Portus: Counsel for the Court-appointed Receiver of the Portus Group
TGF represented the Court-Appointed Receiver of the Portus Group of Companies appointed upon the application of the Ontario Securities Commission pursuant to the Securities Act (Ontario).
Investors were owed approximately $790,000,000. They recovered 93.13 cents on the dollar of their claims. The largest asset of the Estate were principal protected notes issued by a Canadian Bank which, after extensive negotiations, agreed to prepay the notes on a commercially reasonable basis.
The case also involved pursuing monies misappropriated from the Portus Group by one of its principals through various jurisdictions in the Caribbean, Europe, Hong Kong and Israel, arising out of the Portus insolvency.