On Friday, November 3, the Ontario Superior Courtroom of Justice made an order appointing Ernst & Younger Inc. as receiver and supervisor over the affairs of Traynor Ridge Capital and the funds it manages.

“There isn’t a query that it’s in the most effective pursuits of the Traynor stakeholders to nominate a receiver. Merely put, there is no such thing as a one in control of the corporate proper now,” Justice Barbara Conway stated within the order.

The OSC had sought the appointment of a receiver and supervisor “to make sure the most effective pursuits of Traynor’s traders and collectors are protected, given latest occasions on the agency, and to carry stability to its operations.”

A spokesperson for the Toronto Police Service stated that Callahan’s dying isn’t thought of suspicious in nature, and they don’t seem to be investigating.

Succession plan

Bloomberg stories that legal professionals for Traynor Capital, McMillan LLP, had discovered a enterprise continuity plan which acknowledged that Callahan was the agency’s solely “key personnel”.