund the DO&T litigation. Therefore, the distribution to investors will not proceed at this time, until more is known about the outcome of the DO&T litigation. All funds of League continue to be held by the Monitor, and this website will be updated once something more concrete is known.
Tax Information for Filing Losses
A tax information document was posted for the 2014 tax year. Be advised that the same information is relevant for the 2015 tax year. The document can be found here:
Investors holding units in a Limited Partnership can expect to receive a T5013. League staff are responsible for issuing those tax slips by March 31, 2016. League can still be reached via email at email@example.com. No other investments will receive a tax slip for loss purposes.
In accordance with the December 11, 2015 Order, League Assets Corporation is now bankrupt, effective December 17, 2015. A email or package was sent or mailed to all creditors and former employees notifying them of the bankruptcy. A copy of all documents concerning the bankruptcy can be found under the LAC Bankruptcy tab on this website.
On December 11, 2015, the Supreme Court of British Columbia approved the various Orders the Monitor was seeking in its 36th Report to the Court. A copy of the Order can be found under the Court Orders tab.
The Colwood distribution of funds has been completed to all equity investors who held LP units, and all unsecured creditors. Payments were sent from the Monitor's office via regular mail.
A conference call for Investors was held yesterday, and the call can be listened to here:
The first 43 minutes of the call are updates given by John Parkinson (League), Neil Bunker (PwC) and Vicki Tickle (Fasken Martineau). Investor questions start at approximately the 44 minute mark of the call.
In response to questions raised on the conference call, the Monitor has updated the Investor Recovery Tab (Appendix I of the Monitors 36th Report) to include a list of all the IGW REIT investments. The revised Appendix I can be found under the Creditor and Investor Communications tab, and investors seeking to determine the recovery rate on their specific IGW REIT investment should refer to the revised Appendix I.
The Monitor's 36th Report has been posted to the Monitor's Reports tab on this website. The Report will be used as a basis for the December 11, 2015 Court hearing. The Report is extensive, and includes information for all levels of stakeholder parties.
Investor & Stakeholder conference call
League, the Monitor and Representative Counsel will be hosting an Investor and Stakeholder conference call on Wednesday, December 9, 2015, at 10:00 am Pacific Time. League has sent an email to investors on how to register for the call.
Investors that have registered will be sent the dial-in number 24 hours prior to the call.
The purpose of the conference call is to review and respond to questions regarding a Wind-Up and Implementation Plan as set out in the Monitor's 36th Report which is expected to be published on December 4, 2015. The Monitor will be seeking the Court's approval of the Wind-Up and Implementation Plan on Friday, December 11, 2015 as discussed below.
Court hearing December 11, 2015
There will be a Court hearing on December 11, 2015 at 10:00 am Pacific at the British Columbia Supreme Court in Vancouver, B.C. The Monitor is seeking the Court's approval of a Wind-Up and Implementation Plan which, among other things, includes:
The Monitor is advised that a second application will be made on December 11, 2015 by several creditors who hold security against League Assets Corp. These creditors will be seeking to put League Assets Corp. into bankruptcy.
The Monitor will post any motion materials with respect to the December 11, 2015 Court hearing on this website as they become available.
The litigation that has held up the Colwood distribution has now been resolved. The distribution of funds to unsecured creditors and equity investors, and the distribution of Contingent Value Certificates to the unsecured creditors, is planned to occur on December 9, 2015.
Further to the previous update, we confirm that Gatineau secured note holders will receive payment in full of their note (face value and interest to November 20, 2015), on November 20, 2015. Computershare Trust Company of Canada, the trustee under the Note Indenture, will be releasing the distribution funds directly to the investors.
Payments on secured notes being held in an Olympia Trust plan, will be sent to Olympia Trust directly.
The sale of the Gatineau property closed, and the funds were received by the Monitor on October 5, 2015.
The Gatineau secured notes will be redeemed pursuant to the terms of the trust indenture and secured note holders should expect to receive a notice of redemption in November. Pursuant to the trust indenture, interest will be paid until the redemption date.
The Gatineau convertible note holders (which are unsecured debts of Gatineau), as well as the unsecured creditors, will receive their distribution payment during the General Distribution process (see status update below dated September 4, 2015).
An updated list of League's properties and their current status can be found under the Properties tab.
The distribution to investors and creditors of the Colwood City Center LP has been delayed further. As noted in our previous update, one of the Colwood mortgage lenders, Epix, has been disputing its final payout balance in the courts. Epix has now applied for a review of the Court of Appeal's decision made on September 3. This application is an extraordinary application and was unexpected. Until the appeal process is complete and the final payout balance is determined, a distribution to the Colwood stakeholders cannot proceed.
1) Colwood Distribution
As investors and creditors are aware, a distribution has been delayed due to a dispute with Epix, one of the Colwood lenders. Epix sought to appeal the CCAA court decision with respect to its payout balance. On September 3, 2015, the BC Court of Appeal refused to allow Epix' appeal to proceed. The Monitor/Trustee of the Colwood Entities intend to proceed to distribute funds to the unsecured creditors and equity investors in the Colwood Entities. Distribution should occur by September 30, 2015, and we'll post another update to this website in due course.
2) General Distribution
A general distribution to creditors and/or investors entitled to receive a distribution, will not be made until all assets of League (that are under the CCAA proceedings) have been sold or liquidated, and League operations have been wound up. Two properties remain unsold, and League continues to work on winding up its operations. A general distribution may be possible in December 2015.
The sale of the Gatineau property is scheduled to close on September 25, 2015. Should the closing occur as expected, the funds will remain in the possession of the Monitor, and will be distributed to investors holding secured notes, and unsecured creditors (includes investors holding unsecured notes) at the time of the General Distribution (point 2).
4) Claiming Losses For Tax Purposes
Many investors contact the Monitor for information about claiming losses for tax purposes. An important tax information document, dated February 23 2015, was posted under the Creditor and Investment Communication tab on this website, and we encourage investors to consult this document for assistance.
5) Director and Officer Liability Insurance Policy
The Court has agreed that Representative Counsel should be authorized to pursue the DO&T Claim. However, the manner in which Representative Counsel’s costs of doing so are to be paid, is still to be resolved. Representative Counsel, following consultation with counsel for the Monitor, has submitted a form of order addressing the Court’s concerns and is waiting on the Court’s response to the draft form of order. Further information on this subject will be posted as it becomes available.
We advise that 2 Court hearings will be held this week.
On August 6th, the British Columbia Court of Appeal will hear various legal counsel re: the Epix/Colwood litigation. A decision could be rendered by the Court immediately, or they may reserve and release their decision at a later date. We will post a further update on this subject early next week, after the hearing has taken place.
On August 7th, Fasken Martineau, legal counsel for the investors, is speaking to their application which was filed in March 2015. The subject is the pending claim against the Directors and Officers liability insurance policy, and moving forward with that litigation.
Also on August 7th, approval for the sale of the Gatineau property will be heard. League's Notice of Application re: Gatineau and the Monitor's 35th Report to the Court (also on Gatineau) are both posted to this website.
We also advise that the Redbrick building was recently sold, and that the Jesken Development property has been put into foreclosure. Both of the aforementioned properties were handed back to the secured lenders, as it was determined that there was no value in those properties for any other creditors. The listing of League's properties and their status will be updated shortly after the above hearings.
Further to our last update on the Colwood distribution (dated April 10, 2015), we advise that the BC Supreme Court released its Reasons For Judgment with respect to the loan payout balance for Epix (under the Court Orders tab dated April 21, 2015). While the Court ruled in favour of League (and the Colwood creditors and investors), Epix recently sought leave to appeal the Court's decision. Therefore, as the amount of funds available for distribution to the Colwood creditors and investors remains uncertain due to the on-going litigation, the Monitor cannot proceed with the distribution yet. We will update this website when more information on the appeal process is known.
We advise the sale of the Market Square property closed as expected on May 11, 2015.
We advise the Gatineau project, due to non-support of a restructuring option, has been listed for sale. An updated list of League's properties and their current status is posted under the Properties tab.
A settlement agreement reached between League and the owner of certain properties located in Fort St. John, B.C. over which the Fort St. John Retail LP ("FSJ LP") held a first and third mortgage which will result in the assignment of FSJ LP's mortgages to the mortgagee in second priority on the lands. The settlement agreement also resulted in FSJ LP consenting to the subdivision of certain lands subject to the mortgages. In return, FSJ LP will receive $4.25 million of which approximately $963,000 will be used to repay a loan owing by FSJ LP to Edward Walters which was secured against the FSJ LP mortgages against the lands. The net proceeds of approximately $3,287,000 will be remitted to the Monitor. These proceeds net of costs will form the basis of the final distribution to League's creditors/investors that will be presented for the court's approval once the realization process for League's assets is complete.
The Monitor advises that the sale of the Market Square property was approved by the Court on April 30, 2015. The expected closing date is May 11, 2015. League's list of properties has been updated, and can be found under the Properties tab. The Monitor's 33rd Report is posted on this website under the Monitor's Reports tab.
We advise on the results of the court hearings recently held on March 31st and April 1st. The Court issued Orders:
The above Orders are posted under the Court Orders tab.
The matter of Representative Counsel for investors pursuing the DO&T claims against the directors, officers and trustees, including seeking recovery on the DO&T insurance policies, was adjourned to allow further discussions to take place between certain parties. We will keep investors advised as to the status of this application.
We advise there are two days of Court hearings schedule for March 31st and April 1st. Issues that are planned to be addressed in those hearings, and the corresponding Monitor's Report which speaks to each issue include:
The Monitor's 30th and 31st Reports are posted on this website under the Monitor's Reports tab. All Notices of Application and Affidavits are posted under the Motion Materials tab.
We advise that League Assets has released a document which contains information that may be helpful to investors with respect to the calculation and potential application of their losses, for the purpose of reporting on their personal income tax return. The document can be located under the Creditor and Investor Communication tab. All questions concerning the issuance of any tax slip need to be directed to League Assets, and they can be best reached through email at firstname.lastname@example.org.
1) Colwood Distribution: The Colwood distribution is dependent upon a number of issues being resolved. These include certain disputed claims and a dispute over the balance owing to Epix with respect to its former mortgage loan to Colwood. Furthermore, the court must review and approve the net proceeds to be made available to the Colwood investors/creditors. The Monitor is seeking to resolve these disputes, but is also preparing to seek court resolution of the disputes if necessary. The Monitor is hopeful that a distribution can be made by the end of March, but is mindful that the availability of any court time required to resolve the disputes and approve the distribution, is beyond its control.
2) General distribution: The Monitor's Report to Stakeholders released in June 2014 contained an estimate on recoveries for all League entities under the CCAA. In that report, the Monitor estimated that funds could potentially flow to individual creditors and investors in March 2015.
We advise that not all properties and/or investments of League have been sold yet, and as such our current estimated date of a general distribution (to those projects entitled to a distribution) has changed to December 2015. We caution that this is still an estimated date, and that a general distribution will not be made until all assets of League that are under the CCAA proceedings have been sold or liquidated, and all League operations have been wound up. A list of League's properties and their current status can be found under the Properties tab.
3) Guidance on Income Tax Issues: League and the Monitor continue to work on a general guide on income tax issues that investors may wish to refer to while preparing their 2014 income tax returns. The guide is nearly complete and will be posted on this website by the end of February, 2015.
4) Property Sales: We advise that the sales of the LaSalle building in Montreal, QC and the Stettler Town Centre property in Stettler, AB, recently closed.
The Monitor has posted the Court's Reasons for Judgment concerning the League Opportunity Fund ("LOF") note holders' application, under the Court Orders tab. The Court heard the LOF note holders' argument in November 2014, but had reserved their decision on the matter until now. The LOF note holders advanced the argument that LOF had an equitable charge over several of League other entities. Several parties submitted arguments against the LOF note holders' application, as should the Court rule in favor of LOF, many other parties would have seen a reduction in their estimated recoveries. The Court ruled against, and dismissed, the LOF note holders' application.
The Monitor also advises that the closing of the LaSalle property, which was to be January 15, 2015, has been delayed. We'll update this website with more concrete information, as it becomes available.
The Monitor advises that the sale of the LaSalle Commercial property and the Stettler Town Center property were both approved by the Court today. The expected closing date for each is January 15, 2015 and January 30, 2015 respectively. League's list of properties has been updated, and can be found under the Properties tab.
We remind investors that tax slips and information concerning filing losses will be coming from League directly. League personnel and their tax advisors are working on a document containing the answers to many commonly asked questions with respect to the calculation, timing and reporting of losses. As soon as that document is available, we'll post a copy to this website.
We advise that the closing of the Colwood transaction took place today as the Monitor is now in receipt of the funds from Onni Development Corp. Costs on the transaction are to be determined over the next 6 weeks, and the distribution to unsecured creditors and investors is anticipated to take place in February 2015. Once we have a more concrete timeline, we'll post an update to this website.
We advise that PwC's offices are closed December 24, 2014, and will re-open Monday, January 5, 2015. As a result, responding to investor phone calls and emails will be delayed until Monday, January 5, 2015.
We advise that the Court granted two orders at the December 8, 2014 hearing concerning the Colwood transaction. The first, the BIA Proposal Sanction order, where the court approved the Consolidated Proposal, can be found under the Colwood Restructuring tab. The second, the Colwood Vesting and Discharge order, which allows the Colwood properties to vest "cleanly" in Onni Development Capital Corp., and which effectively removes the Colwood entities from the CCAA proceedings (once the transaction has been completed), can be found under the Court Orders tab. We reiterate that although the closing is expected to be on December 22nd, funds are expected to flow to investors and unsecured creditors in February 2015.
We remind investors that tax slips and information concerning filing losses will be coming from League directly. League personnel and their tax advisors are working on a document containing the answers to many commonly asked questions with respect to the calculation, timing and reporting of losses. As soon as that document is available, we'll post a copy to this website.
The next court hearing is expected to be on December 16, 2014 for the approval of the LaSalle property.
We advise the Consolidated Proposal for the Colwood restructuring was voted on and passed at the meeting of creditors held on December 1, 2014. The next step in the transaction is to seek court approval of the Consolidated Proposal, at a Hearing at the Supreme Court of British Columbia, at 9:00 am on December 5, 2014. Once the Court has approved the Consolidated Proposal, the next major step is the anticipated closing date, being December 22, 2014. Please note that although the closing date is in December, it is anticipated that the distribution of funds to the Colwood creditors and investors will be done in February 2015.
A copy of the Creditor Meeting minutes for the Colwood restructuring, and the Trustee's Second Report to the Court can be found under the Colwood Restructuring tab.
The Monitor has prepared its 25th, 26th and 27th Reports, which can be found under the Monitor's Reports tab on this website. The Reports comment on the following subjects:
1) Colwood Restructuring
Further to the detailed Status Update of October 9, 2014, we advise that on November 17, 2014, the Colwood Entities made an assignment into bankruptcy, and a Proposal to unsecured creditors was filed. A Meeting of Creditors of the Colwood Entities to vote on the Proposal will be held on December 1, 2014. Details regarding the meeting can be found in the Notice under the Colwood Restructuring tab on this website. We advise that the meeting is only for those described as being an unsecured creditor in any of the Colwood Entities, and that and no other League project will be discussed.
A detailed email was sent to all Colwood unsecured creditors on November 19, 2014, outlining the Proposal and voting process. A Voting Letter was was included in that email, and we encourage all Colwood unsecured creditors to vote on the proposal process. Results of the vote will be posted to this website, after the meeting.
2) Fasken Martineau
Fasken Martineau, representative legal counsel for investors, made an application to the Court to seek clarification as to their future role for investors with specific regard to 3 issues:
Additionally, Faskens sought and received an Order regarding their funding for the above noted issues. Copies of Fasken's motion materials and Order, can be found under the appropriate tabs on this website.
3) League Opportunity Fund Ltd.
On November 20, 2014, counsel for the LOF note holders made an application to the Court, seeking an equitable charge against various other League entities. This application was opposed by several parties. The Court heard the arguments on November 20th, but reserved their decision on this issue. Once the Court has released their decision, we will post another update to this website.
4) Stoney Range LP
On October 15, 2014, the Court ordered that the Stoney Range LP, be effectively 'carved out' of the CCAA proceedings. Therefore, as Stoney Range is no longer part of the CCAA proceedings, investors' inquiries should be directed to email@example.com or by phone to (250) 999-8940. A copy of the Court Order can be found under the Court Orders tab.
5) Sale of Monarch Transaction
On November 20, 2014, the Court approved the sale of the Monarch transaction. A copy of the Order can be found under the Court Orders tab.
6) Correction of Stay of Proceedings Expiry Date
Readers of the website may have noticed that there was a typographical error in the Court Order dated October 15, 2014. The stay of proceedings is extended to March 31, 2015, and this has now been correctly reflected in the November 19, 2014 Order.
As a result of the October 9, 2014 hearing, the Monitor and League will host a conference call for all investors and creditors in the Colwood legal entities.
The call will be held on October 23, 2014, at 2:00 pm. The call will focus on the recent set of transactions that have been set in motion for the LP, and how these transactions will impact all levels of investors and creditors. Details of the Onni Restructuring Agreement are set out in the Monitor’s 23rd Report dated October 6, 2014 which has been posted to this website.
An email containing call in details was sent all investors and creditors of the Colwood legal entities on October 16, 2014 for whom email addresses are held.
Any investors or creditors who have not received an email should contact League via firstname.lastname@example.org to obtain details for the call.
The Monitor recently posted its 24th report to the Court, to this website (under Court Reports). The report provides a general update on the League file and outlines the matters heard by the court at the October 15, 2014 hearing.
Following the October 15, 2014 hearing, the Court granted orders:
Copies of the orders can be found under the Court Orders tab on this website.
The Monitor advises that the action being brought forward by the League Opportunity Fund ("LOF") note holders for an equitable charge was adjourned and will likely be heard in November.
The Supreme Court of British Columbia (the "Court") approved a restructuring agreement between League and Onni Development Capital Corporation ("Onni") that was entered into on October 3, 2014 (the "Onni Restructuring Agreement"). Details of the Onni Restructuring Agreement are set out in the Monitor’s 23rd Report dated October 6, 2014. which has been posted to this website.
In general, the Onni Restructuring Agreement provides for:
The Onni Restructuring Agreement provides additional consideration of $8.9 million (the “Consideration”) which will, after adjustment for costs, be provided to unsecured creditors (approximately $135 million in claims) through a proposal filed pursuant to the Bankruptcy and Insolvency Act (95%) and to the limited partners (5%) who had invested approximately $15 million in the Colwood Project. As IGW REIT LP is owed approximately $100 million from the Colwood Project, it will receive some of the Consideration provided to the unsecured creditors through the proposal. The additional consideration would not have been available to the unsecured creditors or the unit holders had foreclosure proceedings brought by Epix and the M Notes received approval for the sale of the certain of the lands through a competing offer before the Court. Although the return to the unsecured creditors and the unit holders is small, it is a welcome recovery that was not previously contemplated in the Monitors' Report to Stakeholders dated June 23, 2014. Although it's contemplated that through a successful restructuring of the Colwood property, some funds will flow to IGW REIT LP, however, the recovery to IGW REIT LP will not result in any funds being available to satisfy any equity investor claims of the IGW REIT. The funds received by IGW REIT LP will enhance the recovery for unsecured creditor claims made against IGW REIT LP.
The approval by the Court today is the first of many steps that must be completed before the completion of the transactions outlined in the Onni Restructuring Agreement. It is anticipated that the transactions will be complete by mid December 2014 after which Onni will effectively become the owner of the Colwood City Center project.
Please note that the Monitor's 23rd report posted on October 8 was redacted so that the consideration offered by Onni was not disclosed prior to today's Court hearing. The Monitor's 23rd report, including the consideration offered by Onni, has now been added to the website.
The Monitor advises that its 23rd Report on the Colwood City Centre LP matter, is expected to be posted to this website on October 7, 2014. Other materials concerning this application are now posted under the Motion Materials tab.
The Monitor's 24th report on all matters to be heard at the October 15, 2014 hearing, is expected to be posted to this website on October 9, 2014.
The Monitor advises there are 2 upcoming Court hearings for League matters to be heard: October 9, 2014 and October 15, 2014.
League is currently seeking offers for the purchase of the Colwood City Centre LP, and is expecting to receive offers on October 2, 2014. If an offer is accepted, League will proceed to Court on the October 9th hearing for approval. More information and/or documents will be posted to this website, when they become available.
At the October 15, 2014 hearing, League will be seeking approval for:
We also understand that the League Opportunity Fund ("LOF") note holders' application for an equitable charge over certain League assets will be heard on October 15, 2014. The Monitor has completed an analysis of the impact the proposed equitable charge will have on LOF, and on other League stakeholders if the charge is granted. Our analysis can be found under the tab Creditor and Investor Communications.
We advise that League is preparing an information document to assist investors with their questions on tax slips, claiming losses, etc. The document will be available in late fall, and will be posted to this website, when it becomes available.
We also advise that the BC Securities Commission, can be contacted directly through these mechanisms:
Mr. Paul Rankin
or by Canada Post:
British Columbia Securities Commission
701 West Georgia Street
PO Box 10142, Pacific Centre
Vancouver, BC V7Y 1L2
Investors desirous of sharing their documentation concerning their League Asset investment, and any perceived wrong-doing that they feel has occurred, can send that documentation directly to the BC Securities Commission.
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:
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.
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:
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.
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:
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.
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.
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:
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.
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.
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.
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:
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.
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.
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.
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.
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 14threport 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.
We advise that the investor conference call that took place yesterday, is available to be listened to here: https://soundcloud.com/leaguegroup
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.
We advise that all tax slips, are issued by League, and any questions regarding those slips need to be directed to League (email@example.com). 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.
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.
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.
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: firstname.lastname@example.org.
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.
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 email@example.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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
We advise that the conference call held October 23, 2013 for investors and creditors, is still available and can be accessed through this link:
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.
We advise that Mr. John Grieve, of Fasken Martineau DuMoulin, representative counsel for the investors, can be contacted through email at:
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.
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.
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.
To follow up on yesterday's conference call, we advise that a recording of the call can be listened to by following these steps:
Passcode for the call is: 90525848
The call will be available to be listened to until October 30, 2013, at 9:00 pm PST.
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".
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.
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:
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.
View a list of current PwC insolvency assignments.
This page is for information purposes only and you should consult your professional adviser.
This page is for information purposes only and you should consult your professional adviser.
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