Christopher Keliher

This decision addresses three motions in the receivership of the Bridging Funds: (1) the Receiver’s motion for an interim distribution to unitholders, (2) approval of a settlement with the BlackRock Parties, and (3) the unitholders’ motion for a constructive trust.

The court approved the interim distribution but required a sufficient reserve for the disputed Cerieco claim until its final determination.

The BlackRock settlement was approved.

The constructive trust motion was deferred pending resolution of the Cerieco claim.

The decision provides detailed guidance on the treatment of creditor and unitholder claims in a complex receivership under the Securities Act.

The decision grants an initial order under the Companies’ Creditors Arrangement Act (CCAA) to Joriki Topco Inc. and Joriki Inc., converting their ongoing NOI proceeding under the Bankruptcy and Insolvency Act to a CCAA proceeding.

The court approves the appointment of Alvarez & Marsal as Monitor, a stay of proceedings, a key employee retention plan, DIP financing, and various charges over the applicants’ assets.

The order is supported by the secured lenders and the proposed monitor, and is unopposed.

The court finds the statutory and case law requirements for CCAA relief are met, including the need for continued restructuring efforts and the appropriateness of the proposed charges and stay extension.