Mid-Bowline Group Corp. applied under s. 182 of the OBCA for approval of a plan of arrangement to sell WIND Mobile to Shaw Communications for $1.6 billion.
The Catalyst Capital Group Inc. opposed the plan, asserting a constructive trust claim over shares held by West Face Capital Inc., alleging misuse of confidential information.
The court found the plan of arrangement fair and reasonable, as it allowed the sale to proceed while preserving Catalyst's right to pursue its claims against West Face for profits and tracing.
The court rejected Catalyst's demand for a full trial, citing the need for a timely resolution, and ordered an expedited four-day hearing for the constructive trust issue.