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...

CEF/DIL: The End of the CCAA Proceeding is Nigh

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...

LCC Synod BOD Channels “Lucy with the Football”

The "Peanuts" cartoon strip was a long running cartoon that was serialized in various newspapers for fifty years and was arguably the longest running story told by a single human being.  When any comic strip runs that long its almost certain that particular gags will recur, and one such gag is the one of Lucy,...

ASC Hearing Ruling: Balance of Convenience

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...

CEF/DIL: ASC Application Hearing Update

Counsel for the prosecution and the defense have made their case. As I expected, counsel for the defense want to delay the proceedings until the representative action has concluded, or have the proceedings sealed so they cannot be used against them when the representative action commences. Considering that the AB real-estate market is somewhere between...

ABC District 2018 Convention Update #2 Retraction

This is a follow-up to Update #2 where I discussed the implications of the convention delegates being separated by clergy and lay status. I wrote that article on the basis of what I believed was a report by an convention attendee. I have since gotten confirmation that the separate seating did not happen and the...

ABC District 2018 Convention Update #4

(insert drum roll here....) And the West Regional Pastor is.... https://www.facebook.com/lutheranchurch.canada/photos/a.448431991922194/1771854376246609/?type=3&__xts__%5B0%5D=68.ARD5uWlljFMZ_MRr79z8dnxT6jMRqTJ1HkjabISbyVAEu1newGBc031UNWDDwGc4lWfTPiwx1OYLA3G3elI_2o-aFMY_8W9uC11CVjWzU0mwODiLPq-q3ROXRXdVCNJPNjSIJjGhRS-sO3ZGbA0o8HfLt0DRoM550Al-N0AW5MpZU79KPbzVP_Sm1FuE3XANuloyUSEmFsgYKAneocxQ9Dd81VQ&__tn__=-R

ABC District 2018 Convention Update #3

It has also been reported that convention allowed the Board to not get its books audited with the purported reason being "the Monitor won't allow it" due to the CCAA proceeding. First - I would want to hear that directly from the Monitor and preferably in writing so I would have someone to sue if the gov't...

ABC District 2018 Convention Update #2

Update 2018-10-21: I wrote this article on the basis of what I believed was a report by an convention attendee. I have since gotten confirmation that what I alleged happened - namely the separation of delegates by clergy and lay status during the convention - did not happen. That means that I accused President Schaeffer...

ABC District 2018 Convention Update #1

The information I'm getting about the convention is a mixed bag. First - there's still no audited financials for the last term and no apparent consequence for this failure of execution. Second - the new bylaws still want to give the BOD the right to amend the bylaws w/out a confirmation vote by the membership....