Hollinger: Hotly contested CCAA application resulting in a global settlement
The file involved a hotly contested CCAA application resulting in a global settlement amongst stakeholders followed by a creative harvesting of litigation assets by a litigation trustee all under and as part of a CCAA filing. The litigation assets included claims by Hollinger against its former directors and officers, its former counsel, its former auditors and banking syndicate.
Each claim was rigorously defended. The litigation assets were realized by way of settlements that included third party releases, ultimately garnering over $40 million for the estate and its creditors.