The restructuring of the Canadian Third Party ABCP Market, from August 2007 through January 2009, was the largest bankruptcy in Canadian history. Throughout this period, Colin Kilgour advised many retail, institutional, and corporate holders of the distressed paper. As one of the few independent experts on the subject, he was frequently sought out by print and broadcast media to provide explanation and analysis of developments.
Below are a few of the more than 20 interviews Colin did on Canada’s Business News Network (BNN) during this time period. His candour, clarity of thought, and ability to distil highly complex structures into understandable concepts resonated well with both clients and the public.
Dec 20 2007 – Colin comments on ABCP restructuring developments
Four months after the ABCP meltdown, it was clear that negotiations to restructure the $34 billion of illiquid paper were much more protracted than originally contemplated. In this video, Colin explains some of the major issues, potential solutions, and challenges facing the overall restructuring.
March 28, 2008 – Colin comments on the ABCP Restructuring Plan, including the releases and the prospect for a retail investor plan
Seven months after the ABCP meltdown, there is a plan in place which involves a bankruptcy filing. In this video, Colin evaluates the strengths and weakness of the restructuring plan and how it will impact the various types of investors. He also explains the need for a plan to compensate retail investors.
April 25, 2008 – Colin comments on the results of the investor vote to approve the ABCP restructuring
On April 25, investors voted to approve the restructuring plan. Colin explains how the vote came to be approved and the likely next steps for those investors who are opposed to the plan. He also explains the next steps in trying to bring the restructuring to a close.
May 9, 2008 – Colin comments on settlement between Barrick Gold and CIBC concerning Ironstone Trust
Ironstone Trust was a particularly toxic ABCP conduit loaded with US subprime mortgages. Barrick, a large investor in the conduit, was able to negotiate a resolution with CIBC, the dealer that sold it to them. Colin comments on the background to this resolution as well as dynamics surrounding it.
May 26, 2008 – Colin comments on developments in the ABCP restructuring, focusing on releases
In this video, Colin explains the developments in the restructuring concerning the far-reaching legal releases. Particularly, the releases were being amended to allow potential fraud claims and Colin explains the implications of that.