approved, there was no affidavit of Mr. Marwah saying that the
trade creditors, retirees and employees would not be affected.
Whether he was obliged as argued by the Essar defendants to
say in that affidavit that these creditors would be affected was
really not for him to say.
 The fact that Mr. Ghosh and Mr. Marwah acted in good
faith thinking they were doing the best for Algoma in the circumstances is not in itself an answer to an oppression claim.
Good faith is not necessary.
 The Essar defendants argue that in the amended RSA
and order approving it, a release was given to Essar Global for
breach of the equity commitment letter, and it would be an improper attempt to relitigate an issue previously decided by
Morawetz R.S.J. and an abuse of process which should not be
allowed. I do not see this as an issue in this proceeding. First,
the release in the amended RSA was a release of any claim arising out of the equity commitment letter. The monitor is not making a claim under the equity commitment letter or asking that
Essar Global provide the equity it agreed to provide in that
commitment. Nor is the monitor asking that the release be set
aside. The monitor contends, and I agree, that the failure of
Essar Global to fund as agreed in the RSA and equity commitment letter is a part of the factual circumstances to be taken
into account in considering whether the affected stakeholders
who were not party to the agreements were treated fairly by the
 Second, it was only the failure of the roadshow to attract
investor interest that left Algoma with a shortfall of funds to
refinance its debt. Algoma was compelled to amend the RSA to
permit proceeds from the port transaction to be used as a source
of funding. Nowhere in the affidavits adduced in support of the
amendment to the plan of arrangement was there any reference
to the port transaction. The order approving the amendment to
the RSA was obtained without opposition. It cannot be said that
the court adjudicated at all on the terms of the port transaction.
Nor did the court make any finding in the unopposed order that
a release of Essar Global in respect of that transaction was warranted as being fair and reasonable in the circumstances. The
trade creditors, employees, pensioners and retirees of Algoma
were not a party to the motion approving the amended RSA.
 It is also argued by the Essar defendants that the claim
of the monitor is only brought with the benefit of hindsight and
that there is no evidence that a subsequent CCAA filing was
reasonably foreseeable in 2014 when the amended recapitalization was agreed and closed. I disagree. It was the concern based