Retrocom Growth Fund Inc. (“Retrocom”) was a publicly listed labour-sponsored investment fund corporation and a labour-sponsored venture capital corporation. Retrocom raised in excess of $700 million from investors, who received benefits under the Income Tax Act. Retrocom was established to invest in small and medium-size building technologies companies and construction and real estate development companies.
As a result of losses stemming from its high-risk investments and loans, Retrocom became insolvent. We acted as Proposal Trustee and Interim Receiver. In those roles, we managed the operations of Retrocom, conducted a complete review of Retrocom’s investment and loan portfolio, developed and implemented a realization strategy on its assets. In addition, we arranged for a corporate reorganization of Retrocom under the Business Corporations Act that effected a realization of Retrocom’s tax losses for the benefit of its creditors.