The Court approved the plan of arrangement at the behest of numerous stakeholders. A group of institutional and individual Sino-Forest shareholders who are represented by the law firms of Koskie Minsky LLP and Siskinds LLP, and who collectively held in excess of 10% of Sino-Forest’s outstanding shares (the “Koskie-Siskinds Group”), did not oppose approval of the plan.
At the same time as it approved the plan of arrangement, the Court denied an adjournment request of three institutional shareholders of Sino-Forest who collectively held less than one-tenth of the shares held by the Koskie-Siskinds Group. These institutional investors are Comit Syndical National de Retraite Btirente Inc., Northwest & Ethical Investments L.P. and Trimark Investments, and they are represented by the law firm of Kim Orr LLP (the “Kim Orr Group”).
The Koskie-Siskinds Group is assisted by Siskinds, Desmeules, Siskinds’s Qubec-based affiliate.
Promptly following the commencement of the Insolvency Proceeding, the Koskie-Siskinds Group retained leading insolvency counsel from the law firm of Paliare Roland Rosenberg Rothstein LLP (“PRRR”) to assist in the protection of the class members’ interests in that proceeding.
Over the next eight months, the Koskie-Siskinds Group, aided by PRRR, took numerous steps to protect the interests of all class members, including the Kim Orr Group, in the Insolvency Proceeding.
Among other things, the Koskie-Siskinds Group:
Although the Kim Orr Group has acknowledged that it monitored the Insolvency Proceeding closely, the Kim Orr Group took no steps within the Insolvency Proceeding to protect the interests of the class members.
The plan of arrangement approved today creates a framework for the implementation of the Ernst & Young settlement and possible future settlements with other defendants in the class action. No party has yet moved for approval of the Ernst & Young settlement and, prior to any motion for its approval being heard, notice will be issued to members of the putative class as to the terms of the settlement and the means whereby class members may oppose approval of the settlement, should they be inclined to do so. When the agreement is presented for approval, all parties, including the Kim Orr Group, will be able to present their views.
The proposed settlement is not only supported by the members of the Koskie-Siskinds Group, but also by Paulson & Co., which was the largest shareholder of Sino-Forest at the time that the Muddy Waters report was issued.
SOURCE Koskie Minsky LLP and Siskinds LLP