{"id":2160,"date":"2008-05-16T17:00:31","date_gmt":"2008-05-16T21:00:31","guid":{"rendered":"http:\/\/www.prefblog.com\/?p=2160"},"modified":"2008-05-16T17:00:31","modified_gmt":"2008-05-16T21:00:31","slug":"canadian-abcp-almost-but-campbell-procrastinates","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=2160","title":{"rendered":"Canadian ABCP : Almost, But Campbell Procrastinates"},"content":{"rendered":"

The Globe and Mail reports<\/a>:<\/p>\n

Ontario Superior Court Justice Colin Campbell had promised this week after two days of hearings to rule as soon as possible, but said in an endorsement issued Friday afternoon that he is not prepared to make a decision without further information.
…<\/b>
\u201cI am not satisfied that the release proposed as part of the plan, which is broad enough to encompass release from fraud, is in the circumstances of this case at this time properly authorized by the CCAA, or is necessarily fair and reasonable,\u201d he wrote. \u201cI simply do not have sufficient facts at this time on which to reach a conclusion one way or another.\u201d<\/p>\n

The delay puts at risk the nine-month-long restructuring process, because banks that are backing the plan to swap the frozen notes for new bonds have said they will walk away without the releases.<\/p>\n

But the judge said that if he lets the plan go ahead with the releases there’s a chance it will fall apart later because it may not \u201cstand up to the scrutiny of being within the jurisdiction of the court within the CCAA.\u201d Because of that, he wants the parties to come up with a solution for the fraud issue by May 30.<\/p>\n

\u201cIn my view, within the spirit of the CCAA there is an urgent need for, and there can be a solution by which, the plan can be approved,\u201d he wrote.<\/p><\/blockquote>\n

There’s a lot going on here that I don’t understand. If the Canadian banks are threatening to walk away without the release, what has the committee done to line up other banks? I was under the – possibly mistaken – impression that the advisor to the Committee, Morgan Stanley, was willing to backstop the lines all along. Surely, for a sufficient fee, a few major world banks would be willing to extend the required line of credit.<\/p>\n","protected":false},"excerpt":{"rendered":"

The Globe and Mail reports: Ontario Superior Court Justice Colin Campbell had promised this week after two days of hearings to rule as soon as possible, but said in an endorsement issued Friday afternoon that …<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[29],"tags":[],"class_list":["post-2160","post","type-post","status-publish","format-standard","hentry","category-sub-prime"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/2160","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=2160"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/2160\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=2160"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=2160"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=2160"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}