Ontario · Receivership (court-appointed)
Second Report of the Receiver (for motion returnable May 6, 2024)
Court officer report · 6 May 2024
What we verified from this filing7 verified
- closing confirmedscope: the Walnut Property · outcome: completed · effective: 2024-01-12 · purchaser: Nikesh Rai · date basis: stated · approval order date: 2023-11-23
- fee scheduleengagements: form: prose · rows: · money: fees: quote: The Receiver's total fees are $41,307.00 · amount: 41307 · approximate: false · period: kind: unstated · approval: state: unstated · averages: rate: 432.99 · quote: its average hourly rate is calculated to be $432.99 · currency: · invoices: · firm text: AGI · firm quote: AGI , in its capacity as receiver · context quote: in such capacity, the Receiver appointed, without security, over all of the assets, undertakings and properties; form: prose · rows: · money: fees: quote: total fees of $46,476.96 · amount: 46476.96 · total: quote: accounts totalling $52,464.83 inclusive of disbursements and applicable taxes · amount: 52464.83 · includes tax: true · includes disbursements: true · approximate: false · period: kind: unstated · approval: state: unstated · averages: rate: 671.63 · quote: an average hourly rate of approximately $671.63 · currency: · invoices: · firm text: Garfinkle Biderman · firm quote: Garfinkle Biderman fees encompass 69.2 hours · hours total: quote: Garfinkle Biderman fees encompass 69.2 hours · value: 69.2 · context quote: Garfinkle Biderman fees encompass 69.2 hours at an average hourly rate of approximately $671.63 for total fees of $46,476.96 and accounts totalling $52,464.83 inclusive of disbursements and applicable taxes.; form: prose · rows: · money: fees: quote: total fees of $4,532.00 · amount: 4532 · total: quote: accounts totalling $5,228.02 inclusive of disbursements and applicable taxes · amount: 5228.02 · includes tax: true · includes disbursements: true · approximate: false · period: kind: unstated · approval: state: unstated · averages: rate: 539.52 · quote: an average hourly rate of approximately $539.52 · currency: · invoices: · hours total: quote: fees encompass 8.4 hours · value: 8.4 · context quote: fees encompass 8.4 hours at an average hourly rate of approximately $539.52 for total fees of $4,532.00 and accounts totalling $5,228.02 inclusive of disbursements and applicable taxes. · firm unverified: true; form: prose · rows: · money: total: quote: 163.8 hours at an average hourly rate of approximately $411 for a total of $67,358.50 and applicable taxes · amount: 67358.5 · includes tax: true · includes disbursements: false · approximate: true · period: kind: unstated · approval: state: unstated · averages: rate: 411 · quote: an average hourly rate of approximately $411 · currency: · invoices: · firm text: AGI · firm quote: AGI , in its capacity as receiver · hours total: quote: 163.8 hours at an average hourly rate of approximately $411 · value: 163.8 · context quote: in such capacity, the Receiver appointed, without security, over all of the assets, undertakings and properties; form: prose · rows: · money: fees: quote: total fees of $29,298.50 · amount: 29298.5 · total: quote: accounts totalling $33,605.01 inclusive of disbursements and applicable taxes · amount: 33605.01 · includes tax: true · includes disbursements: true · approximate: false · period: kind: unstated · approval: state: unstated · averages: rate: 674 · quote: an average hourly rate of approximately $674 · currency: · invoices: · firm text: Garfinkle Biderman · firm quote: Garfinkle Biderman fees encompass 43.5 hours · hours total: quote: Garfinkle Biderman fees encompass 43.5 hours · value: 43.5 · context quote: Garfinkle Biderman fees encompass 43.5 hours at an average hourly rate of approximately $674 for total fees of $29,298.50 and accounts totalling $33,605.01 inclusive of disbursements and applicable taxes.
- process resultsbids: 3 · note: The Realtor sent the marketing package to approximately 9 prospective buyers identified by the Realtor, received 21 inquires about the Walnut Property and conducted 9 tours of the Walnut Property. · as of: 2023-10-27 · solicited: 9
- purchaserNikesh Rai
- recovery outcomeentries: basis: unstated · quote: As a result, there will be no distribution to any creditors of Images. · pct of: unstated · outcome: nil · stated by: receiver · class label: creditors of Images · interim final: unstated · claims qualifier: unstated; basis: unstated · quote: As a result, there will be no distribution to Olympia in respect of second ranking charge on the Walnut Property or any other creditors of 253Co. · pct of: unstated · outcome: nil · class key: secured · stated by: receiver · class label: Olympia (second ranking charge on the Walnut Property) · creditor name: Olympia · interim final: unstated · claims qualifier: unstated; basis: unstated · quote: As a result, there will be no distribution to Olympia in respect of second ranking charge on the Walnut Property or any other creditors of 253Co. · pct of: unstated · outcome: nil · stated by: receiver · class label: other creditors of 253Co. · interim final: unstated · claims qualifier: unstated; basis: estimated · quote: The sale proceeds generated from the Transaction are expected to result in a partial payout of the TD Mortgage resulting in TD Bank suffering a shortfall. · pct of: unstated · outcome: shortfall · class key: secured · stated by: receiver · class label: TD Bank (TD Mortgage) · creditor name: TD Bank · interim final: unstated · claims qualifier: unstated; basis: estimated · quote: As set out above, it is likely that TD Bank will suffer a material shortfall in respect of its claim against the Companies. · pct of: unstated · outcome: shortfall · class key: secured · stated by: receiver · class label: TD Bank (secured indebtedness) · creditor name: TD Bank · interim final: unstated · claims qualifier: unstated · stated on: 2024-04-16 · table missing:
- sale advisorLennard Commercial Realty Brokerage
- sale outcometext: closed the sale of the Walnut Property as authorized in the November 23 AVO and issued the Transaction on January 12, 2024 · scope: parcel · status: closed