Reids and BDO
You gotta wonder about the legitimacy of the process when emails like this are flying around between lawyers for Scott Reid and lawyers for one of the investors trying to get themselves a "seat at the table:
___________________________________________
Sender : Graham Phoenix (lawyer for Kassab, receiver applicants who filed receivership application with BDO). Kassab represents Sarmazian
Receiving email : Craig Mills (lawyer for Sherwood Forest Ltd and Scott Reid)
Here are my thoughts:
◦ We can give you the letters you want.
◦ We can forego addressing Kingsett or CIBC discharges.
◦ All equity proceeds to be held in trust or paid into court - in each case pending court order OR agreement by my clients.
◦ BDO will be private receiver of Sherwood's LP Units with a signed acknowledgement from Sherwood acknowledging the appointment and the receiver's full entitlements to all rights and interests under the LP Units and an undertaking to provide such further assistance/documents as the receiver may require.
◦ Sherwood will sign a release, releasing BDO from everything other than wilful misconduct and gross negligence.
This way:
. You can close
◦ Funds are paid into court to protect the other law firm (Robson Carpenter LLP- Reid Family Lawyer)
◦ My receiver has a "seat at the table"
◦ We can collaborate on a distribution agreement
◦ We can most likely forego the court receivership
Graham