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-5- <br />(b) the Monitor has not examined or reviewed financial forecasts and projections <br />referred to in this report in a manner that would comply with the procedures <br />described in the Canadian Institute of Chartered Accountants Handbook. <br />GENERAL BACKGROUND <br />13. The Cline Group is in the business of locating, exploring and developing mineral <br />resource properties, with a particular focus on gold and metallurgical coal. <br />14. Further background information regarding the Applicants and the CCAA <br />Proceedings is provided in, inter alia, the Pre - Filing Goldfarb Affidavit, the affidavit of Matthew <br />Goldfarb sworn December 15, 2014, FTI's pre - filing report dated December 2, 2014 (the "Pre - <br />Filing Report ") and the first report of the Monitor dated December 16, 2014 (the "First <br />Report "). Copies of these materials, the Orders and other documentation relating to these <br />CCAA Proceedings have been posted on the Monitor's website at <br />hq:// cfcanada.fticonsulting.com/cline. <br />THE APPLICANTS' BUSINESS AFFAIRS <br />15. The Monitor is advised by the Chief Restructuring Officer of Cline (the "CRO ") <br />that the Applicant's recent business affairs include the following: <br />(a) the Applicants undertook a comprehensive sale process (the "Sale Process "), with <br />the assistance of Moelis & Company LLC ( "Moelis "), in respect of the Cline <br />Group in the spring and summer of 2014. Despite their efforts, neither the <br />Applicants nor Moelis received any indications of interest; <br />