No Dispersal of Crocus Funds for Now

Justice McCawley has ruled against a motion made by Crocus Fund receiver Deloitte and Touche to disperse $14.2 million to shareholders because total liabilities that the Fund may be responsible for are not yet fully apparent. The MFL was one of the parties opposed to the payout because we maintain that the Fund should be kept as intact as possible until Crocus shareholders are given the opportunity to meet and decide on the Fund’s future. The MFL has collected 2,300 shareholder 'request for meeting' forms, bringing the total form count to 3,700, more than double the number needed to make the case to call a meeting.

Justice McCawley did not rule out approving the Receiver's request at some time in the future.

In the meantime, the MFL will continue to press for a shareholder's meeting so they can review an offer to purchase the Fund made by Vancouver-based investment fund manager GrowthWorks.

"It should be up to the shareholders to chart the future course for fund, whether it is voting to accept the GrowthWorks offer or not," MFL President Darlene Dziewit said. "The important thing is that Shareholders' right to make the decision themselves must be recognized. It is their money and their future."

The MFL is still accepting Requisition for Meeting forms from Crocus shareholders. You can download the form in PDF format from this web site.