The Globe and Mail reports in its Friday edition that Emerge Canada still owes the exchange-traded funds it manages $4.7-million, which will leave the fund investors to become unsecured creditors if the management company fails to cough up the money in a week. The Globe's Clare O'Hara and David Milstead write that the troubled money manager sold all the investments in its ETFs in October and plans to terminate all of them by Dec. 29, it told fundholders in letters explaining how much money they would receive from the wind-up. Emerge Canada said it expected payments to be made "on or about" Wednesday of this week. Emerge Canada filed the letters, dated Wednesday, with securities regulators on Thursday. Emerge Canada borrowed the money from five of the ETFs it manages, starting in 2019. The five are branded as Emerge ARK funds, owing to a partnership with ARK Investment Management LLC, run by prominent U.S. stock picker Cathie Wood. All told, Emerge Canada managed 11 ETFs. In a May order that suspended Emerge Canada's operating licence, the Ontario Securities Commission revealed Emerge Canada was short of cash because it has not collected money owed to it by its U.S.-based affiliate, Emerge Capital Management Inc.