Attention Business Editors:
Juroviesky and Ricci LLP is retained by retail ABCP
TORONTO, March 26, 2008 /CNW/ - Juroviesky and Ricci LLP announced today that
it has been retained by Brian Hunter, Ted Mcfeely and the "Facebook Group" to
provide legal advice to retail customers that purchased non-bank ABCP savings
products. These retail customers face a vote on a CCAA arrangement that if
approved could materially affect those Noteholders.
Juroviesky and Ricci will be advised by Diane Urquhart a renowned analyst
and investor advocate as to the valuation of the Notes under the proposed plan
initiated by Purdy Crawford and the Pan-Canadian committee.
Any retail customer of a non-bank sponsored ABCP savings product is urged
to email email@example.com and advise Juroviesky and Ricci LLP of their
Henry Juroviesky said that his main goal will be to try to negotiate a
deal whereunder the Retail Purchasers of these products would be able to sell
their Notes immediately and receive full value for their holdings.
Under the proposed arrangement, initiated by the Pan-Canadian committee,
a group of large institutional investors, all Noteholders will receive a new
Note with a longer maturity than the note originally purchased. Mr. Juroviesky
said that as opposed to the drafters and proponents of the Pan-Canadian
committee arrangement, designed by large institutional investors, his retail
clients can't afford to wait until maturity to receive the full value for
their holdings. Accordingly, said Mr. Juroviesky, his clients are loathe to
support a plan that would force them to accept a longer time frame to access
the funds that they placed in short term savings products on the advice of
their brokers. Mr. Juroviesky commented that these retail clients are already
experiencing significant financial hardship arising out of the delay in
accessing their funds.
"We will be looking to the institutional clients and other stakeholders
in the Pan-Canadian committee arrangement that stand to benefit from the
proposal, to assist our clients in making the arrangement a positive plan for
them, as well", said Juroviesky.
For further information: Any retail purchaser of Non-Bank sponsored ABCP
products from brokers such as Canaccord and others are urged to call
Juroviesky and Ricci LLP at (416) 481-0718 and dial extension 450 or dial 0