Alex Moser

In Companies’ Creditors Arrangement Act (CCAA) proceedings, LoyaltyOne, Co. and its Monitor sought a declaration that a Tax Matters Agreement (TMA) was not binding or was void as a transfer at undervalue (TUV), and sought to disclaim the TMA to secure a $96 million tax refund.

Bread Financial Holdings, Inc. (formerly ADS) cross-moved to set aside the disclaimer, asserting its entitlement to the refund under the TMA.

The court ruled that LoyaltyOne was bound by the TMA, the TMA was not void as a TUV, and the disclaimer was not approved.

The court found it premature to determine the specific nature of Bread's rights to the refund.

The defendant, Andrew Morris, pleaded not guilty to assault, specifically spitting on and hitting the complainant.

The defence disputed identity, while the Crown relied on the complainant's in-dock identification, TTC video surveillance, and recognition evidence from a Special Constable who had prior interactions with the defendant.

Despite a height discrepancy in the complainant's identification, the court found the Special Constable's recognition evidence, based on substantial prior contact and good quality video, to be sufficiently strong and reliable to establish identity beyond a reasonable doubt.

The court distinguished Chartier by noting the presence of buttressing circumstantial evidence.

Andrew Morris was found guilty.