TORONTO, March 21, 2022 /CNW/ – A group of unitholders of Bridging Finance Funds (the “Unitholders”) under receivership have retained Lerners LLP to represent them in a March 25, 2022 hearing at the Ontario Superior Court to request:
- more readily accessible information and ultimately an informed unitholder vote surrounding the options in the ‘sale and investment solicitation process’ (SISP).
A Factum detailing the groups arguments to the court has been submitted on their behalf by Lerners, with the goal of enabling transparency and an informed unitholder vote. More information on this Factum and this initiative can be found at www.bridginginvestors.ca.
In addition, an Open Letter to the Chair of the Ontario Securities Commission has been submitted on behalf of the growing numbers of unitholders that have joined the effort since Lerners was retrained to represent this cause. A copy of the Open Letter can be found on the website as well.
The group of investors would also like to highlight the Feb 24, 2022 letter from BlackRock counsel to PWC and the court appointed representative counsel that can be found at https://www.pwc.com/ca/en/car/bfi/assets/bfi-140_250222.pdf. In the letter, BlackRock describes an enhanced approach to dealing with the receivership that was summarized by the following comment.
‘In short, Unitholders who wish to liquidate would have the option to do so at a much lower cost than the Receiver’s Liquidation proposal, with fees to be incurred based on what is recovered (as opposed to paying the hourly fees of the Receiver and its advisors), and Unitholders who wish to continue with a going concern would be provided with the opportunity to do so.’
We understand BlackRock is working to resolve the issues raised by the Receiver, such that there would be no impediments to implementing a plan which allows unitholders the option to liquidate or participate in a going concern entity. We are asking the Receiver to provide details around this improved option and give it due consideration given the significant losses that are expected to be incurred by investors under the Receiver’s proposal.
We continue to call on more Unitholders and Investment Advisors to support our effort by visiting www.BridgingInvestors.ca and joining our confidential mailing list at no cost.
SOURCE Bridging Investors
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