Doing the Business of the Church
The CCAA Monitor website for the Lutheran Church - Canada, the Alberta - British Columbia District et. al. bankruptcy has been updated with the following entry: 8. Notice to CEF depositors re final distribution, dated April 1, 2020 Long story short - The scheduled Apr 22, 2020 court appearance to get approval for the final distribution... Continue Reading →
The following post from the Sage Properties communications page indicates that the Board's is understandably prioritizing the care and protection of the facility's patients and staff. Work on selling the property is still continuing, albeit at a slower pace. March 26, 2020 Dear Shareholder, Sage Properties Corp. (“Sage”) and the Sage Board of Directors (“Board”),... Continue Reading →
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”)... Continue Reading →
The ASC has issued a news release on the ASC - LCC settlement. A copy of this release follows. ANO LUTHERAN CHURCH SETTLES WITH ASC FOR MISLEADING INVESTORS Sep 12, 2019 CALGARY – September 12, 2019 – The Alberta Securities Commission (ASC) has concluded a Settlement Agreement and Undertaking with the Lutheran Church-Canada, the Alberta-British Columbia... Continue Reading →
This just in - the ASC has settled its case with the Lutheran Church respondents. Since the case has been settled, the ASC has issued a notice of withdrawal wherein the ASC is withdrawing their allegations against the respondents. Excerpts of the settlement follow. I'll write more about this later. ANO Introduction 1. Staff of the Alberta... Continue Reading →
The clock's a-ticking and the start of the ASC hearing is now less than a month away and all the pre-hearing management meetings have been held. The hearing schedule has also been updated - it now starts on Sept 13 instead of Sept 16, and the Sept 17-20 hearing dates have been dropped. The ASC's "status... Continue Reading →
Misled investors? Check. Unlawfully sold investments? Check. Squandered investors money? Check. Wasted the life savings of elderly retirees? Check. No, I'm not talking about the ABC District CEF/DIL yet - but their day is coming. This is the case of Vernon Ray Fauth who was convicted of multiple securities violation by the ASC. The ASC... Continue Reading →
On Jan 15, 2015 LCC ABC District shocked the Lutheran Church-Canada community when it declared a "sufficient cash flow shortage" and froze all withdrawals from its CEF and then DIL investment funds. District personnel later blamed a "perfect storm" of withdrawals, outstanding loans, and a lack of other investments that could earn money for the... Continue Reading →
In the article ASC Hearing Ruling: Feb 28, 2019 I detailed the history of the ASC's case against the named defendants through the Feb 28, 2019 hearing where the ASC declined a some requests to delay the hearing or seal the proceedings until the representative action against the named respondents had concluded. A bit after the Feb 28... Continue Reading →
In the ASC hearing one point of discussion was what was termed a "Balance of Convenience". The Encyclopedia of Canadian Law defines this term so: Balance of Convenience meaning or description: a common law test; a court applying this test will balance the prejudice to one party of denying the relief asked for, against the prejudice to the... Continue Reading →
ANO / Lutheran Watch 