Ontario · Bankruptcy
Second Report of the Trustee dated October 1, 2013
Court officer report · 1 October 2013
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What we verified from this filing1 verified
- recovery outcomeentries: basis: estimated · quote: According to the Affidavit of Ian Samson filed in support of this motion, recoveries to class members are estimated to be 62% of the amounts claimed - which substantially exceeds the potential recovery that might have been available to creditors in the bankruptcy proceedings absent the claims of the Plaintiffs and/or the Trustee being successfully litigated and any resulting judgment collected - all of which would be uncertain, time consuming and costly; · pct of: unstated · outcome: distribution · pct low: 62 · pct high: 62 · class key: unsecured · stated by: trustee · class label: class members (former employees and pensioners) · interim final: unstated · claims qualifier: unstated; basis: estimated · quote: This facilitates greater relative recoveries for the Remaining Creditors - the amount allocated to the Trustee under the Settlement Agreement ($200,000) may result in a recovery of up to 50% for the Remaining Creditors, which exceeds the recovery the Remaining Creditors may have otherwise received had the settlement not been pursued (estimated at between nil and 40% of their claims); · pct of: unstated · outcome: distribution · pct low: 50 · pct high: 50 · class key: unsecured · stated by: trustee · class label: Remaining Creditors · interim final: unstated · claims qualifier: unstated; basis: estimated · quote: In this situation, the result is estimated at nil to 25% of creditor claims; and · pct of: unstated · outcome: distribution · pct low: 25 · pct high: 25 · class key: unsecured · stated by: trustee · class label: creditors of the Bankrupt Entities · interim final: unstated · conditional on: the Trustee being successful on the setoff issue but not on the disallowance of Shaw US' $14.9 million claim for amounts owing under the Promissory Note · claims qualifier: unstated · stated on: 2013-10-01 · table missing: