Sedona Employee Financials

High Level View:

Many of us are owed money. This money breaks into 3 pieces:

first $2K of vacation pay (this is "wages" under legal terms)
rest of vacation pay
severance

Money goes to:

Secured creditors (Banks)
Preferred creditors (first $2K of vacation pay, landlord, Revenue Canada, receivers)
Unsecured creditors (rest of vacation pay and severance)
Shareholders (not likely!)

You are reasonably likely to get all of the first $2K of vacation pay, although this does depend on the prices received in the asset disposal (see financials)

The rest of your vacation pay may be paid out (again depending on the asset disposal) but is less likely to be paid out.
An option for the rest of vacation pay is to sue the board of directors as they are "personally" responsible for "wages" (which include vacation pay). Note that the board of directors did have insurance against this sort of thing (so I'm told). Proceeding on this will have to wait until we find out what is paid out. Feel free to post messages on the message board on the main page to discuss this.

Timetable:

April 20th - first meeting of creditors
May 4th - close on bids
May11th (approx) - inspectors meet to review bids
May 18th (approx) - if asset sales sufficient to pay off secured and preferred creditors, then offers will go out. People have 2 weeks to appeal
early June (approc) - checks for first $2K of vacation pay
June - auction of leftovers?
July - settlement of unsecured creditors

Here are the templates to respond to the bankruptcy trustees in Word Format and Text Format.