The Sutton Settlement Agreement discussed in detail in the Trustee's Sixth Report to Court contemplated certain parties requesting certain orders from the Court and the Class Action Court.
On July 5, 2023, the Court granted the following orders:
An order dismissing Olympia Trust Company’s Third Party Claim against ADI DEVELOPMENTS (LINK) INC. (F.K.A. ADI DEVELOPMENTS SUTTON INC.), ADI DEVELOPMENT GROUP INC. and TARIQ ADI with prejudice and without costs; and,
An order granting Sutton Plaintiff’s Counsel leave to dismiss the Sutton Class Proceeding as against the named ADI defendants and dismissing the Sutton Class Proceeding as against the named ADI defendants with prejudice and without costs.
Copies of the orders granted on July 5, 2023 are available below.
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On May 26, 2025, the Trustee served materials in connection with its motion returnable June 6, 2025, which provides, among other things, a comprehensive update on developments in these proceedings since the Sixth Report and support of the Trustee’s request for the following orders that would, among other things:
authorize and direct the Trustee to carry out the Additional Notification Process ;
deem the Fortress Funds to constitute Estate Property (as defined in the Appointment Order);
approve the Trustee’s seventh report to Court and this Eighth Report, and the Trustee’s activities as described therein; and
approve the Trustee’s fees and disbursements, including the fees and disbursements of its counsel, for the period from March 1, 2023, to April 30, 2025.
On May 26, 2025, the Trustee served materials in connection with its motion returnable June 6, 2025, which provides, among other things, a comprehensive update on developments in these proceedings since the Sixth Report and support of the Trustee’s request for the following orders that would, among other things:
authorize and direct the Trustee to carry out the Additional Notification Process ;
deem the Fortress Funds to constitute Estate Property (as defined in the Appointment Order);
approve the Trustee’s seventh report to Court and this Eighth Report, and the Trustee’s activities as described therein; and
approve the Trustee’s fees and disbursements, including the fees and disbursements of its counsel, for the period from March 1, 2023, to April 30, 2025.
On December 18, 2024, the Trustee served materials seeking an order that, among other things:
- approves the Soba Settlement Agreement; and
- authorizes the Trustee upon receipt of the $350,000 ("Settlement Payment") to distribute 65% of the Settlement Payment to the investors in the Soba Project
On December 18, 2024, the Trustee served materials seeking an order that, among other things:
- approves the Soba Settlement Agreement; and
- authorizes the Trustee upon receipt of the $350,000 ("Settlement Payment") to distribute 65% of the Settlement Payment to the investors in the Soba Project