In April of 2000, the Ontario Financial Services Tribunal held in a two to one decision that surplus was not required to be distributed on a partial wind-up. That decision was overturned in 2001 when the Ontario Divisional Court held that surplus must be distributed. The Ontario Court of Appeal agreed with the Divisional Court in late 2002.

Monsanto has requested that the Supreme Court of Canada grant leave to appeal the Court of Appeal decision. If the S.C.C. allows Monsanto to appeal, Monsanto and its allies face an uphill battle in persuading the S.C.C. to overturn two lower court decisions. Many people believe that the Monsanto decision is going to stick, either because the S.C.C. will deny leave to appeal, or because the S.C.C. will hear the appeal and uphold the Court of Appeal.

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