Second Creditors Meeting Results

Hello Everyone,

I apologize for this group email, however, we wanted to update everyone as quickly as possible.

As you know, on July 13 our adoption agency Imagine Adoption went bankrupt. We've been in limbo and not known what the end of our journey would look like. As we started this process in March of 2008 and our file arrived at the orphanage in Ethiopia in Sept 2008, this has been extremely difficult to digest.

On July 30 there was a first meeting of the Creditors which, as far as this kind of thing goes was encouraging. Of all 189 creditors attending the meeting, there was a unanimous vote in favour of restructuring Imagine Adoption. Hope.

BDO Dunwoody Ltd, the trustee handling the bankruptcy has been phenomenal and has bent over backward to seek to restructure our agency thus enabling all 300+ families to complete our adoptions. On September 4 a Restructuring Proposal was presented to all Creditors involved in the losses accompanied with our agency's bankruptcy. Creditors include families, properties leased by Imagine (3), and trade creditors (Lexus, landscapers, etc) We were given two weeks to vote in favour or against the proposal to restructure the "old" Imagine into a "new" Imagine. Should the proposal have been voted in, restructuring would commence immediately. Referral (child matching) timelines would increase considerably due to the nature of this restructuring task. Yet, they would still be realized in the foreseeable future. However, should the proposal have been voted down, Imagine Adoption would cease to exist and any assets would be liquidated and monies remaining disbursed on a pro rata basis. (FYI Creditors would receive approximately 7.3% of funds invested.)

This morning a second meeting of the Creditors was held in Ontario.

We are thrilled beyond measure to share with you the email sent to us moments ago.

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CONGRATULATIONS everyone, we did it!!!!

Congratulations all.

The meeting is now concluded and the proposal passed.

248 in favour and 20 against.

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We want to thank you for your concern, care, prayers, encouragement, and support during the past many weeks. We look forward to sharing more of this journey with you over the next many months and year to come. If you wish to follow us frequently, we will continue with our blog at the address below.