The Ontario Court of Appeal may have turned down a bid by disgruntled investors to scuttle a 2007 deal concerning asset-backed commercial paper (ABCP) investments, but a lawyer for one of those investors says he plans to take his case to the Supreme Court.

The Pan-Canadian Investors Committee for Third-Party Structured ABCP welcomed Monday’s court decicion, which affirmed the decision of the Ontario Superior Court approving the Committee’s plan to restructure $32 billion of third-party ABCP.

The Court of Appeal agreed with the lower court’s decision, announced in early June, that the plan is fair and reasonable and meets the criteria of the Companies’ Creditors Arrangement Act.

The decision means that the Committee’s restructuring plan, which was approved by the overwhelming majority of affected noteholders in April, can now move forward to completion.

“Our Committee is now in a position to put the final steps in place to complete the restructuring plan and Noteholders can look forward to the issuance of new notes and the establishment of a liquid market for them. Absent any further appeals, we expect the restructuring to close by September 30, 2008,” stated Purdy Crawford, chairman of the Investors Committee.

However, the Committee’s restructuring plan hit another snag on Tuesday as lawyer Howard Shapray, who represents Ivanhoe Mines, said he plans to take his case to the Supreme Court of Canada.

Some mid-sized investors — individual investors with ABCP holdings of more than $1 million and a number of corporations — launched the initial appeal. Many regard themselves as disadvantaged by the restructuring plan.

It’s widely expected that lawyers representing other mid-sized investors will take their concerns to the higher court.