[A]ny Causes of Action that have been or may be asserted by or on behalf of:
(a) SFC against any and all third parties; or (b) the Trustees (on behalf of the
Noteholders) against any and all Persons in connection with the Notes issued
by SFC; provided, however, that in no event shall the Litigation Trust Claims
include any ( i) claim, right or cause of action against any Person that is
released pursuant to Article 7 hereof or ( ii) any Excluded Litigation Trust
Claim. For greater certainty: ( x) the claims being advanced or that are
subsequently advanced in the Class Actions are not being transferred to the
Litigation Trust; and (y) the claims transferred to the Litigation Trust shall
not be advanced in the Class Actions.
 “Causes of Action”, used in the definition of Litigation
Trust Claims, was given a very broad meaning, which included
any claims or entitlements in law, equity or otherwise for damages
or other relief.
 However, the definition of “Litigation Trust Claims”
narrowed the transfer of claims to the Litigation Trust ( i) by
excepting claims against certain individuals and entities who were
released by the Plan, and ( ii) by excepting “Excluded Litigation
Trust Claims” from the claims that would otherwise have been
transferred to the Litigation Trust: art. 7. “Excluded Litigation
Trust Claims” were defined as Causes of Action agreed, as between
SFC and a subgroup of Noteholders, to be excluded from the Litigation Trust Claims: s. 4.12. Section 4.12(b) of the Plan specified
that certain claims against SFC’s underwriters fell within this
category, except if they were claims for fraud or criminal conduct.
 The definition of “Litigation Trust Claims” contained
“greater certainty” language specifying that claims in the “Class
Actions” were not transferred to the Litigation Trust. The “Class
Actions” referred to in the “greater certainty” clause were defined
to mean four specific actions in Ontario, Quebec, Saskatchewan
and New York, brought on behalf of persons who, during defined
class periods, had purchased SFC notes or shares. The Class
Actions include claims against the appellant based on allegations
that he made false representations that SFC’s financial statements were accurate when they in fact were materially misleading
and grossly overstated SFC’s assets; that the appellant’s misrepresentations induced class members to buy equity or debt at inflated
prices; and that he thus caused them losses. The plaintiff classes
seek damages, among other things, to recover the amounts they
paid or overpaid to acquire those securities.
 Section 4.11 of the Plan set out who would benefit from
any recoveries on claims transferred to the Litigation Trust.
Beneficial interests in the Litigation Trust were to be held