A group of retail investors that bought now-frozen asset-backed commercial paper have retained retained Juroviesky and Ricci LLP to provide legal
advice concerning the proposed restructuring of those products

The Toronto-based law firm announced today that it has been retained by Brian Hunter, Ted Mcfeely and the “Facebook Group” to provide advice to retail customers that purchased non-bank ABCP. These retail customers face a vote on a CCAA arrangement that if approved could materially affect those investors.

Henry Juroviesky said that his main goal will be to try to negotiate a deal that would see the retail buyers of these products able to sell their notes immediately and receive full value for their holdings. Under the proposed arrangement initiated by the Pan-Canadian committee all noteholders will receive a new note with a longer maturity than the note originally purchased.

Juroviesky said that, as opposed to the proponents of the Pan-Canadian committee arrangement, his retail clients can’t afford to wait until maturity to receive the full value for their holdings. He added that his clients are loathe to support a plan that would force them to accept a longer time frame to access their funds. “We will be looking to the institutional clients and other stakeholders in the Pan-Canadian committee arrangement that stand to benefit from the proposal, to assist our clients in making the arrangement a positive plan for them, as well”, he said.

Juroviesky and Ricci will be advised by Diane Urquhart, an analyst and investor advocate, as to the valuation of the notes under the proposed plan agreed to by the Pan-Canadian committee.