CEF/DIL: Refuting the Unofficial Party Line

When the whole ABC District debacle debuted in Jan 2105, depositors that'd trusted the Lutheran Church with their funds were treated rather shabbily - good information wasn't forthcoming, District officials misrepresented what had actually happened, District struck a Task Force to investigate what happened and when the task force issued its first report, disbanded the...

General Update – Feb 9, 2022

On Jan 5, 2015 DP Schiemann misled the public by declaring a “sufficient cash flow shortage” as opposed to "we took your money, put it in some speculative real estate / business ventures, told everyone their money was safe, and then we ran out of depositor funds." Today my webpage monitoring software "bing"ed to let...

Sage Shareholder Newsletter – Feb 2021

Sage has issued a new newsletter dated Feb 12, 2021. You can read the original here - following is my summary. Share Redemption - 587 shareholders asked to redeem ~$13M worth of shares which is way in excess of the $5.6M of available cash. The newsletter outlines the distribution of the share redemptions they were...

Sage Resources and Deloitte CCAA Distribution

Earlier today I got the following comment / question: "In regards to the last meeting which was held November 28 / 2020 are. We going to get some information sent out? I could not get it on my Computer,would like to know what happened and was discussed. Thanks . Or it can be Emailed." I...

A Refresh on CEF, DIL, SVM, and Related Matters

With COVID 19 making a mess of things, the long delay since we'd last heard from Deloitte Restructuring, Sage, and KPMG, along with some accidental comments on past articles pertaining to "where are things" and "I've waited long enough for my money", I thought it'd be a good time for a refresh on where everything...

CEF/DIL: The Wheels of Justice Grind Slowly

It's said that the wheels of justice turn slowly because of how fine they grind. This is a good thing because a just system needs to correctly discern the good from evil so it can protect the good while holding the evil to account. Almost eight months ago in Sept 2019 the ASC settled with...

CEF/DIL: Monitor’s 38th Report – Update

In my prior post "CEF/DIL: Monitor's 38th Report" I surmised that this report pertained to an upcoming court case. I now believe that analysis is inaccurate because if you look at the report, it's dated Nov 26, 2019. My guess is that this report was originally generated and submitted to the Court last fall /...

CEF/DIL: Monitor’s 38th Report

Just when I turned in for the night, my alerting system told me Deloitte'd published their 38th report to their website.  This report was created to support a forthcoming application to the Court, as I'd discussed in "CEF: Deloitte Calling!" This report pertains to the Representative Actions and not a future distribution. Hopefully that'll appear...

Sage Properties Update – Dec 18, 2019

Sage Properties maintains and operates all the properties left over by the ABC District CEF debacle and represents the lions share of the value due to the CEF depositors. Their mandate is to maximize shareholder value with an eye to the orderly sale of the assets so the resulting funds can be distributed to the...

CEF Representative Action: Higgerty Law Update – Dec 9, 2019

Now that the CCAA process is almost done, the folks at Higgerty Law have been moving the CEF Representative Action case forward, and they recently published the following update to their CEF page. December 9, 2019 A third case management meeting occurred on December 5, 2019 at our initiation wherein most notably the Scheduling Order...