Report on the 2015 Annual General Meeting of the Electronic Rights Defence Committee

April 28, 2015
The Electronic Rights Defence Committee is working slowly but surely toward distribution of the Postmedia stock it received in settlement of its class action against The Gazette and the newspaper’s various owners. Fifty-seven claims representing 7185 articles were received in the six-month period during which freelancers who wrote for The Gazette between 1985 and 2010 could file claims.

A three-person committee composed of Tracey Arial, Julie Gedeon and Mary Soderstrom will be studying the claims. When it is clear just how many shares will be available for distribution, they will prepare the necessary distribution list.

As you will remember, in the various settlements the ERDC received 189,479 shares in PostMedia and $83,210.27 in cash. The $85,090.05 the ERDC owed the Fonds d’aide aux recours collectifs for seed money and initial work has been paid off with the $83,210.27 awarded in the settlement plus $1,879.73 from the ERDC’s small independent bank account. Now lawyers Me Mireille Goulet and Sylvestre, Fafard, Painchaud must be paid $23,917.76 they are owed plus the taxes they will have to pay on the 47,370 shares they are entitled to under our agreement.

To raise the necessary cash, the ERDC Executive has authorized the sale of some of the Postmedia shares. Last fall, 17,000 shares were transferred to a broker: sales had realized $16,858.69 as of March 31, 2015. Therefore more stock must be sold–how much will depend on the going price, which as of April 28 was 1 dollar a share.

At the meeting, Chair Mary Soderstrom, Treasurer Ron Diamond, Secretary Jack Ruttan as well as Members-at-large Tracey Arial, Ann Diamond, Julie Gedeon, and Stephanie O’Hanley agreed to serve another year.

Mary Soderstrom
ERDC Chair

Jack Ruttan
ERDC Secretary

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