Coventree Inc. (“Coventree”), a publicly listed company, was a financial intermediary specializing in structuring and funding solutions for its clients using special purpose trusts it established and funded by asset-backed commercial paper. Coventree also provided financial and administrative services to conduits sponsored by third parties. With the collapse of the asset-backed commercial paper market in Canada in 2007, Coventree discontinued its operations and commenced winding-up proceedings under the Ontario Business Corporations Act.
We were appointed as Liquidator pursuant to Coventree’s plan of liquidation and distribution. In that role, we assisted Coventree to resolve litigation and regulatory claims with the Ontario Securities Commission and identified tax-related issues with respect to its subsidiaries. We also completed a Court-approved claims process, reported to Coventree’s shareholders and distributed to them in excess of $55 million.