Ontario · Arrangement
Motion Record (Volume I of II) dated July 23, 2008
Application / notice of application · 23 July 2008
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What we verified from this filing26 verified
- applicantTHE T. EATON COMPANY LIMITED
- appointeeRSM Richter Inc.
- appointee roleLiquidator of Distributionco Inc.
- courtSUPERIOR COURT OF JUSTICE (COMMERCIAL LIST)
- court file no99-CL-3514
- proceeding typearrangement_corporate
- statutory basiss. 182 of the Business Corporations Act, R.S.O. 1990, c. B-16
- statutory basisBUSINESS CORPORA TIONS ACT, R.S.O. 1990, c. B-16, s. 182 AS AMENDED
- unsecured creditorsnote: Original Dispute Notice filed for $4,124,000 (approx. $2.6 million, revised to $2.2 million, plus $1.4 million); settled at $1.5 million · page: 28 · basis: Claim admitted by Liquidator via settlement · amount: 1500000 · debtor: The T. Eaton Company Limited · creditor: AF Carpet Service · currency: CAD
- unsecured creditorsnote: Damages claim limited to 180-day period · page: 28 · basis: Claim admitted by Liquidator following claims officer ruling and dismissed appeal · amount: 300000 · debtor: The T. Eaton Company Limited · creditor: Furs (claimant re termination clause) · currency: CAD
- unsecured creditorsnote: Original claim advanced at $6,835,395; admitted amount approved July 13, 2000 · page: 29 · as of: 2000-07-13 · basis: Claim admitted by claims officer following independent valuations · amount: 3500000 · debtor: The T. Eaton Company Limited · creditor: E.A. Salons Inc. · currency: CAD
- unsecured creditorsnote: Related party (directors); indemnity claim of $12,350,451 re Iberville action withdrawn/released; pension claim was $7 million grossed up to $14 million; individual names not stated · page: 29 · basis: Pension and health care claim admitted at 75% of amount claimed by each individual director · amount: 9900000 · debtor: The T. Eaton Company Limited · creditor: Directors of The T. Eaton Company Limited (15 directors, pension/health care claim) · currency: CAD
- unsecured creditorsnote: Notice of Distribution Claim sent for $2,351,545; IBM filed Dispute Notice for $8,563,117; admitted at approx. $7.5 million · page: 29 · basis: Claim admitted by Liquidator (approximate amount) · amount: 7500000 · debtor: The T. Eaton Company Limited · creditor: IBM Canada Ltd. · currency: CAD
- secured creditorsnote: Secured claim of $41.5 million plus interest asserted pursuant to purchase agreement (Warranty Claim); Liquidator paid $21.25 million in respect of undisputed portion of secured claim and settled related unsecured claims for $7,125,000 · page: 30 · as of: Claims Procedure filing (Warranty Claim) · amount: 41500000 · debtor: The T. Eaton Company Limited · creditor: National Retail Credit Services Company (NRCS) · currency: CAD · security: First mortgage on Toronto Warehouse Lands (approx. $18 million principal) and secured Warranty Claim under purchase agreement
- unsecured creditorsnote: NRCS also asserted unsecured claim for $35.8 million (card license repudiation) and unsecured deficiency claim of up to $10 million; settled unsecured portion for $7,125,000 · page: 30 · as of: 2000-05-20 · basis: Settlement agreement dated May 20, 2000 in full satisfaction of unsecured claims · amount: 7125000 · debtor: The T. Eaton Company Limited · creditor: National Retail Credit Services Company (NRCS) - unsecured claims · currency: CAD
- unsecured creditorsnote: Claim filed for $20,604,820 but disallowed in full; VR not owed anything at time of filing · page: 30 · basis: Claims officer ruled against claim; appeal dismissed · amount: 0 · debtor: The T. Eaton Company Limited · creditor: Viking Rideau Corporation (VR) · currency: CAD
- unsecured creditorsnote: Aggregate approximate amount claimed was $15 million for lease repudiation damages; admitted in aggregate for approx. $3.0 million; individual landlords not separately itemised with amounts · page: 30 · basis: Landlord claims admitted in aggregate following negotiations · amount: 3000000 · debtor: The T. Eaton Company Limited · creditor: Other Landlord Class I Claims (West Edmonton Mall, Bower Place, Gentra Londonderry, Atlantic Shopping Centres and others) · currency: CAD
- unsecured creditorsnote: Purchase order-based claims admitted on discounted basis; worksheet-based claims disallowed entirely; individual suppliers not named · page: 32 · basis: Supplier damages claims admitted in aggregate by Liquidator · amount: 9968314 · debtor: The T. Eaton Company Limited · creditor: Suppliers with purchase order/worksheet damages claims (multiple, unnamed) · currency: CAD
- unsecured creditorsnote: Contingent unsecured claim originally $2.07 million based on potential pension shortfall; valued at $0 by court order · page: 33 · as of: 2003-02-14 · basis: Court-approved valuation of contingent unsecured claim at $0 · amount: 0 · debtor: The T. Eaton Company Limited · creditor: Towers Perrin Inc. · currency: CAD
- unsecured creditorsnote: Original claim was $6,880,567 for breach of contract; settled at $2,017,055 · page: 33 · basis: Claim settled/admitted by Liquidator · amount: 2017055 · debtor: The T. Eaton Company Limited · creditor: Thomas Cook Group Canada Ltd. · currency: CAD
- unsecured creditorsnote: Notice of Distribution Claim issued for $3,539,326; Treasurer filed Dispute Notice for $7,251,377; admitted at $5,736,301 re unpaid provincial sales tax · page: 33 · basis: Claim admitted by Liquidator · amount: 5736301 · debtor: The T. Eaton Company Limited · creditor: Treasurer of Ontario · currency: CAD
- unsecured creditorsnote: Approximate aggregate amount, not including Polo and Jones claims · page: 33 · basis: Additional claims admitted as result of motions to lift Claims Bar Date · amount: 1300000 · debtor: The T. Eaton Company Limited · creditor: Various creditors re Claims Bar Date motions (Comdisco Canada Ltd., CTV Television Inc., GE Capital Canada Leasing Services Inc.) · currency: CAD
- unsecured creditorsnote: Original business losses/purchase order claim was $3,086,401 plus worksheet claim of $4,226,677; admitted additional claim of $1,900,000 · page: 34 · as of: 2004-03-16 · basis: Additional claim admitted by Liquidator following motion to lift Claims Bar Date · amount: 1900000 · debtor: The T. Eaton Company Limited · creditor: Jones New York · currency: CAD
- unsecured creditorsnote: Original business losses/purchase order claim was $1,310,069 plus worksheet claim of $1,442,226; admitted additional claim of $2,000,000 · page: 34 · as of: 2002-07-04 · basis: Additional claim admitted by Liquidator following motion to lift Claims Bar Date · amount: 2000000 · debtor: The T. Eaton Company Limited · creditor: Ralph Lauren Polo (Polo) · currency: CAD
- secured creditorsnote: Approximate principal amount of first mortgage; $18,084,681 paid to NRCS on closing of Toronto Warehouse Lands sale in respect of first mortgage and related settlement · page: 37 · amount: 18000000 · debtor: Eaton's / Distributionco (Toronto Warehouse Lands) · creditor: National Retail Credit Services Company (NRCS) · currency: CAD · security: First mortgage on Toronto Warehouse Lands
- unsecured creditorsnote: Total of first eight interim distributions was $118,788,813, representing 52 cents on the dollar of Class I Distribution Claims; total underlying claim amount not stated as a single figure (component distributions reported by date, not summed here) · page: 45 · as of: as of first through eighth interim distributions · basis: Aggregate distribution history reported by Liquidator · debtor: The T. Eaton Company Limited / Distributionco Inc. · creditor: Class I Creditors (unsecured, aggregate) · currency: CAD