CEF Representative Action: Higgerty Law Update Nov 6, 2019

Higgerty Law is counsel for the Representative Action, and today they updated their Representative Action web page with the following notice: The second case management meeting happened on October 22, 2019, and we are currently working on finalizing the Scheduling Order. US Legal describes a scheduling order as: Scheduling orders are part of case management, which...

ABC District BOD Letter to Members Regarding the ASC Settlement

I've just received a copy of a letter the post-restructured ABC District BOD sent to the membership about the LCC - ASC Settlement. The original copy of the letter is here and my backup copy is here. The copy I have is a graphical image so I typed the letter contents in this blog post by hand -...

Whoever Causes One of These Little Ones Who Believe in Me to Sin….

“Whoever receives one such child in my name receives me, but whoever causes one of these little ones who believe in me to sin,it would be better for him to have a great millstone fastened around his neck and to be drowned in the depth of the sea. “Woe to the world for temptations to sin! For it is necessary...

CEF: Update from Deloitte

Recently "Repicheep" on the CEF Investor's Forum asked Deloitte where things were given that the parsonage lot and the Tuscany properties since both been sold and the funds were still waiting to be distributed. Joseph Sithole at Deloitte responded as follows: The Alberta securities commission settlement is the reason why the final distribution has been delayed....

Sage Properties Divestiture Update

"Sage Properties" is the company that was formed during the ABC District District CCAA process wherein the District's businesses and assets were folded into one corporation with a mandate to clean everything up, sell off the assets, and return as much funds as possible to the CEF depositors. Long story short, there's reason to hope...

My Thoughts about the LCC – ASC Settlement

To start - here's the timeline of the ASC's actions along with the documentation that was released along the way. I've made backup copies of all the original documents and provided links to them 'just in case'. ASC: Alberta Securities COQB: AB Court of Queens Bench ABC BOD: ABC District Board of Directors 2018-06-27 ASC...

Higgerty Law Weighs in On LCC – ASC Settlement

Higgerty Law represents that CEF depositors in their representative action against the various respondents to the ABC District CEF implosion. Today they posted the following statement to their Lutheran Church Representative Actions web page in response to the LCC ABC District - ASC Settlement. September 17, 2019 The hearing by Alberta Securities Commission (the “ASC”)...

CEF/DIL and the ASC Settlement – Answers to Carl V’s Questions

In the article "CEF/DIL – ASC Settles with Lutheran Church Respondents" "Carl Vehse" asked some questions I'd like to address here. Does this mean that the possibility of jail time has been removed for the Respondents? If this case proceeds along the same lines as the Concrete Equities timeline the next step in this process would...

LCC CEF ASC Hearing “adjourned sine die”

This afternoon the LCC CEF entry on the ASC "status of current proceedings" page was updated with the status "adjourned sine die".  According to Wikipedia that means Adjournment sine die (from the Latin "without day") means "without assigning a day for a further meeting or hearing". To adjourn an assembly sine die is to adjourn it for an indefinite period. A legislative body adjourns...

The Encharis et al vs ASC Petition

  While the ASC hearing is approaching, the court date for Encharis and others v ASC in the Alberta Court of Queens Bench is also approaching. In the Encharis case the representative action respondents are petitioning the court to put the ASC hearing on hold until the representative action is concluded which could delay the ASC...