Monday, July 27, 2009

A Message from the FIA Committee re: BDO Release Creditors Meeting July 30


Over the past many days, the FIA has noticed postings in regards to the Format and Agenda for upcoming Creditor Meeting on Thursday, July 30.

Please find below, a copy of the BDO Release that clearly indicates the purpose for the meeting as well as some information that we feel is important for each and every one of you during this process.

Creditor Meeting
July 21, 2009

The purpose of this meeting is detailed in the Bankruptcy and Insolvency Act to:

• review the affairs of the bankrupt (the Trustee prepares and issues a written report),
• confirm the appointment of the Trustee; and,
• appoint up to 5 Inspectors who will represent all creditors after this first meeting in providing input and direction to the Trustee as required.

It is not required that Creditors attend this meeting. Many creditor meetings have only a minority of the creditors attending. There will not be any significant comment on July 30 regarding repayment to creditors as ongoing accounting review is expected to occur.

A creditor must file their proof of claim prior to the meeting if they plan to attend and vote at the meeting. If a proof of claim is filed after the creditor meeting but prior to the time of any payment of funds to creditors, the creditor will receive their appropriate payment even if they did not attend the creditor meeting.

A creditor may appoint another party to hold their proxy and attend the meeting in their place. The proxy must be completed and filed with the Trustee prior to the creditor meeting. One voting card will be provided to each creditor or person holding a proxy. A couple will be considered one creditor.

Media are allowed to attend the July 30, 2009 creditor meeting only if agreed to by the creditors. The first order of business on July 30 will be a vote to decide if Media can enter the room.

The Trustee’s written report will be posted on the website for creditor review.


FIA Trustee Liaison Committee

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