Although neither side is appealing a court judgment in the lawsuit between failed venture fund GrowthWorks Canadian Fund Ltd. and its former fund manager, it will likely still be at least 18 months before the fund can be wound up.
The fund announced on Thursday that neither side filed to appeal a May 18 court decision by the court’s deadline of June 8; thus, that decision is now final. However, the final amounts, including legal costs, awarded by the court as part of the litigation has yet to be finalized.
“As a result, the fund anticipates that it will be necessary to have the court settle the form of the judgment, which will require further submissions to the court. The timing and outcome of that process cannot be predicted with certainty,” GrowthWorks states in a news release.
In the meantime, the fund has obtained a court order extending the stay in its bankruptcy proceedings until March 31, 2019. It estimates that it will be wound up in the next 18 to 24 months.
GrowthWorks also stated that the current net asset value of its remaining investments is estimated to be between $17.5 million and $26.2 million.
“However, until opportunities arise and dispositions of portfolio assets are completed, it is difficult to determine with certainty the ultimate value of the remaining assets of the fund,” the news release states.
Finally, GrowthWorks reports that it has hired CCC Investment Banking to evaluate strategic alternatives. It says the review will take between 90 and 120 days.