Friday, September 4, 2009

One Down, 175 To Go

Well, we had to wait until the very end of the day, the evening in fact, but we finally got it:  The restructuring proposal prepared by BDO Dunwoody to pull Imagine Adoption out of bankruptcy and put it back into operation.  All day, my heart was beating faster in anticipation of the proposal; and all day, I was snippy and irritable at the slightest thing that threatened to pull my focus to something other than my thoughts about our adoption process and the restructuring plan.

Geoff and I both read through the plan from cover to cover - it's long and detailed.  It looks solid from the perspective of having great monitoring systems in place, a new board of directors and advisory board, reorganized staff structure, and so on.  BDO Dunwoody has negotiated well with non-family creditors of Imagine, resulting in significantly reduced claims being put forward by those creditors.  Should the plan be approved, we as a group of approximately 350 families will each have to contribute an additional $4,000 to Imagine - a big swallow, for sure (a Big Gulp, actually), but nothing compared to the swallow it would be to contemplate our adoption not proceeding.

It all sounds good.  So here's what's interesting:  I don't feel quite the sense of relief that I thought I would.  I should, shouldn't I?  This is the day we've been waiting for, praying for, hoping for.  It was supposed to be Christmas day today...four months early.  So what's going on?

Maybe it's the $4,000 that's troubling me- but we knew we would have to put in more money to make this restructuring plan work. I think it's something else.  I'm thinking this feeling of deflation has something to do with the fact that, though I've been waiting for this day, it is really one step of several in the process yet to come.  What if the families don't vote for the plan in sufficient numbers?  That's my big worry.  BDO Dunwoody has indicated that a majority (50% + 1) of the creditors must vote in favour of the plan and that this majority must represent approximately two thirds of the monetary value of the plan.  I think we'll get the 50%+1 with ease.  But can we meet the requirement of 67% of the monetary value?  Is this doable?

September 21 is the date by which creditors have to have their votes in, but BDO Dunwoody has asked that we get them in as soon as possible - if the votes reach the critical numbers earlier than September 21, BDO will go to court almost immediately to ask for Imagine's bankruptcy to be annuled...and shortly after that, operations will resume.

I feel like begging people to vote in favour of the plan.  In reality, though, as I calm myself down and pick up my spirits, I can't imagine that the vote will be anything but positive.  There aren't many other options anymore for Canadians wanting to adopt internationally.  I understand that CAFAC and Children's Bridge have closed the doors to further applications for Ethiopia; Korea and Kazakhstan are options but are hugely expensive; most (if not all) agencies are closed to Vietnam; China is not realistic anymore unless you're willing to wait many, many years for a referral; and the U.S. has become very difficult to adopt from since joining the Hague Convention last year.  Where else is there?  Surely people who are already signed on with Imagine will recognize this and sign up...won't they?

I figure that if 50%+1 vote is the required number needed to support the proposal, we need at least 176 votes saying yet to the restructuring proposal.  Our vote will get faxed in by morning.  One down, 175 to go.

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