Ontario · Interim receivership
Report of Trustee on Proposal dated May 7, 2019
Court officer report · 7 May 2019
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What we verified from this filing6 verified
- secured creditorsnote: Loan guaranteed by Toonbox Entertainment Ltd.; amount is original loan agreement principal, not a stated current outstanding balance; interim receiver appointed on PMB's application · page: 2 · as of: 2017-12-19 · amount: 8170705 · debtor: The Nut Job 2 Productions Inc. · creditor: Pacific Mercantile Bank (PMB) · currency: USD · security: General security interest granted by The Nut Job 2 Productions Inc.; loan agreement original amount
- financial positionnote: No consolidated total assets/liabilities figure stated; individual asset items disclosed: cash on hand ~$345,907 (per Statement of Affairs as at Date of Filing), GST/HST receivable ~$93,046 (per Statement of Affairs as at Date of Filing), estimated tax credits ~$679,242 (forecast, not yet earned), investments of $4.5 million in Dundy Ltd. and RNT No. 1 Ltd. (balance sheet figure, feasibility/value not confirmed). Trustee unable to determine value of franchise rights or quantify estimated realization to creditors. · page: 4 · basis: unaudited, not reviewed by Trustee - information from Company's books and records and management discussions · scope: Toonbox Entertainment Ltd. (entity level, with reference to The Nut Job 2 Productions Inc. as related production company) · currency: CAD
- secured creditorsnote: Company advises no monies owed to this creditor at time of Proposal filing · page: 4 · as of: Date of Filing · debtor: Toonbox Entertainment Ltd. · creditor: Royal Bank of Canada · currency: CAD · security: PPSA registration against certain equipment
- secured creditorsnote: Company advises no monies owed to this creditor at time of Proposal filing · page: 4 · as of: Date of Filing · debtor: Toonbox Entertainment Ltd. · creditor: Screen Actors Guild-American Federation of Television and Radio Artists · currency: CAD · security: PPSA registration against certain equipment
- secured creditorsnote: Company advises no monies owed to this creditor at time of Proposal filing · page: 4 · as of: Date of Filing · debtor: Toonbox Entertainment Ltd. · creditor: Actra Performer's Rights Society · currency: CAD · security: PPSA registration against certain equipment
- recovery outcomeentries: basis: plan · quote: Preferred Creditors will be paid in full in priority to Ordinary Creditors, immediately after Court approval. · pct of: unstated · outcome: paid_in_full · class key: preferred · stated by: proposal_trustee · class label: Preferred Creditors · interim final: unstated · claims qualifier: unstated; basis: unstated · quote: Ordinary Creditors will receive the balance of the remaining funds, to be divided on a pro rata basis, in full and final settlement of their proven ordinary claims; · pct of: proven_claims · outcome: distribution · class key: unsecured · stated by: proposal_trustee · class label: Ordinary Creditors · interim final: unstated · conditional on: pro rata share of remaining funds after priority payments · claims qualifier: unstated; basis: unstated · quote: The Trustee is not able to quantify the estimated realization to creditors at this point. · pct of: unstated · outcome: undetermined · class key: unsecured · stated by: proposal_trustee · class label: Ordinary Creditors · interim final: unstated · claims qualifier: unstated · table missing: