Legumex Walker Inc. (“Legumex”) was comprised of two operating segments, being the “Special Crops” segment, which provided primary processing for special crops received from growers and some secondary processing, and the “Oilseed Processing” segment, which was involved in the processing of Canola oilseed. Legumex had operations in Canada, the US and China. Its consolidated annual revenue totalled approximately $500 million. Legumex’s common shares were publicly traded under the symbol “LWP” on the Toronto Stock Exchange.
Legumex sold its business and assets to The Scoular Company in November, 2015 and shortly thereafter commenced winding-up proceedings pursuant to the Canada Business Corporations Act. As Liquidator appointed pursuant to Legumex’s plan of liquidation and distribution, we administered a Court-approved claims process and were involved in post-closing transaction matters, including a dispute with the purchaser which was successfully settled pursuant to the dispute resolution mechanisms under the Asset Purchase Agreement. This dispute involved our preparation of various inventory and other working capital analyses and written submissions for an independent valuator, who ultimately ruled in Legumex’s favour. The successful resolution of this working capital dispute preserved nearly $20 million of value for Legumex’s shareholders.