Bridging Finance bagholder update

Some more info on Bridging Finance bagholders: TD advisors are the biggest losers, the rumoured number is $400m of client money frozen.  Mark Cheevers, a Toronto-based advisor might hold about $90m in his book alone.  His spiel is "institutional-grade opportunities for non-institutional investors".

Richardson GMP is also rumoured to be a major holder, more than a $100m worth.  Desjardins is another significant victim.  RBC, however, never authorized the funds on its platform. The consensus among the cognoscenti is for recovery rates under 50%.  You can read the post below, which tallies 8 loans totalling about $800m, all of which are impaired and many of which were to insolvent companies.  That's out of a total assets of $1.8 billion at year-end.  And that's just a start.

What should Bridging Finance’s investors expect?

“It is not the first mistake that’ll kill you. It’s the second, the third, and the cover-up of all three” - Marianne M.

Alejandro Cardot