Crocus Investment Fund: Frequently Asked Questions
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?
On September 4, 2009 the Court approved an interim distribution to Class A shareholders in the amount of $3.83 per share. Concurrent with the initial distribution, the Receiver was authorized to distribute the net proceeds of the Class Action settlements. The initial distribution process began on October 9th, 2009. Depending on the type of account held, shareholders received different correspondence relating to the distribution via ordinary mail.
When will any additional distributions take place?
The Receiver is unable to determine when any future distributions may take place. The Receiver will continue to realize on the balance of the Crocus portfolio as previously described.
Is my investment in Crocus protected by any regulatory authorities?
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 has corresponded with the Province of Manitoba which has indicated that it will not claw back any of the tax credit.
Is the Receiver represented by Counsel?
The Receiver is represented by the law firm Hill Sokalski, Vincent, Walsh Trippier
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 is discussed above, the Court authorized a distribution to Class A shareholders on September 4, 2009.
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.