Ontario · CCAA
Sixth Report dated January 24, 2013 (w/o appendices)
Court officer report · 24 January 2013
A plain-language read of this filing opens with a subscription.
What we verified from this filing8 verified
- cash on handnote: Monitor continues to hold these funds pending Court direction on distribution · amount: 2120284.94 · currency: CAD · qualifier: proceeds of discharged VTB Mortgage held in an interest bearing account
- closing confirmedscope: the Humberline Premises · outcome: completed · purchaser: Strathallen Acquisitions Inc. · date basis: unstated · approval order date: 2006-10-19
- operational summaryThe Applicant is a dissolved corporation with no directors, officers or ongoing business operations; the Monitor is administering discharge of a mortgage and seeking court direction on distributing the proceeds to creditors or the Crown.
- professional feesnote: Plus disbursements of $14,964.33 and GST/HST of $15,980.96; legal counsel Aird & Berlis LLP separately incurred fees and disbursements of $148,064.51 for the period September 29, 2006 to September 19, 2012. · party: A. Farber & Partners Inc. (Monitor) · amount: 237992.5 · period: September 25, 2006 to October 12, 2012 · currency: CAD
- purchaserNorthern Lights Recreation Co.; Strathallen Acquisitions Inc.; price: sealed: false · scope: the Applicant's assets relating to the Applicant's Pool Equipment Division · status: closed · name note: purchaser of the Pool Equipment Assets, referred to only as '662' · structure: assets · name source: recital · relationship: unstated
- recovery outcomeentries: basis: plan · quote: Pursuant to Article 4.1(b) of the Plan, Affected Creditors (as defined in the Plan) with aggregate Claims of $5,000 or less are to be paid twenty-five cents on the dollar. · pct of: unstated · outcome: distribution · pct low: 25 · pct high: 25 · class key: unsecured · stated by: monitor · class label: Affected Creditors with Smaller Claims · interim final: unstated · cents on dollar: 25 · claims qualifier: unstated; basis: estimated · quote: Unfortunately due to the passage of time and the series of events that unfolded as described above, these Large Claim creditors, who have already faced significant hardship and have waited close to six years for some recovery, now potentially face the prospect of no recovery, while Small Claim creditors received their recovery of 25% and/or $2,500 back in May 2007 under the same CCAA Plan. · pct of: unstated · outcome: nil · class key: unsecured · stated by: monitor · class label: Large Claim creditors · claims amount: 9804853.06 · interim final: unstated · claims qualifier: unstated; basis: estimated · quote: If funds were approved to be disbursed to these Large Claim creditors, there is the prospect for a recovery of close to 20 cents on the $. · pct of: unstated · outcome: distribution · pct low: 20 · pct high: 20 · class key: unsecured · stated by: monitor · class label: Large Claim creditors · interim final: unstated · conditional on: If funds were approved to be disbursed to these Large Claim creditors · cents on dollar: 20 · claims qualifier: unstated · stated on: 2013-01-24 · table missing:
- report date24 January 2013
- report noSixth Report