ABC District’s CCAA (bankruptcy protection) is nearing its end. On January 5, 2015 ABC District declare itself in a “sufficient cash flow shortage.” That particular baffle-gab (re: bullshit) was the first volley in a series of misses and misdirections from Distrct and Synod leadership when the insolvency was announced. Of course it only took a couple of weeks for District and Synod to put a clamp on communications and rig for silent running.
There are no casual observers in the ABC District’s ongoing CEF/DIL debacle. In spite of what’s obviously been a rough three years for depositors, last year there was some hope when the value of the money ABC District lost was transferred into ownership of Prince of Peace Village near Calgary. Depositors became shareholders. I worked for SAGE for just a month or so, and during that time the most-often asked question was “how do I sell my shares?”
Had shares gone on sale at that point, it’s very likely shareholders would have taken a bath. The whole ABC District mayhem was complicated and messy enough without adding a wild west stampede of sellers – share values would have tanked and the only winners would be the buyers.
A year later, and SAGE Properties – the holding company owned by former depositors – has a new website which it says is cost-effective and user-friendly (in my books cost-effective IS user friendly, but I get what they’re saying).
The website is www.sagedatabase.ca
The official email from SAGE Board Chair Sandra Jory says the site will, “…provide a listing of shareholders who are interested in selling their shares. It will also provide a listing of those individuals who are interested in purchasing shares.”
If you want to use the service, you’ll have to set up an account.
SAGE seems to understand its shareholders: there’s a downloadable guide which takes you step-by-step through the process (which is brilliant). The guide is available at the SAGE Properties website.
Finally, they also know that a lot of depositors don’t have meaningful Internet access. Anyone who is offline for whatever reason can call SAGE Properties at 403-478-9661 and ask for Laura.
You’re in bed in that dreamy space between wakefulness and sleep. And then you hear something. You start…but stay motionless. Then, after not hearing the sound again, you drift off to sleep. Waiting for the other shoe to drop is uncomfortable when it doesn’t happen.
The first shoe: it’s been nearly three years since the collapse of ABC District and its Church Extension Fund and its DIL investment fund – January 5, 2015. Thousands of people lost millions of dollars to a debacle of mismanagement and misinformation. No one, not even the people who were in charge say they know what happened. If they do know, they’re heeding legal advice and staying mum. And the church really is all about staying silent isn’t it?
Oh hello again. I’m not really sure how to start this other than with, “Restructuring is dead. Long live restructuring.” To put it another way, LCC is in a kind of constitutional crisis. Fun!
The Reader’s Digest version: Synod has effectively abandoned its restructuring plan. That’s the super short version.
The Long Version
LCC began its restructuring efforts in the summer of 2015. All three Districts passed motions that synod needs to be restructured to avoid another bankruptcy and debacle like the Alberta BC Church extension fund. It’s clear to everyone, except apparently Synod itself, that the restructuring was a response to the collapse of ABC District’s Church Extension Fund. Of course, we’ve read articles in the Canadian Lutheran about how the restructuring effort doesn’t have anything to do with the failure of ABC’s CEF. Mind you, this article flipped back to the original position that yes, the restructuring was to address governance issues because of CEF. If you’re going to make critical flip flops like that while making a steak, only do it once to preserve the juices (it’s BBQ season after all).