Ontario · CCAA
Motion Record of the Monitor returnable June 23, 2022
Application / notice of application · 23 June 2022
Also filed as: Motion Record of the Proposal Trustee returnable June 23, 2022
A plain-language read of this filing opens with a subscription.
What we verified from this filing2 verified
- fee scheduleengagements: form: prose · rows: · money: approximate: false · period: kind: unstated · approval: state: unstated · averages: rate: 558.34 · quote: The average hourly rates for KSV and Bennett Jones for the referenced billing periods were $558.34 and $510.07, respectively. · scope: KSV · currency: · invoices: · firm text: KSV Restructuring Inc. · firm quote: Counsel to KSV Restructuring Inc., solely in its capacity as Court-appointed monitor and not in its personal capacity · context quote: Counsel to KSV Restructuring Inc., solely in its capacity as Court-appointed monitor and not in its personal capacity; form: prose · rows: · money: approximate: false · period: kind: unstated · approval: state: unstated · averages: rate: 510.07 · quote: The average hourly rates for KSV and Bennett Jones for the referenced billing periods were $558.34 and $510.07, respectively. · scope: Bennett Jones · currency: · invoices: · firm text: Bennett Jones LLP · firm quote: BENNETT JONES LLP · context quote: BENNETT JONES LLP
- recovery outcomeentries: basis: actual · quote: (a) repayment in full to 2557725 Ontario Inc., a mortgagee of the real property owned by 22 Old Kennedy Development Inc.; · pct of: unstated · outcome: paid_in_full · class key: secured · stated by: monitor · class label: 2557725 Ontario Inc. · creditor name: 2557725 Ontario Inc. · interim final: unstated · claims qualifier: unstated; basis: actual · quote: (b) approximately $5.4 million, representing 61% of the amounts owing to the other Secured Creditors listed in the table above, excluding amounts owing to First Source. · pct of: unstated · outcome: distribution · pct low: 61 · pct high: 61 · class key: secured · stated by: monitor · amount low: 5400000 · amount high: 5400000 · class label: other Secured Creditors listed in the table above, excluding amounts owing to First Source · interim final: unstated · claims qualifier: unstated; basis: estimated · quote: As detailed in Section 4 below, and subject to Court approval, the Monitor intends to make further (and likely final) distributions to the Secured Creditors totaling approximately $612,000. · pct of: unstated · outcome: distribution · class key: secured · stated by: monitor · amount low: 612000 · cumulative: false · amount high: 612000 · class label: Secured Creditors · interim final: final · claims qualifier: unstated; basis: unstated · quote: | Secured Creditor Final Distribution ($000s) Total Recovery After Distribution 2603616 Ontario Inc. 197 68% · pct of: unstated · outcome: distribution · pct low: 68 · pct high: 68 · class key: secured · stated by: monitor · amount low: 197000 · cumulative: true · amount high: 197000 · class label: 2603616 Ontario Inc. · creditor name: 2603616 Ontario Inc. · interim final: final · claims qualifier: unstated; basis: unstated · quote: 2611622 Ontario Inc. 151 68% · pct of: unstated · outcome: distribution · pct low: 68 · pct high: 68 · class key: secured · stated by: monitor · amount low: 151000 · amount high: 151000 · class label: 2611622 Ontario Inc. · creditor name: 2611622 Ontario Inc. · interim final: unstated · claims qualifier: unstated; basis: unstated · quote: Ferina Construction Ltd. 145 68% · pct of: unstated · outcome: distribution · pct low: 68 · pct high: 68 · class key: secured · stated by: monitor · amount low: 145000 · amount high: 145000 · class label: Ferina Construction Ltd. · creditor name: Ferina Construction Ltd. · interim final: unstated · claims qualifier: unstated; basis: unstated · quote: 2612316 Ontario Inc. 39 68% · pct of: unstated · outcome: distribution · pct low: 68 · pct high: 68 · class key: secured · stated by: monitor · class label: 2612316 Ontario Inc. · creditor name: 2612316 Ontario Inc. · interim final: unstated · claims qualifier: unstated; basis: unstated · quote: Steve Papaikonomou 27 68% · pct of: unstated · outcome: distribution · pct low: 68 · pct high: 68 · class key: secured · stated by: monitor · class label: Steve Papaikonomou · creditor name: Steve Papaikonomou · interim final: unstated · claims qualifier: unstated; basis: unstated · quote: 2592898 Ontario Inc. 2 68% · pct of: unstated · outcome: distribution · pct low: 68 · pct high: 68 · class key: secured · stated by: monitor · amount low: 2000 · amount high: 2000 · class label: 2592898 Ontario Inc. · creditor name: 2592898 Ontario Inc. · interim final: unstated · claims qualifier: unstated; basis: unstated · quote: First Source 51 68% · pct of: unstated · outcome: distribution · pct low: 68 · pct high: 68 · class key: secured · stated by: monitor · amount low: 51000 · amount high: 51000 · class label: First Source · creditor name: First Source · interim final: unstated · claims qualifier: unstated; basis: estimated · quote: Subject to Court approval, the Monitor is proposing to distribute approximately $2.2 million to Pollard, which reflects recoveries on Intercompany Claims net of the fees allocated to the Pollard Estates. · pct of: unstated · outcome: distribution · class key: unsecured · stated by: monitor · amount low: 2200000 · cumulative: false · amount high: 2200000 · class label: Pollard Estates (via Pollard & Associates Inc.) · creditor name: Pollard & Associates Inc. · interim final: unstated · claims qualifier: unstated; basis: unstated · quote: authorizing and directing the Monitor, on behalf of the Forme Group (as defined below), to make distributions totaling approximately $5.9 million to unsecured creditors with proven claims against certain Forme Group entities · pct of: unstated · outcome: distribution · class key: unsecured · stated by: monitor · amount low: 5900000 · cumulative: false · amount high: 5900000 · class label: unsecured creditors with proven claims against certain Forme Group entities · interim final: unstated · claims qualifier: unstated; basis: actual · quote: The secured distributions repaid in full the amount owing to a mortgagee of the real property owned by 22 Old Kennedy Development Inc. · pct of: unstated · outcome: paid_in_full · class key: secured · stated by: monitor · class label: 22 Old Kennedy Development Inc. mortgagee (2557725 Ontario Inc.) · creditor name: 2557725 Ontario Inc. · interim final: unstated · claims qualifier: unstated; basis: actual · quote: As reflected in the table above, as at the date of this Report, the Monitor has distributed from the Surplus: (a) the full amount owing to 2557725 Ontario Inc.; and (b) approximately $4.4 million, representing 50% of the amounts owing to the other secured creditors. · pct of: unstated · outcome: distribution · pct low: 50 · pct high: 50 · class key: secured · stated by: monitor · amount low: 4400000 · amount high: 4400000 · class label: other secured creditors (personally guaranteed by Mr. Wang) · interim final: unstated · claims qualifier: unstated · stated on: 2022-06-14 · table missing: