Ontario · NOI
Second Report of Richter Inc. (formerly Richter Advisory Group Inc.) in its capacity as Trustee – dated May 25, 2022
Court officer report · 25 May 2022
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 filing2 verified
- fee scheduleengagements: form: prose · rows: · money: approximate: false · period: end: 2022-05-20 · kind: invoice · quote: for the period from February 1, 2022 to May 20, 2022 · start: 2022-02-01 · approval: quote: approving the Proposal Trustee's fees and disbursements and those of its counsel, Thornton Grout Finnigan LLP ('TGF'), for the period from February 1, 2022 to May 20, 2022 · state: unstated · averages: rate: 569.07 · quote: The average hourly rate billed by the Proposal Trustee during the Period is $569.07. · currency: · invoices: · firm text: Richter Inc. · firm quote: SECOND REPORT OF RICHTER INC. (FORMERLY, RICHTER ADVISORY GROUP INC.) IN ITS CAPACITY AS TRUSTEE UNDER THE NOTICE OF INTENTION TO MAKE A PROPOSAL OF AYANDA CANNABIS CORPORATION · context quote: approving the Proposal Trustee's fees and disbursements and those of its counsel, Thornton Grout Finnigan LLP ('TGF'), for the period from February 1, 2022 to May 20, 2022 · context unverified: true; form: prose · rows: · money: approximate: false · period: end: 2022-05-20 · kind: invoice · quote: for the period from February 1, 2022 to May 20, 2022 · start: 2022-02-01 · approval: quote: approving the Proposal Trustee's fees and disbursements and those of its counsel, Thornton Grout Finnigan LLP ('TGF'), for the period from February 1, 2022 to May 20, 2022 · state: unstated · averages: · currency: · invoices: · firm text: Thornton Grout Finnigan LLP · firm quote: its counsel, Thornton Grout Finnigan LLP ('TGF') · context quote: approving the Proposal Trustee's fees and disbursements and those of its counsel, Thornton Grout Finnigan LLP ('TGF'), for the period from February 1, 2022 to May 20, 2022 · context unverified: true
- recovery outcomeentries: basis: plan · quote: Should the Proposal be approved by both the Creditors and the Court and implemented, it is anticipated that the Claims of Affected Creditors will be paid in full and the balance of the Net Purchase Proceeds will be made available to Ayanda's Class B Equity Claimants on a pro rata basis. · pct of: unstated · outcome: paid_in_full · class key: unsecured · stated by: proposal_trustee · class label: Affected Creditors · interim final: unstated · conditional on: if the Proposal is approved by the Creditors and the Court and implemented · claims qualifier: unstated; basis: plan · quote: Should the Proposal be approved by both the Creditors and the Court and implemented, it is anticipated that the Claims of Affected Creditors will be paid in full and the balance of the Net Purchase Proceeds will be made available to Ayanda's Class B Equity Claimants on a pro rata basis. · pct of: unstated · outcome: distribution · class key: equity · stated by: proposal_trustee · class label: Class B Equity Claimants · interim final: unstated · conditional on: balance of Net Purchase Proceeds after Affected Creditors are paid in full · claims qualifier: unstated; basis: liquidation_alternative · quote: In such a scenario, the Transaction would not be completed, and it appears unlikely that there would be any funds from the liquidation of the Company's assets to support a distribution to the Company's Unsecured Creditors. · pct of: unstated · outcome: nil · class key: unsecured · stated by: proposal_trustee · class label: unsecured creditors · interim final: unstated · conditional on: if the Proposal is not accepted and Ayanda becomes bankrupt · claims qualifier: unstated; basis: liquidation_alternative · quote: the Proposal Trustee is of the view that the Proposal is preferable to a bankruptcy, as it contemplates a full recovery to the Company's Affected Creditors and a significant distribution to Ayanda's Class B shareholders, both of which are estimated to receive no recoveries in a bankruptcy scenario. · pct of: unstated · outcome: nil · class key: equity · stated by: proposal_trustee · class label: Class B shareholders · interim final: unstated · conditional on: in a bankruptcy scenario · claims qualifier: unstated; basis: liquidation_alternative · quote: As reported by the Company on its Statement of Affairs, absent the closing of the Transaction, the estimated realizations from the Company's assets would be insufficient to satisfy the secured claim of to MSFL. · pct of: unstated · outcome: shortfall · class key: secured · stated by: proposal_trustee · class label: MSFL secured claim · creditor name: Michael Sioen Farms Ltd. · interim final: unstated · conditional on: absent the closing of the Transaction · claims qualifier: unstated · stated on: 2022-05-25 · table missing: