DATE: 20040405
DOCKET: C40226

COURT OF APPEAL FOR ONTARIO

RE:

C.I. COVINGTON FUND I INC. (Applicant/Respondent) v. JEFFREY A. WHITE (Respondent/Appellant)

BEFORE:

DOHERTY, MOLDAVER and FELDMAN JJ.A.

COUNSEL:

Kenneth G.G. Jones for the appellant

David Chernos for the respondent

HEARD & ENDORSED:

April 2, 2004

On appeal from the judgment of Justice Pitt of the Superior Court of Justice dated May 23, 2003.

APPEAL BOOK ENDORSEMENT

[1] We see no basis upon which to interfere with the finding that the fair market value of the collateral was less than the debt owed to Covington. The evidence of the Receiver's efforts to sell the asset supported the respondent's position. The appellant offered no evidence to the contrary.

[2] Counsel for the appellant acknowledges that we need not address the "improper motive" ground of appeal having rejected his first argument.

[3] We would not interfere with the wording of paragraphs 2 of the order.

[4] The appellant's submissions address the propriety of the order as it relates to the Bank of Montreal. The Bank is not a party to this appeal. Any complaint the appellant might have with the Bank (and we do not intend any comments on the merits of any such complaint) is not part of this litigation.

[5] Appeal dismissed.

[6] Costs to the respondent on a partial indemnity basis fixed at $10,000, all inclusive.