Ontario · Receivership (court-appointed)
Motion Record Returnable March 13, 2020
Application / notice of application · 13 March 2020
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What we verified from this filing1 verified
- recovery outcomeentries: basis: actual · quote: Following the granting of the Third Distribution Order, the Liquidator made distributions to unsecured Claimants in the amount of 85 cents on the dollar as against their Proven Claims, in the total amount of $2,142,923. · pct of: proven_claims · outcome: distribution · pct low: 85 · pct high: 85 · class key: unsecured · stated by: liquidator · class label: third-party unsecured Claimants with valid unsecured Claims · interim final: unstated · related party: false · cents on dollar: 85 · claims qualifier: unstated; basis: estimated · quote: Having completed the Tarn Financial Claims Process, the Liquidator intends to make a final distribution to valid unsecured third-party Claimants, which will be the remaining 15% of the amount of their Proven Claims for all except the two non-Broker Disputed Claims that have since been settled, which will receive 100% of the settled Proven Claims. · pct of: proven_claims · outcome: distribution · pct low: 15 · pct high: 15 · class key: unsecured · stated by: liquidator · class label: valid unsecured third-party Claimants · interim final: final · related party: false · cents on dollar: 15 · claims qualifier: unstated; basis: estimated · quote: Having completed the Tarn Financial Claims Process, the Liquidator intends to make a final distribution to valid unsecured third-party Claimants, which will be the remaining 15% of the amount of their Proven Claims for all except the two non-Broker Disputed Claims that have since been settled, which will receive 100% of the settled Proven Claims. · pct of: proven_claims · outcome: paid_in_full · pct low: 100 · pct high: 100 · class key: unsecured · stated by: liquidator · class label: two non-Broker Disputed Claims · interim final: final · related party: false · cents on dollar: 100 · claims qualifier: unstated; basis: estimated · quote: Accordingly, the Liquidator is requesting that the Court grant the Fifth Distribution Order directing and authorizing the Liquidator to make a five percent (5%) interim distribution to the Non Arms-Length Claimants in respect of their Eligible Shareholder Loan Claims; · pct of: unstated · outcome: distribution · pct low: 5 · pct high: 5 · class key: unsecured · stated by: liquidator · class label: Non Arms-Length Claimants (Eligible Shareholder Loan Claims) · interim final: interim · related party: true · cents on dollar: 5 · claims qualifier: unstated; basis: actual · quote: Thereafter, the Applicants and the Respondents agreed to an interim distribution in an amount equal to 75 percent of the shareholder loan claims in the amount of $3,000,000 and $6,000,000, for Kaan and BA&B, respectively, submitted by the Applicants in the Tarn Financial Claims Process and 75 percent of $2,570,000 to SAMM (being the amount the parties agreed to base the distribution on and not the amount of the shareholder loan claim filed by SAMM). · pct of: unstated · outcome: distribution · pct low: 75 · pct high: 75 · class key: unsecured · stated by: liquidator · amount low: 2250000 · amount high: 2250000 · class label: Kaan Holdings Inc. (shareholder loan claim) · claims amount: 3000000 · creditor name: Kaan Holdings Inc. · interim final: interim · related party: true · cents on dollar: 75 · claims qualifier: asserted; basis: actual · quote: Thereafter, the Applicants and the Respondents agreed to an interim distribution in an amount equal to 75 percent of the shareholder loan claims in the amount of $3,000,000 and $6,000,000, for Kaan and BA&B, respectively, submitted by the Applicants in the Tarn Financial Claims Process and 75 percent of $2,570,000 to SAMM (being the amount the parties agreed to base the distribution on and not the amount of the shareholder loan claim filed by SAMM). · pct of: unstated · outcome: distribution · pct low: 75 · pct high: 75 · class key: unsecured · stated by: liquidator · amount low: 4500000 · amount high: 4500000 · class label: BA&B Capital Inc. (shareholder loan claim) · claims amount: 6000000 · creditor name: BA&B Capital Inc. · interim final: interim · related party: true · cents on dollar: 75 · claims qualifier: asserted; basis: actual · quote: Thereafter, the Applicants and the Respondents agreed to an interim distribution in an amount equal to 75 percent of the shareholder loan claims in the amount of $3,000,000 and $6,000,000, for Kaan and BA&B, respectively, submitted by the Applicants in the Tarn Financial Claims Process and 75 percent of $2,570,000 to SAMM (being the amount the parties agreed to base the distribution on and not the amount of the shareholder loan claim filed by SAMM). · pct of: unstated · outcome: distribution · pct low: 75 · pct high: 75 · class key: unsecured · stated by: liquidator · amount low: 1927500 · amount high: 1927500 · class label: SAMM Capital Holdings Inc. (shareholder loan claim) · claims amount: 2570000 · creditor name: SAMM Capital Holdings Inc. · interim final: interim · related party: true · cents on dollar: 75 · claims qualifier: asserted · stated on: 2020-03-09 · table missing: A copy of the Alternative Distribution Analysis along with a breakdown of the payments of the Non Arms-Length Claims is attached as Appendix 'L' to this Eighth Report.