Investors Scrutinizing the Regulators

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Securities Regulation In CanadA

Fox Guarding the Hen House


Non-bank Asset-Backed

Commercial Paper

A Recipe for Disaster


(ABCP explained, video)





Fix ABCP flaws

23 January 2009

National Post


Fix ABCP flaws

23 January 2009

Some ABCP holders exchange stalled paper for long-term bonds

21 January 2009

End of a shameful episode

12 January 2009

Canada’s C$32 Billion Debt Plan Is Approved by Judge

12 January 2009

ABCP advisors, $200-million; ABCP investors, zero

05 January 2009

DBRS to cut rating for new ABCP notes

29 December 2008

$4.45B fund to ensure ABCP solution

27 December 2008

Minister of Finance Welcomes Approval of ABCP Restructuring Plan

26 December 2008

'Tentative' ABCP plan touted

24 December 2008

Retail Noteholders Seek Immediate Relief as Condition for Governments Provision of ABCP Backstop Guarantee

22 December 2008

Foreign banks set deadline for ABCP deal

18 December 2008

Deutsche Bank, Citigroup Threaten Canada Debt Plan

18 December 2008

Bank lawyer warns of time ticking in ABCP saga

18 December 2008

ABCP decision up to government: BoC's Carney

17 December 2008

Flaherty shouldn't wear ABCP mess

17 December 2008

Quebec, Alberta spurn ABCP action

15 December 2008

Flaherty urged to ensure ABCP investment dealers, banks pay retail investors

12 December 2008

Taxpayers' cash no solution to ABCP crisis

12 December 2008

Crawford loses his influence

12 December 2008

Canadian ABCP Group Announces Restructuring Changes

11 December 2008

ABCP panel seeks Ottawa's help

10 December 2008

ABCP turns out to be our version of toxic paper

05 December 2008


02 December 2008

ABCP restructuring won't meet deadline

26 November 2008

ABCP plan misses another deadline

26 November 2008

Advisors bill $89M, investors await funds

19 November 2008

At least the irony is rich

see also: "Do you swear to spin the truth, the whole truth, and nothing but the truth?"

16 November 2008

ABCP investor asks Prentice to reverse change in federal law 

28 October 2008

ABCP restructuring plan delayed by a month

20 October 2008

Canada Commercial Paper Conversion Delayed to November Amid Credit Crisis

20 October 2008

Susan Wolbourg Jenah, as past vice-chair of the Ontario Securities Commission, granted exemptions to financial institutions to sell ABCP to the public without a prospectus.  Now, as President of the Investment Industry Regulatory Organization, in their report, she blames the brokers for selling ABCP to the public and not exercising due diligence.

see: "Do you swear to spin the truth, the whole truth, and nothing but the truth?"

Brokerages failed to protect investors in ABCP fiasco: regulator

17 October 2008

Regulator says brokers failed on ABCP, sets new guidelines

17 October 2008

Investment watchdog finds 'inadequacies' in ABCP sales

17 October 2008

Investment industry's regulator finds ABCP wasn't understood by most dealers

17 October 2008



Letter received by clients of Credential Securities

September 29, 2008


ABCP Update: Credential Relief Program Implementation


To all Credential Securities clients who hold an aggregate of $1 million or less of ABCP:

On Friday, September 19, 2008, the Supreme Court of Canada announced that it will not grant leave to appeal the Ontario Court of Appeal’s decision on Asset-Backed Commercial Paper (ABCP). This decision clears the last legal hurdle for the Restructuring Plan proposed by the Pan-Canadian Investors Committee in March this year.

While the implementation date for the restructuring has not been publicly announced, we anticipate the process will be completed in mid- to late-October. As previously communicated, the Credential Relief Program must be implemented within 20 business days following the restructuring; however, every effort is being made to complete the transaction and to fund client accounts approximately one week following the Restructuring Plan implementation date.

Once this process is completed, the following items will appear on your account statement. These items are illustrated in the attached statement sample.

  • The first entry reflects a dollar amount transferred into your account in exchange for the maturity value of your original ABCP securities. This item will be classified as “redemption.”

  • The second entry reflects the first interim interest payment representing interest accrued from the assets underlying the ABCP up to April 30, 2008, and is payable to you in accordance with the Restructuring Plan. This item will be classified as “interest.”

  • The third entry reflects a reimbursement to you of costs associated with the Restructuring Plan, which is being refunded to you in accordance with the Credential Relief Program agreement. This item will also be classified as “interest.”

If there are any additional interest payments and/or reimbursements of restructuring costs associated with the Restructuring Plan, these are expected to be credited to your account within 120 days of the implementation date of the Restructuring Plan.

Thank you for your patience and understanding as we work towards the resolution of this matter. Should you have any questions about the Relief Program, please contact your investment advisor or Credential Securities directly at 1.877.714.3990 or at


Credential Financial Inc.
Bob Hague
Interim President & CEO
800-1111 West Georgia Street Telephone 604.714.3929
Vancouver, BC Toll-free 1.800.688.9933
V6E 4T6
Member of Investment Industry Regulatory Organization of Canada










Jean Coutu Group (PJC) Inc. et al. v. Metcalfe & Mansfield Alternative Investments II Corp. and Other Trustees of Asset Backed Commercial Paper Conduits Listed in Schedule “A” to this application et al. (Ont.) (Civil) (By Leave) (32765)

(The motion to expedite the applications for leave to appeal brought by the Respondents on August 27, 2008, is granted.  The applications for leave to appeal and other relief sought from the judgment of the Court of Appeal for Ontario, Number C48969 (M36489), 2008 ONCA 587, dated August 18, 2008, are dismissed without costs.

  Groupe Jean Coutu (PJC) Inc. et autres c. Metcalfe & Mansfield Alternative Investments II Corp. et autres fiduciaires de fonds multicédants figurant sur la liste constituant l'annexe A de la demande et autres (Ont.) (Civile) (Autorisation) (32765)

La requête présentée par les intimés le 27 août 2008 en vue d’accélérer le traitement des demandes d’autorisation d’appel est accordée. Les demandes d’autorisation d’appel et d’autres redressements relativement à l’arrêt de la Cour d’appel de l’Ontario, numéro C48969 (M36489), 2008 ONCA 587, daté du 18 août 2008, sont rejetées sans dépens.)

Coram: LeBel / Fish / Charron


Diane Urquhart's Statement on ABCP CCAA Restructuring Plan Decision of the Supreme Court of Canada



The Great Wall Street Swindle &

Canadian Non-Bank ABCP

14 September 2008


18 August 2008

18 August 2008

19 August 2008

19 August 2008

Purdy Crawford: The corporate investors there will be an over-the-counter market for this paper once it's restructured.....they're not suffering...

Poor risk management blamed as ATB takes a $30-million hit & $230-million writedown

03 October 2008

ABCP set to go after top court rejects appeal

19 September 2008

Court turns down ABCP appeal

19 September 2008

ABCP legal challenge denied

19 September 2008

Mining firm digs in on ABCP ruling

September 2008

Asset-backed commercial paper: alerts for directors and officers

09 September 2008

Response of the ad hoc committee of retail noteholders to the Applicant's Applications for Leave to Appeal

05 September 2008

ABCP plan backers argue against a Supreme Court hearing

05 September 2008

Investors challenge ABCP plan: 'Bought vote' contrary to public policy, it says

03 September 2008

ABCP challengers file arguments with court

02 September 2008

ABCP delays 'a concern,' Flaherty says

29 August 2008

Swift Canada high court decision sought on ABCP

27 August 2008

Disgruntled investor will appeal ABCP ruling

23 August 2008


Metcalfe & Mansfield Alternative Investments II Corp., (Re), 2008 ONCA 587
DOCKET: C48969 (M36489)

18 August 2008


Minister of Finance Welcomes Court Decision

on Asset-Backed Commercial Paper Restructuring




13 August 2008

13 August 2008

One year has passed and investors are still out in the cold.

Bruce Boyd & Wynne Miles

ABCP Investors



ABCP restructuring plan hits new snag as lawyer plans to appeal

19 August 2008

ABCP may land in top court

19 August 2008

Ruling on ABCP restructuring plan likely won't mark and end to courtroom battles

18 August 2008

Ruling on ABCP restructuring plan likely won't mark and end to courtroom battles

18 August 2008

Court upholds ABCP plan

18 August 2008

In ABCP ruling, judges approve legal shield

18 August 2008

ABCP case coming out Monday

15 August 2008

JPMorgan, Morgan Stanley Near Auction-Rate Settlement

15 August 2008

2 More Banks to Buy Back $7 Billion in Securities

15 August 2008

Regulators unearth disclosure shortfalls

14 August 2008

Investors anxious for ABCP ruling

14 August 2008

ABCP investors remain in limbo

13 August 2008

Renewed Heat On ABCP?

13 August 2008

Retail ABCP holders ask regulators to intervene

12 August 2008

Court delay on ABCP no worry: Canaccord

11 August 2008


08 August 2008

They were conservative investors who thought their money safe. After all, their advisers told them this was the case. Then came the ABCP debacle. One year later, these ordinary investors are still wondering: How did this happen?

In their words

Ordinary ABCP investors told The Globe and Mail their stories of investing in the ABCP market that seized up a year ago. Here is a sampling of their comments:


“I was told T-bills of this size were not always available, but these investments were just as good and always available. … This was seasonal money that was needed for the farm bills during the year.”
-D.F. McIvor in Maple Creek, Sask.

“My 73-year-old illiterate mother got invested into ABCP unbeknownst to her or myself, as a Canaccord broker placed her ‘safe' money into it without checking or explaining.”
-Serge Biln in Toronto

“I recently sold my property and had approximately $600,000 to invest. I was looking for something that was 100 per cent guaranteed and was liquid on short notice. … I cannot stress hard enough how many times I asked him and was assured that my funds were 100 per cent guaranteed.”
-Jack Swann in Sherwood Park, Alta.

“ABCP has been a huge nightmare for my husband Todd and me, to put it mildly. … This is all of our life savings. I am 40 years old and I have been putting money into RRSPs since I was about 24 or 25. I started out at $50 per month and gradually built from there. My husband and I don't have much, but this is all we have.”
-Keri Lukacs, with her husband Todd, in Red Deer, Alta.

“My experience with ABCP started in May, 2007, when my broker at Canaccord Securities suggested we put our house cash in it for a few months until our new house purchase was completed.”
-Reid Moseley

“I am 61 years old. This is my life savings. I now have to get a job. This money was for me to make up my income. My choices to buy a car, take a vacation, do repairs to my house have been taken from me.”
-Iris Pearce at her home in St. Catharines, Ont.

“I was told ... that this type of investment was just like a T-bill, with the highest credit rating and fully cashable at any time. When I returned [from a trip] and had the time to invest this cash with more detailed study, I tried to cash this investment and was told I could not cash it. I soon found out why.”
-Susan Anastas

“They were sold to me by Canaccord Capital and described very briefly as a safe and secure investment similar to, and as safe as, a GIC.”
-Emanuel Valder

“If you were say investing in a mutual fund or something like a bank stock, and you knew what you were buying, you'd know the possibility that it was going to lose money. But in this case, we weren't informed.”
-Alan Jones with his wife Julia, in Nanaimo, B.C.

“Forty-one years we have been married, and this was all our savings. Our children depend on it. … Our RRSPs, our savings, everything was in this.”
-Angela Speller in Victoria, B.C.

"We were told by our investment adviser that if ABCP failed, so would the entire banking industry in Canada. That statement convinced me we were getting into something completely safe."
-Murray Candlish, with wife Cindy, in Daysland, Alta.

Playing the blame game

10 August 2008

"Back in August, I had no clue," Ms. Wolburgh Jenah says. "I didn't know there were retail investors, or how many retail investors. Nobody here knew, either ... It took us a long time to start getting answers to those questions."

- Susan Wolburgh Jenah, who heads the Investment Industry Regulatory Organization of Canada (IIROC)

Susan Wolburgh Jenah

REALLY ???...

"The IDA has been closely monitoring the non-bank Asset-Backed Commercial Paper (ABCP) situation since August 2007.

On August 16, 2007 -- 24 hours after the onset of the liquidity crisis -- the IDA contacted all member firms to determine their exposure to any ABCP inventory and customer margin holdings."

07 April 2008


15 April 2008

What about the OSC??? (National Post)

Jim Turner, vice-chairman of the OSC, said the commission is relying on the IDA to do the gumshoe work because the matter is more directly part of the IDA's jurisdiction.

Mr. Turner disagrees that the OSC has acted improperly. As soon as ABCP started going wrong last summer the market froze, so "we didn't feel we had to jump in to protect investors," he said. After the restructuring plan was launched, the OSC purposefully kept its distance because it did not want to interfere with something that might help noteholders get some of their money back.


"The local securities regulatory authority or regulator (the Decision Maker) in each of the Jurisdictions has received an application from the Filer for a decision under the securities legislation of the Jurisdictions (the Legislation) for:

(a) an exemption from the dealer registration requirement in respect of a trade in a negotiable promissory note or commercial paper maturing not more than one year from the date of issue (together Commercial Paper); and

(b) an exemption from the prospectus requirement in respect of the distribution of the Commercial Paper, (collectively, the Requested Relief).


Under the Mutual Reliance Review System for Exemptive Relief Applications


(a) the Ontario Securities Commission is the principal regulator for this application, and

(b) this MRRS decision document evidences the decision of each Decision Maker."


So who was granted the exemption by Susan Wolburgh Jenah? - just to name a few....


17 May 2006

23 October 2006

26 April 2006



RBC, U.S. watchdogs talk securities settlement

22 August 2008

3 Banks Settle Securities Case With New York

22 August 2008

New York may sue Merrill

21 August 2008

Brokerages face auction rate probe

20 August 2008

UBS to Spend $19.4 Billion to Buy Back Securities

09 August 2008

BOSTON (AP) — The Swiss bank UBS has reached a $19.4 billion agreement to buy back bonds in the biggest settlement yet over claims that banks misled investors to buy auction-rate securities, the Massachusetts secretary of state’s office said Friday.

The agreement has been reached between UBS Financial Services and the Securities and Exchange Commission and regulators in several states, including Massachusetts and New York.

2 Banks Buying Back $17 Billion in Securities

08 August 2008

Two major Wall Street firms on Thursday offered to buy back more than $17 billion of troubled auction-rate securities that they had marketed as being as safe and liquid as cash, moving quickly to contain the legal fallout from the credit crisis.

Citigroup will buy back $7.3 billion of the securities and pay $100 million in fines as part of a settlement with state and federal regulators announced on Thursday morning.

Hours later, Merrill Lynch, without entering into a settlement, offered to buy back $10 billion of similar securities that it had sold to thousands of individuals. Neither firm agreed to reimburse institutional investors.

Citigroup Agrees to Buy Back Securities for $7 Billion

07 August 2008

In a statement, the New York attorney general Andrew Cuomo said that Citigroup would buy back, by Nov. 5. auction-rate securities from individual investors, charities and small- and mid-sized businesses. These customers, about 40,000 nationwide, have been unable to sell their securities since Feb. 12, the statement said.

“Our goal is simple: to get investors back their money, and that’s exactly what this deal does,” Mr. Cuomo said.


How different is the Canadian story on ABCP???  Where are Canadian regulators???

07 August 2008

ABCP mess highlights flaws

May 2008

The fallout from the third-party ABCP disaster has shone a bright light on major investor protection issues centering on mis-selling, due diligence failures, flawed underwritings, and unsuitable products and advice. It has exposed fundamental flaws in our regulatory structure and system. And it has highlighted gaps in the capability of a large portion of the Canadian investing community to make sound investment decisions.

This sorry state of affairs has been greeted with a deafening silence from the regulators that share investor protection mandates and from the financial institutions and related industry participants, that with some justification are waiting to see how this situation plays out.


17 July 2008

Waugh: Bank of Nova Scotia, I’m not a promoter…whatever. All my net worth is in Bank of Nova Scotia. I’m sleeping at night.

If you really think a bank…what is our core competency? It’s risk management.  How did we get things wrong? It’s risk management. When we get things wrong. It’s risk management.

Howard: How come banks weren’t saying that two years ago?

Waugh:  Well, you know, it’s, it’s our business. We make mistakes in risk and we, over two years ago, we were…markets were good. Ah, things were going well - liquidity and, and several of us got complacent. Too complacent.

Time to clean house, say bankers

18 July 2008

"There were serious weaknesses in the business practices of a number of firms," said Dr. Josef Ackermann, the chairman of Deutsche Bank AG, who heads the Institute of International Finance. "It is essential for the industry to reform."

-  Dr. Josef Ackermann, chairman of Deutsche Bank AG

Aren't Scotiabank and Deutsche Bank up to their necks in the ABCP crisis?




Sanction Order - Reasons for Decision

05 June 2008

ABCP Sanction Order

05 June 2008



ABCP SECOND CASE CONFERENCE REPORT (NO. 2 ) MAY 2008 (posted May 3, 2008)

Justice Colin Campbell, in a case conference earlier this week, asked all the lawyers to submit their positions on the impact on their clients of the CCAA restructuring plan being approved without amendment. The lawyers were asked to identify whether their clients wished to sue any of the parties, to identify the parties and causes of action and to estimate the dollar amount of remedy that would be sought. The attached documents were filed in the court today, May 2, 2008, by the court monitor, Ernst & Young, as a summary of the submissions made by the lawyers in response to the judge's directions.


In a document submitted May 1, 2008, Juroviesky and Ricci LLP and Shibley Righton LLP, Co-Counsel for the Retail Owners Group, indicated that the retail customers of Canaccord and Credential, who had received cash par settlements plus residual accrued interest, needed to have the Non Bank ABCP restructuring plan approved without material amendment in order to be paid their cash. The Submissions May 1, 2008 document from our lawyers indicated that there were large retailowners that were left out of the cash par settlements who wish to sue their investment brokerages and certain other parties. Today's attached documents from the court monitor Ernst & Young say the following about the large retail owners covered by the Legal Representation Order for the Ad Hoc Retail ABCP Holders Group.


Justice Colin Campbell has set the dates of May 12 & 13, 2008, to hear more from the parties about the fairness and validity of the legal release in the CCAA restructuring plan, after which he will make his final decision to approve the CCAA restructuring plan without amendment or to approve the CCAA restructuring plan with the amendments he orders. After that parties have 21 days to file their appeals. The appeals are expected to be heard on an accelerated basis.

Summary Chart of Alleged Claims

National Bank Summary of Claims

Conduit Parties

Sixth Report of the Monitor dated May 1, 2008




25 April 2005


# Headcount

 $ Face Amount

Total Vote


$30.0 billion

Votes Yes


$28.8 billion

Votes % Yes




Superior Court of Justice Ontario

(Commercial List)

24 April 2008



Legal Opinion on Canaccord and Credential ABCP Relief Programs

22 April 2008



Juroviesky and Ricci LLP and Shibley Righton LLP appointed Representative Co-Counsel for Retail Holders of ABCP

15 April 2008


MP Paul Crête

Bloc Québécois

Député à la Chambre des communes

14 April 2008

James Flaherty

Minister of Finance

Mr. Paul Crête (Montmagny—L'Islet—Kamouraska—Rivière-du-Loup, BQ): Mr. Speaker, the Minister of Finance said the commercial paper crisis was only further proof of the need for a single securities regulator. The Parliamentary Secretary to the Minister of Finance went even further. It is sheer hypocrisy, considering that the banks, which are responsible for this crisis, are already under his responsibility and that of the Office of the Superintendent of Financial Institutions.
Instead of seeking false pretenses for his plans, which no one except Ontario wants, should the minister not admit that he and his Superintendent of Financial Institutions are the ones who abdicated their responsibilities in the commercial paper crisis?

Hon. Jim Flaherty (Minister of Finance, CPC):
Mr. Speaker, Ontario is de facto regulating securities in Canada, since over 80% of all transactions take place there.
We believe that the constitutional jurisdictions of each level of government must be respected. We are aiming to establish a common securities regulator that will work with the provinces and territories, not a federal agency.

Mr. Paul Crête (Montmagny—L'Islet—Kamouraska—Rivière-du-Loup, BQ):
Mr. Speaker, instead of blaming the securities commissions in Quebec and the provinces, the Minister of Finance would be better off to clean up his own backyard. He is the one responsible for banks, yet he is doing nothing about the situation at this time.
How can the Minister of Finance explain that neither he nor the Office of the Superintendent of Financial Institutions have taken any action with the banks to prevent the commercial paper crisis and therefore protect investors? Why did he decide to leave them to fend for themselves?

Hon. Jim Flaherty (Minister of Finance, CPC):
The member opposite is mistaken, Mr. Speaker. Most of the entities who were selling the non-bank, asset-backed commercial paper were under the jurisdiction of the provincial securities regulators. This is a serious problem. It is a gap in dealing with this issue and the solution has to come from the Government of Canada and the Bank of Canada.
It is we who had to create the Montreal table, create a forum to resolve this issue, and hopefully it will be resolved. The provinces were not there.

Neither were retail investors - but only because they weren't invited.

In addition, it was the Office of the Superintendent of Financial Institutions, who gave the federally regulated banks a choice on how to back-stop an ABCP market failure.

see: "OSFI tiptoes around elephants", National Post, 18 April 2008

"The original OSFI guidelines set out that banks either had to set aside a large chunk of capital to prevent a default in the event demand for short-term ABCP dried up or they could offer conditional liquidity protection in the event of a vaguely defined "general market disruption" (GMD). The banks opted for the latter..."

"OSFI on ABCP Hook?", National Post, 08 April 2008

"OSFI made what amounts to a cozy club deal with Canadian banks when it allowed the banks to use a variation of the market disruption clause that is recognized internationally, in their ABCP structures. The fine legal question is whether that amounted to regulatory negligence. And if it does, did OSFI's duty extend only to the regulated institutions or the wider market?"

OSFI Statement of Defense, OSFI defends its role in frozen paper mess, Globe and Mail, 22 April 2008


Ken Georgetti

President Canadian Labour Congress

Open Letter

08 April 2008

The largest labour federation in Canada representing 3.2 million working women and men who have pension plan investments estimated at over $300 billion dollars.


Mike Miles (Retail ABCP holder)

Letter from

Michael Miles


Thomas Mulclair


Joe Comartin


07 April 2008

Thomas Mulclair

Official Spokesman for the

New Democratic Party in Québec

Joe Comartin

NDP Deputy House Leader,

Justice Critic



12 October 2007

Direct Engagement

Moving towards a National Securities Regulator

 The Honourable Jim Flaherty, Minister of Finance

(very short excerpt on ABCP)

"We have challenges. Purdy is working on a challenge in Montreal right now which may be relevant actually to our discussion. Given that when one gets into the asset–backed commercial paper in Canada, who was regulating that?  Or not?"

04 March 2008

Reid Moseley speaks at Scotiabank's 2007 Annual Meeting

07 March 2008

ABCP Hurts Ordinary Investors with Extraordinary Stories

BNN talks to Jill O'Hara (Victoria) and

Reid Moseley (Calgary)

Jill O'Hara:   "My broker, without my knowledge or consent, invested my savings in commercial paper.  I was told it was a term deposit, fully secured, ...

... I found out my money wasn't available."


So where are the securities regulators?

11 March 2008

Burned Investors

CBC talks with Brian Hunter

Dave Simms: The petroleum engineer is in for $678,000 dollars, in what he thought were low-risk securities.

Brian Hunter: "My broker rolled it into what he considered to be another T-Bill or GIC, BA type investment, that turned out to be this asset-backed commercial paper."


Alex David: Given the situation that banks are in, I think they're looking for ways to actually get out of this financing if they can.

17 March 2008

Economic Turmoil

Global TV talks to Murray & Cindy Candlish


" risk, we wanted to sleep at night.  Told it was as safe as a GIC."

17 March 2008

BNN talks to Huston Loke, DBRS


DBRS has its neck on the line in rescue plan



19 March 2008

"There are many many retail investor who hold relatively small amounts of paper ..."

Small to whom???  The Accord Committee???

Amanda Lang:   "Are those investors who are in this, quite by accident, some who may have been dealing with brokers who didn't understand the product, weren't told about the risk level of the product. Can you deal with any of that or is that beyond the purview of what's happening right now?"

Purdy Crawford:   "...I have great empathy for those people...and we are going to do everything we can in terms of a healthy secondary market and where feasible use moral suasion to try to find a way, apart from the secondary market to help the people over and above what results from the restructuring."


"The reality is that everybody has learnt such a lesson here that it's probably not going to happen again. it'll be some other financial product 8 or 10 years from now that's developed, gosh knows what...."

Amanda Lang: Who's going to pay the cost of all this, of the Montreal Accord...?

Purdy Crawford:  ...The costs are currently being paid by the members of the committee I chair.   If the restructuring is approved, the costs will be paid out of the restructuring...out of the results that flow.  If it's not approved, then the members of my committee will have to absorb the costs.

Amanda Land:  So retail investors will share in those costs?

Purdy Crawford:  If the plan is approved, yes.

Since retail  investors were not part of the Montreal Accord Committee how could that same Committee dictate that retail investors will share in the costs of the Committee's proposal if successful???   How would you expect retail investors to vote?  What lesson have investors learned here - other than not to trust the financial services industry???

Affidavit of Purdy Crawford

        (p.17. para.57)

The Committee agreed that the investors represented on it, besides bearing their own individual costs, would pay the costs for the Committee's advisors, which costs were intended to be recouped from the Conduit assets in the event of a successful restructuring.

See Committee Members

        (p. 30. para.108)

The Plan includes comprehensive releases for virtually all participants in the Canadian ABCP market, in addition to the Respondents and the Conduits. The releases have been included because certain key participants, whose participation is vital to the restructuring, have made comprehensive releases a condition for their participation.


What are they afraid of?

What are they trying to hide?

         (p. 30. para.109)

The Asset Providers have no direct contractual relationship with the investors.


Not even the brokers?

          (p.30 para. 111)

All of the Asset Providers or their affiliates were Liquidity Providers and some were also
Broker Dealers. The releases extend to them in those capacities as well.


          (p. 31. para. 112)

...they require the investors to release all parties who might be sued by the investors, because such parties might then claim that the Asset Providers in one of their capacities should indemnify them for any liability to investors, an event which, if it occurred, would defeat the finality and certainty that the releases are intended to provide.


How many lawyers can dance on the head of pin?


          (p. 31. para. 113)

The Asset Providers have specified that the releases extend to the Sponsors, the original trustees of the Conduits, the Respondents, the Indenture Trustees, the Liquidity Providers, the Broker Dealers, the Canadian Banks and DBRS Limited, the rating agency that provided investment ratings on the Conduits and the ABCP...Some of these parties have themselves agreed to give up their existing contractual claims against the Conduits and their trust assets for indemnity.


Has to make you wonder who and why....    

         (p.32 para. 114)

(Simply put, there can be no Plan unless these releases are included.


Perhaps another National Inquiry is necessary?


If a bird looks like a duck, swims like a duck and quacks like a duck,

then it's probably a duck.

(The 'Duck Test')


Excerpt from Court Order



“They haven't put enough on the table to make it worth my while to sign the release,” said Brian Iler, a Toronto commercial lawyer who owns $229,000 of the marooned notes. Mr. Iler argues he is legally entitled to get back all of his money because when he transferred his savings to an Ontario Credit Union investment account last year he specified that he only wanted to buy government-backed investments.

“If they are not going to make me whole, why would I sign away my rights to hold people accountable?” he said.

Globe and Mail, 25 March 2005


Wynne Miles

(ABCP holder)

 18 March 2008

House of Commons Standing Committee of Finance (FINA)

Motion for Hearing on non Bank ABCP

31 March 2008

John McCallum

Liberal Finance Critic

18 March 2008

MP agrees to delay hearings into ABCP crisis

National Post, 31 March 2008

Wynne Miles:   ""We don't have deep pockets. We can't wait for 5 to 8 years for our money.  We need our money back now - with interest please.

We were sold this faulty savings product without our knowledge or consent.....We trusted our financial adviser and Canaccord to invest our savings in T-Bills an a safe product such as T-bills... as of July 26, 2007 we had a significant portion of our retirement savings in Government of Canada T-bills (treasury bills) and then the next day they were in something called structure investment commercial papers.  We did not even know what an ABCP was until we heard of the freeze in August."

In July, as concern grew in markets about subprime, Mr. Mavor said Barrick asked CIBC about exposure, and was told there was none. As a result, he said Barrick on July 26 bought $33-million more of paper.

Barrick intent on suing CIBC over ABCP, Globe and Mail, 18 April 2008

The ABCP black box explodes ,Globe and Mail, 16 November 2007

"Some dealers felt they were in an awkward situation – Coventree had told them something that the world at large didn't know.  Sources said at least two of the banks, RBC and Scotiabank, pushed to have the details made more widely known, perhaps via a press release.

When that didn't happen, RBC went further. On Friday, July 27, representatives of the bank, including RBC's head of fixed income and currencies for Canada, Peter Dymott, called David Allan to say the bank was giving Coventree the required 30 days' notice to resign as a seller of its paper."

What is clear is that in the face of a financial meltdown, the Bank of Canada, foreign and Canadian commercial banks and institutional investors such as the Caisse had to make snap decisions that had profound effects on investors and the Canadian economy. But since then, many investors – big and small – have been left to wonder why little of this behind-the-scenes turmoil was ever explained to them as they purchased paper.

“If that is accurate, it is a big deception,” said André Belzile, chief financial officer of Quebec pharmacy chain Jean Coutu. His company bought $35.7-million of asset-backed commercial paper from Aug. 2 to Aug. 10 from National Bank of Canada, its bank of 45 years.

“They never,” Mr. Belzile said, “mentioned a thing.”

Larry Caskey

25 March 2008

Larry Caskey:  "Our advisor decided that this was a prudent or a good investment and he invested my wife and myself in this product without discussing with us and without our knowledge of what ABC paper was in fact we didn't know what ABC paper was until after the market was frozen for this particular product.

Howard Green: Typically does your investment advisor make all of your investment decisions?

Larry Caskey:  My investment advisor does not have discretionary decision making and it was unusual.


Howard Green: Have you had any conversations with the committee?

Larry Caskey: Not at all. No-one has called me. No-one  sent me a letter.  The last communication I've had on this was from my advisor Credential Securities on November 15th.

Howard Green:   Have you tried to get in touch with the committee?

Larry Caskey:  Yes I did.  I originally I did try and I was told that I must sign some type of waiver in order to secure a certain type of information and I wasn't prepared to sign any waivers.

Purdy Crawford

26 March 2008

Amanda Lang:  You've heard - I've heard from investors who were put into product they didn't want to be in.

Purdy Crawford:  M...hmmm.

Amanda Lang:   They were put there without their knowledge, I'm not saying all of them, but I know some of them were because I've heard from them.  Should they get some different deal?  Should they be treated differently then somebody who willingly bought something that then ran into market trouble?

Purdy Crawford: That's an incredibly complex thing to do on an overall basis.  I think that part of it is the IDA should be looking into that and they can fine and I assume they can turn the fines over to the investors -  but I'm not sure.

28 October 2002

p. 7

Rebuilding Investor Confidence

Joe Oliver President & CEO

Investment Dealers Association of Canada (IDA)


"However, like the securities commissions and the police, our disciplinary process does not provide restitution for the clientSince not everyone is aware of this fact, some people are surprised and disappointed that their central problem, financial loss, has not been addressed. Even those who do understand this limitation are still left with the problem of trying to get their money back."

27 March 2008

BNN Squeeze Play

Amanda Lang:   "One of the shoes still to drop, and we'll talk about this on this show, is the regulatory side. There are people, middlemen, who are supposed to be watching this and if clients were put into product that they shouldn't have been put into, the "know your client" rule was there to protect them, there are other mechanisms that may well protect some of these investors.  Some of whom should not have been in this stuff."

Kevin O'Leary:  "And that brings my second rule. Don't you ever think for a second that government gives a damn about your investments."

Amanda Lang:  "We're talking about self-regulatory bodies - not the government."

E-mail Amanda Lang:

Colin Kilgour

28 March 2008

Colin Kilgour:   "I am advising a range of corporate clients as well as acting as an independent advisor for the Canaccord clients.  So I have two groups of clients that I am working with.


The weakness in this restructuring plan is these releases that are a key part of it.  I understand Purdy Crawford when he talks about this as the 'art of the possible', that these releases are required primarily by the asset providers.  These releases are causing a lot of heartache for people who might like to pursue legal channels.


The releases basically are a key part of this restructuring as demanded primarily by the international banks who are the asset providers to these underlying conduits.  They are demanding that everybody whose ever had a part in this market or is currently a part of this market get released from any future or any liability for any sins they may have committed, or may not have for committed, at any time in the past for whatever reason.  So it is a very omnibus far-reaching release that says once this thing goes through - nobody can sue anybody for anything.  Period.   And that is the intent of it."


"...the Schedule I Canadian banks further a condition of the compromises and contributions they are making, assurance that no claims will remain following implementation of the Plan that could lead to claims against them for contribution and indemnity."

Canadian Asset-Backed Commercial Paper CCAA Proceedings

The Montreal Accord Committee Members

ATB Financial,

Caisse de dépôt et placement du Quebec ("CDPQ"),

Canaccord Capital Corporation,

Canada Mortgage and Housing Corporation,

Canada Post Corporation,

Credit Union Central Alberta Limited,

Credit Union Central of British Columbia,

Credit Union Central of Canada,

Credit Union Central of Ontario,

Credit Union Central of Saskatchewan,

Desjardins Group,

Magna International Inc.,

National Bank of Canada/National Bank Financial Inc.

(collectively, "National Bank"),

NAV Canada,

Northwater Capital Management Inc.,

Public Sector Pension Investment Board ("PSP Investments"),

and the Governors of the University of Alberta.

28 March 2008

Gary Carter, Vancouver Island

Jill O'Hara, Victoria



Where are the provincial securities commissions ???  They are the ones charged with administration of the provincial securities acts.  Not the IDA or IIROC.


BC Securities Commission

Know your client and suitability rules

48 (1) A registrant, except an underwriter or a securities adviser, must make enquiries concerning each client

(b) to determine the general investment needs and objectives of the client, the appropriateness of a recommendation made to that client and the suitability of a proposed purchase or sale for that client.

(2) If a registrant considers that a proposed purchase or sale is not suitable for the investment needs and objectives of a client that is an individual, the registrant must make a reasonable effort to so advise the client before executing the proposed transaction.



RULE 31-505

1.5 Know your Client and Suitability

(1) A person or company that is registered as a dealer or adviser and an individual that is registered as a salesperson, officer or partner of a registered dealer or as an officer or partner of a registered adviser shall make such enquiries about each client of that registrant as

(b) subject to section 1.7, are appropriate, in view of the nature of the client's investments and of the type of transaction being effected for the client's account, to ascertain the general investment needs and objectives of the client and the suitability of a proposed purchase or sale of a security for the client.

8 months later,  where are the regulators??

Don't just file your complaint with the IDA, file it with the provincial securities commission as well!

Another reason why we need a Common Securities Regulator with a legislated mandate for investor protection similar to the mandate of the National Health Protection Branch and/or the Canadian Food Inspection Agency.

Here is an extract from OSC decision to recognize the IDA.


WHEREAS the necessity for interaction between the IDA and the Commission results from:


the fact that the IDA regulates, by its by-laws and regulations, the conduct of its members and matters related to their trading in securities, areas which ultimately are the responsibility of the Commission.


The IDA is not a statutory body which exercises a statutory power of decision.

The securities commissions are statutory bodies!!!

The securities commissions do not confer jurisdiction on the IDA but merely impose a duty on the recognized SROs to regulate the operations and the conduct of their members subject to their own association bylaws and constitution.

The failure of a person to perform a lawful duty is a divergence from the performance of
that duty and amounts to

The IDA makes the following contribution 

15 April 2008


Brian Hunter

20 February 2008

Letter received from Canaccord Capital

Yulan Wong, a retired real estate agent, has $300,000 invested through Canaccord in ABCP.

20 March 2008

Calgary pastors Garry & Merelyn Webber


19 March 2008

Ron Lawley, a retired computer technician has $210,000 in ABCP.

31 March 2008

Brain Iler, a Toronto lawyer, says his account holds about $229,000 of ABCP

31 March 2008

Nick Kovics, a chemical engineer, found out he had $100,000 in ABCP.

31 March 2008

Retired engineer Peter Myers shows his frustration yesterday while questioning an ABCP panel in Edmonton

01 April 2008

Linda Paget and Wayne Duke, who spoke to the committee on Tuesday, have about $130,000 and $200,000 respectively tied up in the troubled ABCP market.

02 April 2008

Victoria resident Angela Speller, who along with her husband had invested 41 years of savings in the tainted notes through Canaccord Capital Inc..

03 April 2008

Layne Arthur

05 April 2008

Mark Wasserman

05 April 2008

Simon Jegher

05 April 2008

William Wisenthal

05 April 2008


Main Street v. Bay Street

Henry Juroviesky

March 26, 2008

Juroviesky and Ricci LLP is retained by retail ABCP holders


Diane Urquhart

31 March 2008

Another Made-in-Canada

Defective Investment Product


David Agnew

31 March 2008

OBSI Advisory to ABCP Clients

David Agnew:  We're an independent body that does dispute resolution when a client of either an investment firm or bank can't resolve the dispute with that institution. We operate up to, and it's relevant for this story, we operate up to a limit of about $350,000.  So clearly there are people, looking at the numbers that we've seen, who are out of our range, but of course lots in it. We operate on the basis that you try to resolve your problem. If you can't you can come to us........We are talking to the firms, we are talking to regulators.


Obviously what we're concerned with is...the impact , at the end of the day, on the retail investor and it comes down to the basic issues, of were people aware of what they were getting in to, was it disclosed properly, was it suitable for their accounts, was there trading that they were aware of?


We're focused on how did it end up in these peoples' accounts and what were they told. What were they disclosed. Now, I say that, with...we have not opened up any investment investigation files we haven't had a really good look at this stuff. So, I'm just telling you about what we are hearing...

We're watching, along with all of you and the rest, just to see what happens over the next couple of weeks.

Amanda: there some other change, you think, that needs to happen so this couldn't happen again

David Agnew: ...there is a common theme, which is disclosure, or lack thereof.  I think it really, it's a , it comes down to a fundamental issue of, you know, Know-Your-Client, know your product.  Lay it out, particularly when we're obviously dealing, in many cases, with people who are risk adverse. Who have short term investment objectives and so on. That's just good business.  That's good practice.

Jacquie McNish: Isn't another issue trust?  Why were elderly people being sold these investments with obviously not very much explanation?

David Agnew: I think that's one of the issues...there's obviously some regulatory bodies that will want to look at this and I think that's going to part of the mix.


...we saw this around the income trust issue, where people were looking for a slightly higher edge.  It's not clear in all these case, from what we've heard, that that was actually the case.

KNOW YOUR CLIENT and KNOW YOUR PRODUCT are regulatory requirements. 



Pan-Canadian ABCP Committee Announces Details of Investor Meetings



Venue Details

The bulky information tome alone is annoying, Crawford agreed in an interview. "If I'd been in their position and somebody gave it to me, I'd probably throw it across the room and say the hell with this."

Edmonton Journal, 01 April 2008

The Accord knows that if retail ABCP holders don't vote that there is a far greater chance that the Montreal Accord Proposal will be approved.


if voting by proxy.

...when the Noteholder has specified a choice, (it) will be voted in accordance with that specification.  In the absence of any specification on the Form of Proxy, the proxy will be voted FOR approval of the Restructuring Resolution and approval of Plan and on any other resolution placed before the Meeting as the proxy holder may determine in its discretion.


Michael Miles and Wynne Miles, Vancouver

02 April 2008

BNN's Niall McGee

03 April 2008

Purdy Crawford

04 April 2008

 Jack Mintz

Palmer Chair in Public Policy, School of Public Policy

04 April 2008

Bruce Little and Amanda Lang on IDA announcement

07 April 2008

Ted Menzies

Parliamentary Committee to Hear ABCP Victims

08 April 08

09 April 2008

Mark Maybank, chief operating officer,

Canaccord Capital Inc.

09 April 2008

Henry Juriovesky


House of Commons

10 April 2008

Larry Elford

10 April 2008

Diane Urquhart

10 April 2008

Wynne Miles

The full video is available HERE

(wait a minute or two for it to load fully)



National Bank Relief Program

Canaccord Relief Program

Credential Securities Relief Program


10 April 2008

James Flaherty, Minister of Finance

23 April 2008

James Flaherty, Minister of Finance

Argent, 25 April 2008

Georges Pothier s’entretient

avec Gale Wakeam, une investisseuse déçue de l’entente sur les PCAA

 Michel Nadeau, analyste de la chaîne Argent

directeur général de Rating Capital Partners, Robert Pouliot

Argent, 25 April 2008


30 April 2008

Canaccord made untrue representations about ABCP.


Canadian non-bank ABCP losses take their toll

04 August 2008

Canada's PSP Takes 23% Writedown on ABCP Holdings

22 July 2008

Time to clean house, say bankers

18 July 2008

Seven clients suing Canaccord over ABCP

09 July 2008

ABCP group expected to move quickly

03 July 2008

OSFI: 'Asleep at switch,' ABCP critics say

17 June 2008

Credit Ratings Storm

14 June 2008

The spaces in between

09 June 2008

Canadian Commercial Paper Noteholders to Appeal Plan Approval

06 June 2008

Judge approves ABCP deal

05 June 2008

ABCP plan expected to be approved

04 June 2008

Family of wealthy Montreal shoe merchant says it may be biggest victim of ABCP crisis

03 June 2008

ABCP backers propose tight limits

29 May 2008

Process for ABCP fraud claims unclear

21 May 2008

Fraud immunity threatens to derail deal

20 May 2008

ABCP judge stands firm

17 May 2008

IDA will lead investigation into ABCP

16 May 2008

An ABCP legal conundrum

16 May 2008

Change would let regulators take action

14 May 2008

Immunity at issue, ABCP judge warns

13 May 2008

IDA investigating members on ABCP

13 May 2008

Flaherty wades into Barrick's CIBC feud

06 May 2008

It's ABCP with an American accent

06 May 2008

ABCP judge to delay ruling

02 May 2008

ABCP mess highlights flaws

01 May 2008

ABCP restructuring: Razzle-dazzle

01 May 2008

Will Canaccord executives share the pain?

29 April 2008

Canada Commercial Paper Holders Face More Delays From Appeals

28 April 2008

Going for Broke

26 April 2008

Des investisseurs mécontents de l’entente

Le projet Crawford adopté

25 April 2008

Canadian Investors Approve C$32 Billion Debt Plan

25 April 2008

Canadian judge promises quick ruling on ABCP issues

24 April 2008

Judge gives go-ahead to ABCP vote

24 April 2008

Flaherty to Tighten Regulation of Canadian Banks After Losses

24 April 2008

Corporate investors urge judge to protect their right to sue

23 April 2008

Expert Panel on Securities Regulation in Canada Launches Public Consultations

23 April 2008

The judge in the ABCP hotseat

23 April 2008

Crawford optimistic ahead of ABCP noteholder meeting

22 April 2008

Legal wrangling intensifies over asset-backed commercial paper restructuring

22 April 2008

OSFI defends its role in frozen paper mess

22 April 2008

Small investors buy in as big companies balk

21 April 2008

ABCP rescue plan called 'unfair'

21 April 2008

Credential offers to buy ABCP from 335 clients

19 April 2008

Barrick intent on suing CIBC over ABCP

18 April 2008

In July, as concern grew in markets about subprime, Mr. Mavor said Barrick asked CIBC about exposure, and was told there was none. As a result, he said Barrick on July 26 bought $33-million more of paper.

Credential Securities finalizes solution to repurchase ABCP investments 

18 April 2008

OSFI tiptoes around elephant

18 April 2008

Small investors wary over Canaccord strategy

18 April 2008

Canadian banks: Beware grannies on Facebook

17 April 2008

Canaccord Capital Inc. Announces Final Details Of Canaccord Relief Program

17 April 2008

The ABCP crisis: Canadians want answers

17 April 2008

National Bank Refutes Allegations Made by a Group of Investors About ABCP

16 April 2008

 "...the Crawford Committee was created specifically to avoid the flood of actions that could result in long legal disputes and a disorderly liquidation of investments."

Judge extends protection for ABCP through May

15 April 2008

Frozen funds relief may be near

15 April 2008

Stephen Halperin, a securities lawyer at Goodmans LLP who is advising the committee, said the vote could technically be delayed for up to 30 days without court approval.

"And that is under consideration. No decisions have been made. As of now we're still planning to go forward with the April 25 date," he said.

Mr. Sternberg noted that if the restructuring plan for the ABCP sector passes, Mr. Bloom's lawsuit against National Bank would fall by the wayside because of blanket legal releases the plan grants to all of the major players who created or sold ABCP.


“We are rapidly running into a position where the relief that you are going to go past the vote time,” Justice Campbell said.

Mr. Sternberg's request to reclassify investors “would fundamentally change a plan that's been worked on for six months,” the judge said.

“I'm very reluctant to see the court have to get involved,” he added.

“Maybe you better go back and look at the consequences if this plan fails,” he told Mr. Sternberg.

“It is absolutely essential for thousands of Canadians that we get this plan done.”


“ The courtroom, sooner or later, becomes the image of the judge. It will rise
or fall to the level of the judge who presides over it…"

Simon Rifkind, retired American Federal Judge

(as reported in the New Yorker, May 23, 1983, at p. 63)

Lord, have mercy.

Firms balk at banks' immunity

15 April 2008

When a corporate holder challenged Mr. Crawford during an investor conference call yesterday he urged investors to seek redress from the banks that sold their paper, not from the committee seeking to fix the problem.


"...the Schedule I Canadian banks further a condition of the compromises and contributions they are making, assurance that no claims will remain following implementation of the Plan that could lead to claims against them for contribution and indemnity."

Go figure.

A broken system

14 April 2008

Legal action still possible if ABCP deal approved: Crawford

14 April 2008

Credential ABCP buyout likely this week

14 April 2008

Credential's ABCP relief plan expected this week

14 April 2008

Regulators share blame for ABCP collapse, Flaherty says

12 April 2008

Finanzkrise in Kanada: Schweinezüchter bezwingt Banken

11 April 2008

Flaherty points finger at provincial regulators

11 April 2008

Investors demand more from Canaccord

11 April 2008

"We will not be happy until all the other individual noteholders get paid too," said Wynn Miles

Canadian ABCP Investors Say Regulators, Financial Industry Failed Them

10 April 2008

Ottawa looks to boost securities regulation

10 April 2008

Canadian Investors Push to Delay C$32 Billion Vote

10 April 2008

‘Duped' retail investors want Ottawa to step in

10 April 2008

ABCP investors say they were duped, defrauded by financial community

10 April 2008

Canaccord Capital offers complete refund

10 April 2008

ABCP bailout angers larger investors

10 April 2008

Passionate responses from commercial paper investors

09 April 2008

Credential Considers 'Relief Plan' for Its Clients

08 April 2008

Small investors cast big vote in Canada

08 April 2008

Dealers work on ABCP relief as clock ticks on

08 April 2008

Canadian legislators to hear ABCP complaints

08 April 2008

OSFI on ABCP Hook?

08 April 2008

Advisors need more rigorous licensing

08 April 2008

Canadian watchdogs probe ABCP complaints

08 April 2008

Watchdogs flooded with ABCP woes

08 April 2008

What happened to the ABCP billions?

07 April 2008

Canadian brokerage watchdog probes ABCP complaints

07 April 2008

The ABCs of asset-backed commercial paper

07 April 2008

Little guy blameless in this mess

06 April 2008

What is needed is for those responsible, those who packaged the ABCP notes, those who rated the paper as AAA, and those who sold the paper to individual investors, all to take responsibility for their greed, their lack of transparency and their mistakes. And along with these one should also include the regulators who allowed these questionable securities to be sold to individual investors.

Who is to blame?

05 April 2008

Brokers backed ABCP

05 April 2008

Kept in the dark on crisis, union says

05 April 2008

The small guy cracks the ABCP whip

04 April 2008

Small ABCP investors aim to sell vote

04 April 2008

OBSI News: Advisory to ABCP Investors

04 April 2008

Caisse faces demands to lead bailout

04 April 2008

Investors get 'creative'

04 April 2008

ABCP: Top them up

03 April 2008

Investors seek U.S. bidders for their piece of "$30 billion carcass"

03 April 2008

Canadian Debt Holders May Sell Votes, Firm Says

03 April 2008

ABCP investors to sell votes to highest bidder

03 April 2008

ABCP holders told they're welcome to invite vultures

03 April 2008

ABCP holders threaten to call in vultures

03 April 2008

ABCP investors seek alternate bids

03 April 2008

Juroviesky and Ricci announces an initiative to enhance Retail ABCP Noteholder Value 

03 April 2008

Crawford faces fresh front in ABCP revolt

03 April 2008

Investors not impressed with ABCP proposal

03 April 2008

Crawford tries to reassure angry commercial paper investors

03 April 2008

Angry investors risk losing their savings

03 April 2008

ABCP road show hits brick wall

03 April 2008

Top-up plan seen for ABCP investors

02 April 2008

'Sunshine over the hill' for ABCP investors: Purdy

02 April 2008

ABCP committee faces most vocal crowd yet

02 April 2008

Main Street battles Bay Street in $32-billion securities battle

02 April 2008

Small investors have hammer in ABCP crisis

02 April 2008

Individuals hold $32-billion deal in their hands

02 April 2008

Investors deserve protection from subpar 'products'

02 April 2008

Disgruntled investors confront committee

02 April 2008

Canada's small asset-backed investors take on big banks

01 April 2008

ABCP investors didn’t see pain coming

01 April 2008

Investors caught in commercial-debt crisis

The bulky information tome alone is annoying, Crawford agreed in an interview. "If I'd been in their position and somebody gave it to me, I'd probably throw it across the room and say the hell with this."

01 April 2008

The bulky information tome alone is annoying, Crawford agreed in an interview. "If I'd been in their position and somebody gave it to me, I'd probably throw it across the room and say the hell with this."

Huh? ABCP a real head scratcher

01 April 2008

Canaccord can't afford to buy out ABCP clients

31 March 2008

How much will ABCP rescue cost Canaccord?

31 March 2008

Crawford feels investors' anger

31 March 2008

Investors angered by ABCP plan

31 March 2008

MP agrees to delay hearings into ABCP crisis

31 March 2008

Credit crunch spotlight turns to regulation

31 March 2008

Canada's ABCP group grilled over fix-it proposal

31 March 2008

Liberals to forgo seeking Finance hearings on ABCP

31 March 2008

Faces of the ABCP crisis

31 March 2008

Retail investors' day will come

31 March 2008

ABCP buyback too big for broker

31 March 2008

Financial advice not always the best asset

30 March 2008

Paper Tiger?

14 April 2008

ABCP investors get new lifeline

29 March 2008

Public firms struggle to estimate value of ABCP holdings


March 2008

It’s not known how many individual investors hold ABCP, but Ching estimates that there are hundreds. At least two dozen Canaccord Capital Inc. clients have complained about their ABCP holdings, and a lawsuit has been filed against the Vancouver-based brokerage firm. Canaccord, which has written down its own ABCP holdings by 20%, has said its clients hold about $269 million in third-party ABCP.

Dig in your heels

28 March 2008

Commons finance committee to vote on ABCP hearings

28 March 2008

Crawford warns of investor losses: Hints at Sweetener

28 March 2008

Canaccord Leads Talks to Create New Debt Market, Globe Says

28 March 2008

ABCP retail investors need rescue deal: Crawford

27 March 2008

Canadian ABCP investors bullied

27 March 2008

Some Canadian investors want ABCP money now

26 March 2008

Burned investors willing to work with committee

26 March 2008

ABCP team 'ready to make deal' with retail investors

26 March 2008

Head of Canada ABCP plan to woo retail investors

26 March 2008

Crawford Will 'Make a Deal' With Debt Holders

26 March 2008

ABCP panel focusing on retail investors: Crawford

26 March 2008

Small investors in ABCP retain legal advice from class action specialists

26 March 2008

Juroviesky and Ricci LLP is retained by retail ABCP purchasers

26 March 2008

The mother of all blanket immunity deals

25 March 2008

Small investors control fate of ABCP market

25 March 2008

Investors pin hopes on a vote

25 March 2008

"You don't rustle our cattle and think you can get away with it," he vows in a telephone interview. "They have just ignored us like an ant they want to squash. But it looks like (the voting process) gives us the power to stop (the deal) if they don't deal with us."

Frozen paper has lost 40% of its value: RBC

24 March 2008

Retail investors prove leery of Crawford's ABCP rescue plan

24 March 2008

Credit union's position worries investor

22 March 2008

Small noteholder stokes revolt against ABCP deal

20 March 2008

Investors face a Catch-22

20 March 2008

Canadian Hog Farmers, Pastors May Block C$32 Billion Debt Plan

20 March 2008

Options dwindle for burned investors

19 March 2008

Highs 'n' lows

19 March 2008

Retail investors' hold key

18 March 2008

ABCP deal cold comfort for retail investors

18 March 2008

Just as progress was being made on an agreement to restructure asset-backed commercial paper, there is a growing awareness of a number of individual retail investors — roughly 1,600 — who have been burned by the liquidity crisis.

These investors are faced with a stark choice: either take the deal and give up their right to sue for full restitution or go after those they feel have wronged them, risking a total loss.

"I went ballistic when I saw the part about the legal release," said a small investor based in Toronto. "I couldn't believe they would let these guys off the hook."

Small investors get equal voting rights in ABCP restructuring, committee says

17 March 2008

ABCP committee files for protection under CCAA

17 March 2008

Small investors get equal voting rights in ABCP restructuring, committee says

17 March 2008

Court protection sets stage for new debt fight

17 March 2008

ABCP investors face new hurdle

17 March 2008

“Some investors believe they have rights to sue parties on account of their losses,” and that the releases would take those rights away, Mr. Crawford said in an affidavit filed in court yesterday. “Some have told me they support the financial aspects of the plan, but do not wish to release the parties they believe should be held responsible to them for their losses."

“I understand these views. However, negotiation of the plan has been the art of the possible,” he said, explaining that some key players in the restructuring said they wouldn't participate without the releases.

MP rallying support for asset-backed loans probe

15 March 2008

Liberals demand review of ABCP crisis

14 March 2008

Monetary buck-passing

14 March 2008

Little hope seen for deal on ABCP by deadline

14 March 2008

Holders will get to vote on plan, BoC chief says

14 March 2008

Couple calls for action over ABCP trading freeze

14 March 2008

Carney backs ABCP rescue effort

13 March 2008

Should we pay for bankers' folly?

13 March 2008

Players in ABCP drama agree on terms

13 March 2008

Scotiabank Q1 'weaker than expected,' profit down 18 per cent to $835M

05 March 2008

Scotiabank Grilled Over ABCP

05 March 2008

Not really prime time

05 March 2008

Burned investor confronts CEO

05 March 2008

Facebook helps rally dissent over ABCP losses

04 March 2008

Uncertainty gathers over ABCP fix

03 March 2008

Curious optics: Purdy Crawford

21 February 2008

Engineer rallies ABCP investors on Facebook

20 February 2008

ABCP restructuring will happen 'one way or another': Purdy Crawford

17 December 2007

The proposal, which has yet to be fully mapped out, must be approved by at least 66% of noteholders in each of 21 frozen trusts for the restructuring to go ahead. But if some trusts fail to win the required support, those investors "would be on their own," Purdy Crawford said in an interview.

Another Made-in-Canada Defective Investment Product

17 December 2007

Here's hoping report clears up financial quagmire

09 December 2007

The ABCP black box explodes

16 November 2007