Northstar (TCE) - Cambridge
Update – August 28, 2012
On June 14, 2012, Northstar and certain of its Canadian subsidiaries filed for protection from their creditors under the Companies’ Creditors Arrangement Act in Canada and certain of Northstar’s U.S. subsidiaries filed for bankruptcy protection in the United States. On July 25, 2012, Northstar announced Court approval of the sale of substantially all of its operating assets for $70 million, with expected net proceeds of less than $65 million. The aggregate amount it is estimated Northstar owes to secured lenders is approximately $75 million.
Unfortunately, Northstar’s remaining settlement payment of $3 million due October 22, 2012 is considered an unsecured debt pursuant to bankruptcy law. At this point in time, it seems extremely unlikely that any further payment will be received.
In March 2006, Siskinds filed a class proceeding against Northstar Aerospace (Canada) Inc. and Northstar Aerospace Inc. (“Northstar”) with respect to contamination of real property in Cambridge, Ontario. Testing has revealed that chemicals, including trichloroethylene (TCE) and chromium, were present at levels which exceeded environmental guidelines and that vapours were infiltrating peoples homes. The plaintiffs allege that the contamination caused by Northstar has resulted in a decrease in property values. A copy of the Fresh As Amended Statement of Claim is below:
Siskinds is working with a team of counsel to ensure the most effective representation for the Northstar class action. The action is being managed by The Honourable Justice Perell of the Ontario Superior Court of Justice.
We are pleased to announce that a Settlement was reached in this matter on May 22, 2009. For more information, please see Settlement and Plan of Distribution:
The Settlement applies to persons owning real property in the Class Area as of August 23, 2005. For more information on the Class Area, please see the map:
A Town Hall meeting took place on Wednesday, June 3, 2009 at 7:00 p.m. to explain the settlement to class members and answer any questions class members had such as who is eligible, how to make a claim, how claims are processed and when payments are expected. For more information on what was discussed at the Town Hall meeting, please see the Frequently Asked Questions:
The settlement was approved by The Honourable Justice Perell on June 18, 2009. For more information please see the Reasons, Notice and Answers to Frequently Asked Questions below:
In order to receive compensation pursuant to the Settlement, you must complete the Claim Form and send it to the Claims Administrator before the claim deadline. The deadline for submitting a claim to the Property Damage Fund is September 23, 2009. All Class Members should make a claim under the Property Damage Fund. The deadline for submitting a claim to the Extraordinary Damage Fund is December 22, 2009. The Extraordinary Damage Fund is for Class Members in exceptional circumstances and proof of additional loss must be attached.
If you wish to opt-out of the action, you must complete the Opt-Out Form and send it to the Claims Administrator before the Opt-Out deadline. The Opt-Out deadline is August 24, 2009. If you opt-out of the proceeding, you are not eligible to receive any benefits from the settlement.
For further information concerning the Northstar (TCE)-Cambridge class action, please contact Sharla Stroop at 519-672-2251 ext. 2341 or e-mail Sharla by clicking the Contact Us link below.