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%. I have seen a good tally of 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.
