The following is an update to our prior
Energy bulletin regarding the statement of claim filed on Aug.
6, 2018, by PricewaterhouseCoopers Inc., in its capacity as trustee
in bankruptcy for Sequoia Resources Corp., against Perpetual Energy
Inc., certain of its subsidiaries, and Susan Riddell Rose (CEO of
Perpetual Energy). The plaintiff seeks to unwind or obtain damages
in the amount of $217 million in relation to an asset sale from
Oct. 1, 2016.
On Aug. 27, 2018, the Perpetual parties filed statements of
defence and applications for summary dismissal.
General Response
The defendants introduce context, referring to the marketing,
due diligence and negotiation activities leading up to the
transaction. The defendants state that the transaction was
"entered into by an informed buyer and an informed seller, in
a free market, dealing with each other in their own self-interest
and at arm's-length."
