Recent Experience
Alberta Orphan Well Association, in its challenge to the rights of trustees and receivers to abandon environmental liabilities. This is a significant case dealing with who has to pay for hundreds of millions of dollars of end-of-life liabilities – either industry through the Orphan Well Association or secured creditors.
Northern Transportation Company Limited, Canada's oldest arctic marine shipping company in its Companies' Creditors Arrangement Act (CCAA) proceedings.
OmniArch Capital Corporation, an investment firm that raised significant funds for the purposes of reinvesting in residential mortgage-back securities in its CCAA proceedings.
Approximately 850 investors in Edgeworth Mortgage Investment Corporation and related companies in an action against its directors and officers.
PricewaterhouseCoopers Inc., as Monitor of Poseidon Concepts Corp. in its cross-border CCAA proceedings, including in its Court sanctioned role of taking proceedings against Poseidon's directors and auditors to recover additional funds for the estate.
Rock Well Petroleum Inc. and its United States subsidiaries, in its successful CCAA and United States Bankruptcy Code, Chapter 15 restructurings, which included appearance before the U.S. Court and successfully concluding a restructuring with a significant European shareholder group.
First Capital Management Inc., a substantial junior oil and gas investment fund in its successful Bankruptcy and Insolvency Act proposal Counsel for acquirer in relation to successful transaction for tax loss attributes of an alternative energy company in CCAA proceedings, and counsel for the Monitor.
Shire International Real Estate Investments Ltd., and its numerous related companies in its CCAA proceedings with respect to 22 commercial properties in 3 countries.
Mystique Energy Inc., a public oil and gas exploration
company, in its CCAA proceedings, including preparing a Plan
of Arrangement pursuant to which the client's public shell was,
through a reverse takeover, merged with an acquiring private
company.
Point North Energy Ltd., a public oil and gas exploration company
with property throughout Western Canada, in its CCAA proceedings. This matter involved significant
litigation and negotiation with federal and provincial tax and
royalty regimes, as well as a large number of disputes concerning
operations, joint venture agreements and seismic data
ownership. The Plan of Arrangement took the company private.
Number of Canadian chartered banks in relation to the enforcement of security, as well as in its disputes between creditors
Counsel, on different matters at different times, for each of the major accounting firms in their capacity as receiver and manager and as monitor of insolvent firms. Clients have included Ernst & Young Inc., Deloitte & Touche Inc., PricewaterhouseCoopers Inc, KPMG Inc., Collins Barrow Inc. and others.
International Utility Structures Inc., a manufacturing company with operations in Canada, the US, and Europe, in its CCAA proceedings. This matter involved the appointment of a Chief Restructuring Officer and significant litigation with the major creditors, a group of bondholders.
One of Canada's largest insurance companies, in
the realization through foreclosure
proceedings on commercial property.
One of the largest energy trusts in North America in the termination of an out of the money gas dedication contract with
Calpine Canada Corporation while that company was in CCAA
proceedings.
Represented a number of companies seeking to acquire assets or tax
pools of insolvent companies, some in contested situations.
An industry association of Canada's largest brewers, in a judicial review application concerning the conduct of the
Beverage Container Management Board in setting fees for
manufacturers in part to provide a reasonable rate of return to
bottle depots. The application was successful and resulted in
the establishment of a proper regulatory regime for determining
this significant annual expense of all beverage manufacturers in
the Province.
A significant public corporation in its right under the
Canadian Association of Petroleum Landmen operating procedure
against a financially distressed operator of hundreds of wells and
on extensive petroleum and natural gas leases.
The minority shareholders and managers of a large private owner and
developer of commercial office buildings with assets in excess of
$1 billion in a shareholder dispute and oppression
action which resulted in the acquisition of the shares of the
majority shareholder.
Bennett Jones