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ARTICLE · 28 MARCH 2007

Income Trusts: A Study Of Potential Broker/Dealer Litigation In The (As Yet) Abstract

Dentons Canada LLP
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This paper proposes to analyse the structure of an income trust as a starting point from which recent broker/dealer decisions will be discussed. It is also the hope of the authors that we might provide some useful insight into avoiding the pitfalls we envision will be faced by dealer/brokers in the event of a failure of an income trust

CanadaLitigation, Mediation & Arbitration
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Article by Raymond A. Coad, Q.C. and Phillip J. LaFlair

This paper proposes to analyse the structure of an income trust as a starting point from which recent broker/dealer decisions will be discussed.1 It is also the hope of the authors that we might provide some useful insight into avoiding the pitfalls we envision will be faced by dealer/brokers in the event of a failure of an income trust.

Introduction

"Arriscraft Wipeout Shouldn't Happen"- so read the headline of Andrew Willis' Globe and Mail column of July 28, 2005.2 The wipeout which shouldn't have happened was the almost 60% drop in value of Arriscraft International's unit price, from $9.80 to $4.03. The loss stemmed from Arriscraft's announcement that its second quarter sales were down 18% from the previous year due in part to a "carryover of large dealer inventories… from the winter booking program."3

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