Well, I’ve learned something.
And now I’ve learned something else.
Tyler of Deloitte returned my phone call tonight. Tyler’s been helping with this case for the past few months and was able to give me an update on where things are.
What follows is from my notes of that conversation and not to be considered an official announcement by Deloitte.
- The distribution is still pending.
- Deloitte has received $500K from the ASC settlement which will be added to the distribution.
- There are still numbers to finalize including the tax treatment of the ASC settlement.
- There’s also “lawyer stuff” that counsel has to sort out such as issues pertaining to roadwork with the city of Calgary.
- They plan ask the court to approve the distribution on Apr 22, 2020.
- Assuming approval is received, the plan is to issue the distribution on May 8, 2020.
I’ll note that any time Deloitte goes to court the depositors have to shell out a fair amount for professional services fees. In the end, delaying the distribution to include the ASC settlement means one less court appearance with it’s attendant costs. This, in turn, means more funds being returned to the depositors.
I related that the depositors have been through a lot and need to be kept in the loop and that updating the website would a great help. Tyler said he’d look into it though updates to the website would take time as legal has to approve anything that’s published.
If you’ve called and left a message, I expect Tyler will be getting back to you.
If you haven’t called and have questions for Tyler, he’s given me permission to share his phone number. If you have questions and prefer I ask them, I’ll be happy to do so and post the answer here. In either case send me a note via my contact page and I’ll respond.
April 22, 2020 has long passed. Where might we be at now. Menno Kehler
The last update Deloitte had cash to return to the depositors and all they needed to do was go to court to get it approved. With the pandemic the courts have greatly restricted the cases they take, and this isn’t one of them.