CEF/DIL Updates – Oct 27, 2021

Hi Gang –

Yes, I’ve been gone for a bit. Repeatedly pointing out LCC’s ongoing and unrepentant bad behavior has gotten rather tedious so I’ve been working on other things.

However – when news like this comes up, I had to fire up the old editor to get the word out.

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First – Sage Properties Corp. agrees to Sell Prince of Peace Senior Living Facilities Calgary, AB

October 26, 2021

Sage Properties Corp. (“Sage”) today announced it has signed a definitive agreement to sell the Prince of Peace senior living facilities to Yarrow Limited Partnership (“Yarrow”), a limited partnership between Optima Living and Axium Infrastructure.

Located just outside the City of Calgary in Rocky View County, the seniors’ residences at Prince of Peace Harbour & Manor consist of 32 memory care suites and 159 studio/one-bedroom assisted living suites.

The transaction has been approved by the Sage board of directors and remains subject to customary closing conditions including Sage shareholder approval, regulatory approvals and completion of the transfer of Prince of Peace water and sewer infrastructure to Rocky View County. The transaction is targeted to close in February 2022.

“The board of directors is pleased to announce the sale of Prince of Peace Harbour & Manor as Optima Living is recognized as being providers of high-quality seniors’ accommodation services in Western Canada’s continuing care sector,” said Sage Executive Board Chair Sandra Jory.

Ms. Jory emphasized that all Prince of Peace residents, families, and employees can expect the transition to be seamless, adding that it is anticipated that all staff and senior management will be retained by Yarrow.

KPMG Ltd. acted as the exclusive financial advisor for Sage Properties Corp.

For further information please contact: Sandra Jory, Executive Board Chair & Investor Relations 403.478.9661 info@sageproperties.ca

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Second – A partial settlement of the CEF/DIL Representative Actions has been proposed.

The Sugden, McFee and Roo web page for the DIL representative action:

Update:  October 15, 2021
re:  Partial Settlement of the DIL Representative Action

The DIL Creditors’ Subcommittee, including the proposed Representative Plaintiffs in the proposed class proceedings (aka the “DIL Representative Actions”), have entered into an agreement to settle the claims of the Representative Class members against certain defendants.  The settlement is subject to court approval, which will be sought in a hearing before Mr. Justice Rooke, ACJ of the Alberta Court of Queen’s Bench in Calgary, AB on November 25, 2021.

For more information about the settlement, to view settlement documents, and for Representative Class Members to access the Portal where confidential information about the settlement is shared, click here.

The Higgerty Law web page for the CEF representative action:

NOTICE OF PARTIAL CONDITIONAL SETTLEMENT (10/18/2021)

A Partial Settlement has been reached with some of the Defendants, subject to approval of this settlement, and partial certification of this proposed class action for the limited purpose of such approval, by the Court

For more information on this settlement and the pending court hearing please refer to following Documents:

• SETTLEMENT AGREEMENT (with settlement amount redacted)
• NOTICE APPROVAL ORDER
• HEARING NOTICE

From reading these documents, my impression is that

• The settling parties are either covered by insurance or are bankrupt (which means they don’t have funds to recover).
• The plaintiffs (ie the people suing to recover lost funds) will defend the settling parties from lawsuits by the non-settling parties. My guess is that if/when the courts determines that liability exists the non-settling parties may try to sue the settling parties in an attempt to transfer some of the liability from them to the settling parties.

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2021-10-28: This section removed as it happened in 2017, not 2021.

Third – the stay on the representative action has been lifted.

From the Sugden, McFee and Roo webpage:

Update:  October 25, 2017

By Order of Madame Justice Romaine made in the CCAA Proceedings on October 25, 2017, the stay (suspension) of the proposed class proceedings has been lifted and the proceedings may continue.

The representative actions were largely paused while the CCAA proceeding was in effect.That pause has been lifted and now these actions can proceed.

WRT the ABC District CCAA proceeding, the Deloitte webpage was last updated back in Mar 29, 2021 so no updates there.

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Fourth – Sage had some good-news updates in its June 25, 2021 newsletter.

• A subdivision has been registered with seperate titles for the school, Harbour, and Manor,
• A new municipal road is being constructed,
• A new waterline to the property has been approved and is in the works,
• The school has been leased for 10 years with an option to purchase
• Raw land has been posted with an advertised sale price of $5.4M.

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Finally – Synod’s done a great job suppressing information about ABC District and related misbehavior that I’ve been covering over the past few years so much of Synod’s membership is still in the dark about both ABC District’s and Synod’s misbehavior.

If the people that’ve followed this blog want to effect change, awareness of what’s going on needs to be raised with more pastors and congregations so they can be properly informed and take action as they see fit.

One reader has been talking to some clergy and referred them to this blog which has resulted in some eyes being opened.

If more readers went forth and did likewise, then more eyes would be opened.

Issues I’ve identified could be raised and dealt with at the next Synod Convention starting with clear-cut, low-hanging fruit like removing Don Schiemann and Mark David Ruf from Synod’s “members in good standing” clergy roster. Both of these pastors told the sheep they were responsible for that their money was safe when they knew that wasn’t true and are still on the “member in good standing” clergy roll. (For more details you can read the ASCsettlement agreement or search this blog.)

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2021-10-28 #1: Updated the two DPs as Harry Ruf and Don Schiemann. I learned after this post that there are multiple “Ruf”s out there and I don’t want to malign an innocent individual for something they didn’t do.

2021-10-28 #2: Updated the last paragraph to Mark David Ruf instead of Harry Ruf and removed a reference to District President since it caused confusion.

2021-10-28 #3: Section #3 strike-through as it happened in 2017, not 2021.