Ontario · NOI
Motion Record
Application / notice of application · 8 September 2020
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What we verified from this filing1 verified · 1 withheld
- recovery outcomeentries: basis: plan · quote: Article 3.3 (the ' Article 3.3 Clause ') of the Amended Proposal provides that an ordinary Unsecured Creditor may at the time of filing a Proof of Claim and for distribution purposes only elect, in writing, to accept a distribution equal to the lesser of (i) the amount of that Unsecured Creditor's proven Claim; and (ii) $1,000, in full and final satisfaction of its claim. · pct of: unstated · outcome: distribution · class key: unsecured · stated by: proposal_trustee · amount low: 1000 · amount high: 1000 · class label: ordinary Unsecured Creditors (Election Creditors) · interim final: unstated · conditional on: lesser of proven Claim and $1,000, in full and final satisfaction of claim · claims qualifier: unstated; basis: estimated · quote: The Report to Creditors estimated that unsecured creditors may receive a distribution of approximately 8.28%. · pct of: unstated · outcome: distribution · pct low: 8.28 · pct high: 8.28 · class key: unsecured · stated by: proposal_trustee · class label: ordinary Unsecured Creditors · interim final: unstated · claims qualifier: unstated; basis: estimated · quote: To ensure that all creditors are receiving a fair and equitable distribution, the Proposal Trustee has calculated the distribution to Messenger's creditors (other than the Election Creditors and prior to any of the Election Creditors retracting their elections) based on Transit Petroleum's claim being valued net of the Retained Funds, which results in a return of approximately 7.13%. · pct of: unstated · outcome: distribution · pct low: 7.13 · pct high: 7.13 · class key: unsecured · stated by: proposal_trustee · class label: Messenger's unsecured creditors (other than Transit Petroleum) · interim final: unstated · conditional on: based on Transit Petroleum's claim being valued net of the Retained Funds · claims qualifier: unstated; basis: estimated · quote: In order to safeguard Transit Petroleum's ability to share rateably in the distribution should Messenger have success in the Transit Litigation, the Trust Fund will be paid to Transit Petroleum, such that Transit Petroleum will still be paid a return of approximately 7.13%. · pct of: unstated · outcome: distribution · pct low: 7.13 · pct high: 7.13 · class key: unsecured · stated by: proposal_trustee · class label: Transit Petroleum · creditor name: Transit Petroleum · interim final: unstated · conditional on: Trust Fund paid to Transit Petroleum to safeguard its rateable share; if Transit Petroleum succeeds in litigation, Trust Fund returned to Messenger · claims qualifier: unstated; basis: estimated · quote: Should the Election Creditors having claims of $953,182 retract their elections, the estimated distribution to affected creditors would decrease to approximately 3.53%, with the Trust Fund decreasing from $5,970.54 to $2,961.14 as a result of this dilution. · pct of: unstated · outcome: distribution · pct low: 3.53 · pct high: 3.53 · class key: unsecured · stated by: proposal_trustee · class label: affected creditors (if Election Creditors retract elections) · interim final: unstated · conditional on: Should the Election Creditors having claims of $953,182 retract their elections · claims qualifier: unstated · stated on: 2020-09-08 · table missing:
1 extracted value is withheld: either a trap-shaped field where models produce confident wrong numbers, or an identity value whose quotation could not be found in the document. Withheld values are shown to no one.