If signed a day later, makes a big different in how accounted for in the Canwest 2009 Annual Report
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It is a concern that Justice Pepall decision entered false information to the Court Decision document 2010-01-18, paragraph 10 that Canwesst forbearance agreement passed in time to be included in Canwest year end Aug09, or there abouts. GAAP reporting irregularity here, very likely that the necessary signatures and permission of shareholders was not obtained, therefore the agreement was not in effect in the Canwest 09 filing year. [Ten sale and funds requred falsification of dates to take out funds and match up times.]
2010-01-18
[10] On or around August 31, 2009, the Limited Partnership and certain of the LP Secured Lenders entered into a forbearance agreement in order to allow the LP Entities and the LP Secured Lenders the opportunity to negotiate a pre-packaged restructuring or reorganization of the affairs of the LP Entities.
http://www.ibtimes.com/articles/20090911/canwest-unit-reaches-deal-with-lenders.htm
11 September 2009 @ 12:52 am ET
Qutoe," NEW YORK - Canadian media company Canwest Global Communications said on Thursday that its Canwest Limited Partnership unit has reached an agreement with senior secured lenders while discussions about a potential recapitalization deal continue.
Senior lenders agreed not to take action against the Canwest unit for previously announced payment defaults until Oct. 31, in exchange for which it will pay all outstanding interest and fees due, and resume making payments as they come due."
2010-01-18
[20] Since August 31, 2009, the LP Entities and the LP administrative agent for the LP Secured Lenders have worked together to negotiate terms for a consensual, prearranged restructuring, recapitalization or reorganization of the business and affairs of the LP Entities as a going concern. This is referred to by the parties as the Support Transaction.
[17] Given their problems, throughout the summer and fall of 2009, the LP Entities have participated in difficult and complex negotiations with their lenders and other stakeholders to obtain forbearance and to work towards a consensual restructuring or recapitalization.
[For 2.3% of the new company, shareholders covering the expropriators legal fees, and providing information to them.]
[18] An ad hoc committee of the holders of the senior subordinated unsecured notes (the “Ad Hoc Committee”) was formed in July, 2009 and retained Davies Ward Phillips & Vineberg as counsel. Among other things, the Limited Partnership agreed to pay the Committee’s legal fees up to a maximum of $250,000.
Representatives of the Limited Partnership and their advisors have had ongoing discussions with representatives of the Ad Hoc Committee and their counsel was granted access to certain confidential information following execution of a confidentiality agreement.
The Ad Hoc Committee has also engaged a financial advisor who has been granted access to the LP Entities’ virtual data room which contains confidential information regarding the business and affairs of the LP Entities. There is no evidence of any satisfactory proposal having been made by the noteholders. They have been in a position to demand payment since August, 2009, but they have not done so.
