Bridging Update
In case you’re wondering what’s happening with Bridging Finance Inc (BFI), the private debt firm that lent Membertou First Nation $6.8 million to buy a stake in Albert Barbusci’s Novaporte container terminal project, here’s the latest:
David Sharpe, the founder and former CEO of BFI, who was fired by BFI’s court-appointed receiver, PricewaterhouseCoopers, went before an Ontario Securities Commission (OSC) panel on July 22 to try to get the investigation into the company quashed on the grounds the OSC had violated securities law by making some of his compelled testimony public in its court filings.
Investment Executive reports that the lawyer for the OSC:
…maintained the securities commission is empowered to compel evidence, to use that evidence and to seek the appointment of a receiver for BFI. He also noted it’s not unusual for the OSC to file compelled material in court applications.
According to IE, OSC staff:
…may bring motions to have some or all of the arguments from Sharpe’s forthcoming filings struck, depending on the contents of those filings. The OSC may also raise jurisdictional issues, such as whether the application should be heard in court, rather than by an OSC tribunal.
The hearing also revealed that Chubb Insurance will seek intervener status in the case. Whether that move will be opposed by Sharpe or the OSC is not year clear.
No decision was handed down during the July 22 session, instead, both sides agreed to discuss scheduling before setting a date for the next proceeding.
Meanwhile, PwC did some quashing of its own — issuing a press release denying it was, as reported in on July 22 by Bloomberg, in “advanced” talks with BlackRock Inc. and Canaccord Genuity Group Inc over the sale of BFI. Bloomberg said Bridging would continue as a “going concern” with the buyers managing the funds.
But PwC said that “contrary to any media reports,” it was not in advanced talks with any potential buyer but expects to file materials this week seeking Court approval for:
…a rigorous sales and investor solicitation process (the “SISP“) to market some or all of the assets of the Bridging Funds and BFI. The Receiver is pleased to have received preliminary indications of interest from a broad range of potentially interested parties…
IE says the SISP is expected to last about three months.
Housing Project
Suzanne Rent
Suzanne Rent of the Halifax Examiner has launched what looks like a great project and asked me to give it a plug so here’s me, plugging.
The aptly named Rent wants to hear your housing stories. She writes:
This fall, the Halifax Examiner will be reporting on the housing crisis in Nova Scotia. We’re now spending a few weeks gathering stories and ideas from our readers. How has the housing crisis affected you? Did you have to move further away from your work because you couldn’t afford a home in your community? Are you now paying more for rent?
We’re looking to hear from everyone on this issue: students, families, young professionals, seniors, anyone. Your stories, ideas, and angles will help inform our reporting on this issue.
You can call or text our message line at 1-819-803-6215 or email us at housing@halifaxexaminer.ca.
We look forward to hearing from you.
RIP Kenzie MacNeil
Very soon after I launched this publication, I got a call from Kenzie MacNeil. He asked me to meet him for coffee to discuss some of the local issues I was writing about.
I knew him, of course, by reputation (and I discovered, in classic Cape Breton style, that we were related — my paternal grandmother was a MacNeil from Gillis Point) but I had never spoken to him before I accepted his invitation to coffee. Boy, I’m glad I accepted that invitation to coffee.
We met at Dr. Luke’s and talked about all the latest developments on the local scene. It went so well, it became a semi-regular tradition. He had more faith in Sydney’s future as a container port than I did, but our discussions tended more toward rousing agreements than arguments. They were fun. He made me laugh and I have always reserved my highest regard for people who make me laugh.
He allowed me to republish a series of articles he’d written on the subject of the annexation of Cape Breton, which I was happy to do. He connected political dots for me and filled me in on things I’d missed, during my time away from our “rock in a stream.”
So it was with true sadness I read this morning of his passing. I will miss him and his always interesting takes. My sincere condolences to his family and friends.
