Rescission Unitholders to Advance Their Interests in Bridging Receivership
On February 18, 2022, PriceWaterhouseCoopers Inc. in its capacity as Receiver and Manager of various Bridging Finance Inc. funds reported that it would be seeking advice and direction from the Court relating to distribution issues, including the claims of priority of statutory rescission rights and rights of action for damages by certain unitholders in Bridging funds.
Unitholders may have rescission rights if they purchased units of Bridging funds within six months of the commencement of the Receivership. Other damage claims may also be available. The success of such claims will affect the amount and timing of any distribution to those unitholders.
A timetable has been set to litigate the Receiver’s motion to terminate the sale and investment solicitation process on March 25, 2022. Unitholders with rescission rights and other claims may have interests adverse to other unitholders, and may be differently affected by any outcome of the motion.
Reconstruct LLP and BCF Avocats act for unitholders with rescission rights having combined holdings over $50 million in Ontario and Quebec and are working together to advance their interests. Unitholders who would like to be represented by counsel should contact Reconstruct LLP and BCF Avocats at bridginginvestors@reconllp.com or call 416-613-8280.
Contacts
WFK and BCF Avocats
bridginginvestors@reconllp.com
416-613-8280