Ontario · CCAA
Motion Record of the Monitor returnable August 27, 2020
Application / notice of application · 19 August 2020
Also filed as: Motion Record of the Proposal Trustee returnable August 27, 2020
AI summary
A plain-English summary drawn only from this filing: what it is, why it matters, and the parties, amounts and dates it turns on.
What we verified from this filing1 verified
- recovery outcomeentries: basis: estimated · quote: The secured claim of 2557725 Ontario Inc. against 22 Old Kennedy ($2.74 million) can be paid in full as the surplus realized on the sale of 22 Old Kennedy's real property exceeds $6.6 million after paying all mortgages on that property. · pct of: unstated · outcome: paid_in_full · pct low: 100 · pct high: 100 · class key: secured · stated by: monitor · amount low: 2740000 · amount high: 2740000 · class label: 2557725 Ontario Inc. (secured claim against 22 Old Kennedy) · claims amount: 2740000 · creditor name: 2557725 Ontario Inc. · interim final: unstated · claims qualifier: asserted; basis: estimated · quote: Based on the results of the security reviews conducted by Bennett Jones, the Monitor believes it is appropriate for it to be authorized and directed to make an initial Proposed Distribution of approximately $7.2 million from the Surplus, representing the full amount of the secured claim against 22 Old Kennedy ($2.74 million) and 50% of the secured claims against Mr. Wang ($4.41 million), as calculated in the table below. · pct of: unstated · outcome: distribution · pct low: 50 · pct high: 50 · class key: secured · stated by: monitor · amount low: 4410000 · cumulative: false · amount high: 4410000 · class label: Mr. Wang's secured creditors · creditor name: Mr. Wang's secured creditors · interim final: unstated · conditional on: balance of secured claims to be paid once outstanding issues in the Claims Procedure are resolved · claims qualifier: unstated · stated on: 2020-08-19 · table missing: