Richard Chandler, a New Zealand billionaire investor, was the largest holder of Sino-Forest shares with just under 20 per cent, while New York-based Davis Advisors held about 17 per cent of the company. Shareholders typically receive little or nothing under a CCAA restructuring. Meanwhile, Sino-Forest has denied the fraud allegations and said its is pursuing a lawsuit against Muddy Waters Research and its research director, Carson Block, as well as others who have accused the company of fraud. Sino-Forest accused Muddy Waters and Block of making defamatory statements and is seeking $4 billion and the recovery of profits made by the short seller and others.