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Life Has Enough Great Mysteries www.henderson.ca 1.800.263.8537 www.henderson.ca 1.800.263.8537 Your Partners In Service® Since 1981 Your Partners In Service® Since 1981 support the plan, it would not succeed," says Apps. The arrangements entered into to let these retail creditors get special recovery were critical to getting the satisfactory vote on the plan, says Apps. Back in April, Canaccord Capital Inc. announced its "Canac- cord Relief Program" to repurchase up to $138 million of re- structured third-party ABCP at par value from its clients that hold $1 million or less — potentially as many as 1,430 clients. Credential Securities Inc. has also announced a similar pro- gram. The relief programs are contingent on the successful re- structuring of the third-party ABCP market. One of the main points of contention enderson_CL_July_08.indd 1 6/13/08 11:41:24 AM in the restructuring plan, and which re- mained throughout, was a clause that exempts those involved from past, pres- ent, and future claims, actions, damages, and liabilities relating to the third-party ABCP market in Canada and the af- fected ABCP. Corporate ABCP investors took issue with this aspect of the plan, as it prevents them from retaining their right to sue, and contended the clause could be broad enough to include fraud claims. The main outcry from the opponents caseAlert - Bankruptcy & Insolvency An easy-to-use electronic service that keeps you up to date with the latest decisions in bankruptcy and insolvency. Each week subscribers receive an e-mail bulletin summarizing recent court decisions in the bankruptcy and insolvency area. These summaries are arranged in various sub-topics to provide a quick overview of what's happening in the courts today, and are linked to the full text decision in pdf format. Visit canadalawbook.ca to sign up for our no-obligation free trial services. Annual subscription price $405 • P/C 0532700999 $21 for each additional recipient Canadian Commercial Reorganization: Preventing Bankruptcy Richard H. McLaren Covers the statutory requirements of the Bankruptcy and Insolvency Act, interpreting them with the assistance of case law under the Companies' Creditors Arrangement Act (CCAA), as well as the parallel process of reorganization under the CCAA. Looseleaf & binders (2) • Supplements invoiced separately (2-3/yr) $224 • P/C 0413030000 • Vol. 1 / 2 ISBN 0-88804-147-0 / -294-9 Debt Restructuring: Principles and Practice John D. Honsberger, Q.C. and Vern W. DaRe The authority on reorganization and debt restructuring of insolvent, or near insolvent, commercial and financial institutions in Canada. Looseleaf & binders (2) with CD-ROM • Supplements invoiced separately (1-2/yr) $246 • P/C 0460030000 • Vol. 1 / 2 ISBN 0-88804-098-9 / -200-0 Federal and Ontario Insolvency Legislation Consulting editor: Richard H. McLaren This publication contains the key Acts and regulations relevant to the bankruptcy, insolvency, debtor-creditor and restructuring practitioner. Perfectbound • 828 pp. • Published October each year • Standing order $63 • P/C 0825140000 Current edition only $73 • P/C 0825010000 • Multiple copy discounts available • ISSN 1195-3144 For a 30-day, no-risk evaluation call: 1 800 263 2037 or 1 800 263 3269 www.canadalawbook.ca CA021 Canada Law Book is A Division of The Cartwright Group Ltd. • Free Shipping on pre-paid orders. Prices subject to change without notice, and to applicable taxes. 60 JULY 2008 www. C ANADIAN Law ye rmag.com CA021 (CL 1-2is).indd 1 6/4/08 10:03:19 AM CL0708 of the plan has concerned the releases, says Duchesne, which has been by less than two per cent of noteholders. Re- leases broader than to the debtors have been granted in some other instances, says Duchesne, where parties have said they need to be released of everything otherwise they will still have massive litigation claims against them. How- ever, the fraud element that has been brought to light is not a question of the clause releasing parties from fraud, but from everything, which the opponents say includes fraud, he says. "Certainly, I'm sure there is a concern in every- body's mind that will this now be the standard in every CCAA. I doubt that it will, because it's very peculiar to this case," he says. In an April 24 endorsement that gave the go-ahead to a shareholder vote on the plan the following day, Justice Campbell addressed the is- sue of the clause, saying: "The plan has been carefully and painstakingly negotiated over a number of months and I have no doubt that if the result of the fairness process were to open up the right of every noteholder to sue whomsoever they wished for any rea- son related to their purchase of notes,