Law360 Canada ( July 13, 2026, 9:39 AM EDT) -- Appeals by multiple Canadian and Texas entities (appellants) from two decisions continuing and confirming proceedings under the Companies’ Creditors Arrangement Act (CCAA). The proceedings arose from two Texas real estate development projects, Fossil Creek and Hills of Windridge, financed through a complex structure involving Texas development LLCs and Canadian trusts, partnerships and corporate entities. Five Canadian investors obtained an Initial Order in November 2024 on short notice, appointing Alvarez & Marsal Canada Inc. as Monitor with enhanced management powers and imposing a stay of proceedings. The applicants were equity investors, not creditors, and the anticipated outcome was liquidation and distribution of assets rather than restructuring. The appellants argued that: equity investors lacked standing to commence CCAA proceedings; the proceedings were inconsistent with the purposes of the CCAA, bound to fail and unfair to other investors; procedural defects, including short notice and service issues, rendered the orders invalid; and, the court lacked authority to include foreign Texas LLCs and solvent Canadian entities that were not debtor companies under the CCAA. The Monitor and investor respondents argued the proceedings were necessary to preserve and realize remaining assets, ensure fair treatment of investors, and address failures by existing management to provide information and comply with fiduciary obligations....