- June 8, 2021
- Posted by: Stratford Team
- Category: Markets
TORONTO, June 7, 2021 /CNW/ – (“Bridging”) A group of Unitholders in the Bridging Funds today issued the following statement in connection with the receivership process currently in place at Bridging: “We call on the Ontario Securities Commission and PricewaterhouseCoopers Inc., the receiver currently administering the affairs of Bridging, to establish an orderly and transparent sale of Bridging and/or its Funds, given the multiple credible expressions of interest received to date and the need to protect the interests of Bridging’s Unitholders. The immediate sale of Bridging and/or its Funds to a qualified fund manager is critically important to ensure that Unitholder value is not eroded. However, despite multiple third parties coming forward with credible expressions of interest with respect to purchasing Bridging’s Funds, no formal sale process has been put in place. Instead, the receivership continues to negatively impact Bridging’s business and Unitholders remain completely unprotected by the receivership process. The receivership is an inherent conflict as PWC has every interest in continuing the receivership to collect fees. The Funds were audited by KPMG for the period ended December 31, 2020 and the portfolio was found to be performing well. The Funds have assets under management of approximately $2 Billion and hold an estimated $300 Million cash position. Given the OSC’s mandate of investor protection, we urge the OSC to mandate an orderly Bridging sales process to protect investors.
SOURCE Concerned Unitholders of Bridging Finance Inc.