There is little to report, but i will provide some points.
- The outcome will be determined this first week of March and will be communicated to everyone by mail. I will post the results here when i receive them.
- There were about 55 people present at the meeting. The turnout was quite disappointing, but the weather was poor and with the ability to submit votes electronically, it was not surprising.
- Raymond Massi of RSM Richter spoke (along with Jean Fontaine of Stikeman Elliot) to summarize the key events...beginning in the spring of 2005.
- Something near $200 million dollars were invested by almost 1500 retail clients. RSM Richter only has claims from people for $115 million. A claim is automatically registered for those who had at some point responded to RSM. Norshield had overvalued the fund by $300-400 million.
- In total near $500 million in total was lost in the Olympus Univest / Norshield fraud.
- RSM Richter has managed to have the investors considered as creditors who will all be recognized as a single class. This is beneficial to us.
- Mr. Massi believes that the Norshield file will be closed in 12-18 months. At that time, he expects that investors will have received near 10% of their original investment.
- The requirements for the vote were that over 50% of the total number of investors had to vote in favour and that 2/3 of the total value had to vote in favour.
- Only investors could vote and the outcome of the vote is binding on all.
- I thought that a most telling factor was that Mr. Massi estimated that the total net recovery estimated to be 6-7% thus far while the gross was twice that at 12%.
I hope the date was not significant. ;-}
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