TORONTO, April 17, 2012 /CNW/ - Duff & Phelps Canada Restructuring Inc., in its capacity as liquidator of Coventree Inc. (the "Liquidator") today announced the preliminary results of the claims process implemented pursuant to the Order of the Ontario Superior Court of Justice - Commercial List issued on February 15, 2012 (the "Claims Procedure Order"), a copy of which is posted on the Liquidator's website at www.duffandphelps.com/restructuringcases.
Under the Claims Procedure Order, any claimant wishing to assert a claim against Coventree Inc. ("Coventree") and all of its present and former subsidiaries and/or their respective former directors and officers was required to deliver to the Liquidator a claim notice on or before 5 p.m. (Eastern Time) on April 13, 2012 (the "Claim Bar Date"). On or before the Claim Bar Date the Liquidator received 23 claims with a total claim amount aggregating to at least $10.1 million as a number of claims were filed as "place holders" or otherwise currently unknown values. None of the claims received were unanticipated by the Liquidator or Coventree and the nature of all significant claims received has been previously disclosed by Coventree. Other than the Ontario Securities Commission's claims against Messrs. Geoff Cornish and Dean Tai that have been previously disclosed and are being appealed by each of them, respectively, no claims against any former directors and officers were filed.
The Liquidator is in the process of reviewing all claim notices filed on or before the Claim Bar Date with a view to finally determining all claim amounts in accordance with the terms of the Claims Procedure Order. Accordingly, the total number and aggregate dollar value of all proven claims is unknown at this time.
This press release is intended for distribution in Canada only.
For further information:
Duff & Phelps Canada Restructuring Inc.
Tel: (416) 932-6225
Email: [email protected]