Portus hearing next week...OSC delays Norshield hearing to October

Date: Friday, June 9, 2006
Author: Advisor.ca

Portus hearing scheduled for next week

(June 9, 2006) An Ontario court will hear details of how receiver KPMG plans to deal with the proceeds from Portus' Market Neutral Preservation Fund on Monday, June 12.

The fund, Portus' first product, raised approximately $19.2 million from "accredited investors."

KPMG is recommending that a claims process be set up, similar to the one already in place for those who invested in the domestic and offshore structures offered by Portus Alternative Asset Management.

A meeting for PAAM investors is scheduled for June 21 in Toronto.

OSC delays Norshield hearing until October

(June 9, 2006) The Ontario Securities Commission has extended a temporary order suspending the registration of Norshield Asset Management and Olympus United Funds until October 20, 2006.

RSM Richter will continue to monitor Norshield's financial affairs until the fall hearing.

Norshield retail creditors could be looking at recoveries of as low as three cents on the dollar from their $132 million investment in the failed Montreal hedge fund complex that sponsored the Olympus funds.