Purdy Crawford’s quest to unfreeze the third-party asset-backed commercial paper (ABCP) market appeared to come one step closer to realization Monday during a conference call with noteholders where it was revealed that Credential Securities is likely to embark on a relief plan similar to that of Canaccord Capital.

“Let me say at the outset that the committee heard you loud and clear,” he said, illustrating a stark contrast to the tense atmosphere of the Pan-Canadian Committee’s first information session in Toronto in late March. Crawford spoke comfortably with callers and even seemed to have fun. When addressing an investor as to the form of reimbursement he would recieve, he quipped, “It will be cash, and it will be your money. You can take a vacation with it and take me if you want.”

Crawford’s overall message was upbeat, saying his expectation was that Canaccord’s relief plan would prompt other firms involved in the sale of the troubled paper to follow suit. “Credential is working on a similar proposal and we’re reasonably optimistic that it’ll be announced within the next few days,” he said. “The sun will come up one day this week, don’t worry.’”

Credential sold approximately $48 million worth of ABCP to about 335 individuals. Crawford estimates that investors will have their principal back, plus interest by the end of May.

The initial plan drawn up by the committee had required retail investors to sign away any rights to legal action in exchange for getting a portion of their money back, angering many and raising the possibility of class-action suits against the firms which had sold the paper. Retail investors now appear to largely have been pacified.

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However, some commercial investors who appear to have been left out of the restructuring have asked that the vote be delayed while they consider their options. Crawford said he would consider a delay, but that there was considerable pressure for him to finalize a settlement. “There is some concern internationally that we haven’t seen the end of the credit crunch on an international basis and that could have some relevance to where we go,” he said. “Those people would like us not to have it delayed.”

The committee is due to appear tomorrow in a court to extend the bankruptcy protection for 20 trusts as part of the ABCP market restructuring.

Credential Securities was not available for comment.

To comment on this story, email jody.white@rci.rogers.com.