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Fisher Controls Inc.
(now Emerson Canada)
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For more information you may send us an
e-mail or call us at 1-800-286-2266. |
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Updated: April 2, 2008
INTRODUCTION
This website has been developed by Koskie Minsky LLP
for the exclusive use of certain former employees of Fisher Controls Inc. (now
Emerson Canada) who participated in the Pension Plan for Salaried Employees of
Fisher Controls and whose employment were downsized at the Cambridge facility
between 1993 and 1999 or the Woodstock facility in 1997.
We have developed this website to provide general information on issues
affecting you in connection with the two "partial wind ups" of the pension plan
with respect to the Cambridge and Woodstock closures and the possibility of a
distribution of surplus assets in relation to these partial wind-ups.
We are pleased to report that a mailing has been sent to all employees affected
by the two partial wind ups of the Plan. The purpose of this report is to
inform the employees affected by the two partial wind ups of the Plan of the
terms of this Proposal and to provide you with information so you can decide
whether you wish to support it.
The report includes the following documents:
Cover letter from Emerson (click here to view)
Estimated Individual Surplus Share (click
here to view)
Member Committee Report (click
here to view)
Full and Final Release (click
here to view)
You will also receive an Authorization and Retainer Form in the package that
allows you to vote on the Proposal. Please check the YES box to support the
Proposal and retain Koskie Minsky LLP, and return the Authorization and
Retainer form along with the Full and Final Release in the envelope provided.
Your Committee needs your support. Failure to vote is the same as voting "NO".
THE COMMITTEE'S RECOMMENDATION:
An important term to the Proposal is that it is conditional on the Committee
obtaining a threshold of support from enough members of both partial wind up
groups (or persons claiming through them), who are entitled in the aggregate to
at least ninety per cent (90%) of the surplus in respect of each partial wind
up, indicating that they are in favour of this Proposal. If this
support is not secured, the Company has the right to withdraw from the
settlement.
As such, the Committee unanimously recommends the Proposal to everyone from
both partial wind up groups. The Surplus distribution and wind-up can only
occur in a timely manner if we receive this threshold of support from the
members.
PAST WEBSITE UPDATES
In our last update of April 5, 2007, you were advised that in November 2006,
Emerson confirmed that the Committee has been successful in seeking a mandate
from affected Plan members representing over 90% of the surplus in each of the
partial wind up groups (Woodstock approx. 97% and Cambridge approx. 91%).
Consequently, since that time, the Committee has been involved in negotiations
with Emerson, with the assistance of legal counsel and its independent
actuarial consultant, to customize a fair and equitable distribution of the
surplus to the affected members. These discussions are ongoing and have proven
thus far to be fruitful. Once the terms of the settlement have been completed,
the Committee will transmit to each person a comprehensive member report
describing the distribution proposal, any available options under which to
receive the surplus, and to invite members to accept the proposal.
INFORMATION SESSION
There will be an information session so that you may attend in person and hear
an explanation of the Proposal. The details of the information session are as
follows:
Thursday, April 17, 2008 at 7:00 p.m.
Quality Inn Suites and Convention Centre
Altidore Room
580 Bruin Blvd., Woodstock, Ontario
Phone: 519-537-5586
The members of the Committee, counsel from Koskie Minsky LLP and a
representative of Eckler Ltd. will be present at this meeting and will describe
the Proposal to you and will be available to answer your questions.
We recommend that you attend the information session, if at all possible. If
you decide to accept the Proposal, you may send your Authorization and Retainer
Form and Full and Final Release Form to Koskie Minsky LLP beforehand, or you
can deliver them at the session if you prefer to attend.
NEXT STEPS
Once we have received all consents from members and the Surplus Distribution
Agreement signed, the associated request to distribute the surplus in
accordance with the Proposal must then be approved by the applicable
regulators, and possibly the courts as well. An application to the
Superintendent will be required, and Court proceedings may have to be commenced
seeking court approval of the settlement.
CONTACT US
If you have any questions about the Proposal, please contact Koskie Minsky LLP
at 1-800-286-2266 or at fisherpension@kmlaw.ca. You may also contact Koskie
Minsky LLP by facsimile at 416-204-2897, or by writing to us at: Fisher
Salaried Employees' Pension Surplus Committee, c/o Koskie Minsky LLP,
20 Queen Street West, Suite 900, Box 52, Toronto, ON, M5H 3R3
This site is not designed to answer specific questions about individual
situations or entitlements. The information provided on these pages is not
legal advice nor a substitute therefore.
The contents of this site are subject to solicitor-client privilege and all
rights to that privilege are expressly claimed and not waived.
We will keep you informed of any developments through this website and on our
hotline at 1 800 286 2266. You may also reach us via email at
fisherpension@kmlaw.ca, or write to us at 20 Queen Street West, Suite
900, Box 52, Toronto, ON M5H 3R3.
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