Who appointed the Receiver and Manager?
The Receiver and Manager was appointed by the Manitoba Court of Queen's Bench ("the Court") on June 28, 2005 pursuant to an application made by the Manitoba Securities Commission.
What is the function of the Receiver?
The Receiver's primary responsibility is to realize on the assets of Crocus for the benefit of the various stakeholders including the Class A shareholders.
Who does the Receiver report to?
The Receiver reports to the Court and will file periodic reports with the Manitoba Court of Queen's Bench. The Receiver may also apply to the Court for advice and direction with respect to specific matters.
What is the status of the Crocus Board and staff?
The Crocus Board and staff have all resigned and/or been terminated.
What is the plan for realizing on the Crocus assets?
The Receiver's plan is to liquidate the assets of the fund in an orderly manner. This plan has been approved by the Court. Please refer to the Receiver's 5th Report for the details of our plan and the Court Order dated October 27th, 2005 for details of the Court's decision.
If I am a creditor of Crocus do I have to file a proof of claim?
No, your outstanding account will be dealt with in the ordinary course; you will be contacted directly should the Receiver require further information respecting your account.
As a shareholder of Crocus do I have to file a claim with the Receiver?
No, at present there is no need to file a claim with the Receiver. You will be advised should it become necessary for a claim to be filed.
What may I expect to realize from my Crocus investment and will the Receiver be distributing any monies to shareholders in the near future?
Currently, we are unable to project what shareholders may ultimately realize on their shares or when distributions will be made. The Receiver had requested the approval of the Court for an initial payment to shareholders of $1.00/share, however in April 2006 the Court ruled that it was premature for the Receiver to consider any interim distribution of funds in the face of the current Class Action lawsuit.
Is my investment in Crocus protected by any regulatory authorities?
At this time we are not aware of any regulatory protection for the investors in Crocus; the shareholders will be advised should this not be the case.
I received a tax credit when I invested with Crocus, is there any chance that this credit may be clawed back at sometime in the future?
The Receiver will be discussing this matter with the appropriate authorities and will advise of the outcome in due course.
Is the Receiver represented by Counsel?
The Receiver is represented by the law firm Hill Dewar Vincent.
How do I register for the class action lawsuit?
Deloitte is not involved in this lawsuit. For more information on this subject please refer to the website www.crocuscanadianclassaction.ca
When can I cash in my shares and what are they worth?
The Fund continues to be under a cease trading order; therefore, at this time shares are not being sold or redeemed. The unit value of the shares has not been formally adjusted since the halt of trading on December 10, 2004.
As a shareholder is there anything that I need to do at this time?
If you received a notice of our appointment as Receiver, then Deloitte has you on record as a shareholder. No further action is required by you other than notifying us of any changes to your name and address which can be made by contacting shareholder services at (204) 925-7788 or 1-866-893-8710. You can stay informed by checking this website periodically, as we will post our reports to the Court here.
How do I stay informed?
Deloitte will file quarterly reports which will be posted on this website. Please review the quarterly reports for a more detailed discussion of Deloitte's activities. In addition, Deloitte will periodically mail updates to shareholders. The last mailing was December 15, 2007 and is posted on this website.
