Ontario · CCAA
Tenth Report of the Monitor dated May 28, 2025
Court officer report · 28 May 2025
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 filing6 verified
- cash on handnote: Cash on hand figure is redacted in the filed Confidential Financial Update; the unredacted version is sought to be sealed. The report states the remaining costs, largely professional fees, are to be funded from funds held in the Monitor's bank accounts and that the Applicant will have sufficient liquidity during the proposed extension period. · currency: CAD · qualifier: approximately
- fee scheduleengagements: form: time_summary · rows: Noah Goldstein; David Sieradzki; Robert Harlang; Meg Ostling; fees: 1061 · quote: Other staff and administration | | | 1,061.00 · row kind: bucket · rate kind: standard · name as stated: Other staff and administration · money: tax: label: HST · quote: HST | 13,081.04 · amount: 13081.04 · fees: quote: Total Fees | | | 100,607.25 · amount: 100607.25 · total: quote: Total Due | $ 113,704.44 · amount: 113704.44 · includes tax: true · includes disbursements: true · approximate: false · disbursements: quote: Disbursements | | | 16.15 · amount: 16.15 · period: end: 2024-06-30 · kind: invoice · quote: For the period ended June 30, 2024 · start: 2024-06-01 · approval: state: unstated · averages: · currency: · invoices: · firm text: KSV Restructuring Inc. · firm quote: KSV Restructuring Inc. · context quote: Tenth Report of KSV Restructuring Inc. as CCAA Monitor of LoyaltyOne, Co.; form: time_summary · rows: Noah Goldstein; David Sieradzki; Robert Harlang; Meg Ostling; fees: 426.75 · quote: Other staff and administration | | | 426.75 · row kind: bucket · rate kind: standard · name as stated: Other staff and administration · money: tax: label: HST · quote: HST | 7,319.73 · amount: 7319.73 · fees: quote: Total Fees | | | 55,940.50 · amount: 55940.5 · total: quote: Total Due | $ 63,625.37 · amount: 63625.37 · includes tax: true · includes disbursements: true · approximate: false · disbursements: quote: Disbursements | | | 365.14 · amount: 365.14 · period: end: 2024-07-31 · kind: invoice · quote: For the period ended July 31, 2024 · start: 2024-07-01 · approval: state: unstated · averages: · currency: · invoices: · firm text: KSV Restructuring Inc. · firm quote: KSV Restructuring Inc. · context quote: Tenth Report of KSV Restructuring Inc. as CCAA Monitor of LoyaltyOne, Co.; form: time_summary · rows: Noah Goldstein; David Sieradzki; Meg Ostling; fees: 1752.75 · quote: Other staff and administration | | | 1,752.75 · row kind: bucket · rate kind: standard · name as stated: Other staff and administration · money: tax: label: HST · quote: HST | 6,677.92 · amount: 6677.92 · fees: quote: Total Fees | | | 51,362.75 · amount: 51362.75 · total: quote: Total Due | $ 58,046.56 · amount: 58046.56 · includes tax: true · includes disbursements: true · approximate: false · disbursements: quote: Disbursements | | | 5.89 · amount: 5.89 · period: end: 2024-08-31 · kind: invoice · quote: For the period ended August 31, 2024 · start: 2024-08-01 · approval: state: unstated · averages: · currency: · invoices: · firm text: KSV Restructuring Inc. · firm quote: KSV Restructuring Inc. · context quote: Tenth Report of KSV Restructuring Inc. as CCAA Monitor of LoyaltyOne, Co.; form: time_summary · rows: Noah Goldstein; David Sieradzki; Robert Harlang; Meg Ostling; fees: 2593 · quote: Other staff and administration | | | 2,593.00 · row kind: bucket · rate kind: standard · name as stated: Other staff and administration · money: tax: label: HST · quote: HST | 18,186.36 · amount: 18186.36 · fees: quote: Total Fees | | | 139,893.00 · amount: 139893 · total: quote: Total Due | $ 158,081.45 · amount: 158081.45 · includes tax: true · includes disbursements: true · approximate: false · disbursements: quote: Disbursements | | | 2.09 · amount: 2.09 · period: end: 2024-09-30 · kind: invoice · quote: For the period ended September 30, 2024 · start: 2024-09-01 · approval: state: unstated · averages: · currency: · invoices: · firm text: KSV Restructuring Inc. · firm quote: KSV Restructuring Inc. · context quote: Tenth Report of KSV Restructuring Inc. as CCAA Monitor of LoyaltyOne, Co.; form: time_summary · rows: Noah Goldstein; David Sieradzki; Robert Harlang; Meg Ostling; fees: 1712.25 · quote: Other staff and administration | | | 1,712.25 · row kind: bucket · rate kind: standard · name as stated: Other staff and administration · money: tax: label: HST · quote: HST | 11,455.70 · amount: 11455.7 · fees: quote: Total Fees | | | 88,116.00 · amount: 88116 · total: quote: Total Due | $ 99,576.48 · amount: 99576.48 · includes tax: true · includes disbursements: true · approximate: false · disbursements: quote: Disbursements (postage) | | | 4.78 · amount: 4.78 · period: end: 2024-10-31 · kind: invoice · quote: For the period ended October 31, 2024 · start: 2024-10-01 · approval: state: unstated · averages: · currency: · invoices: · firm text: KSV Restructuring Inc. · firm quote: KSV Restructuring Inc. · context quote: Tenth Report of KSV Restructuring Inc. as CCAA Monitor of LoyaltyOne, Co.; form: time_summary · rows: Noah Goldstein; David Sieradzki; Robert Harlang; Meg Ostling; fees: 886.5 · quote: Other staff and administration | | | 886.50 · row kind: bucket · rate kind: standard · name as stated: Other staff and administration · money: tax: label: HST · quote: HST | 7,412.91 · amount: 7412.91 · fees: quote: Total Fees | | | 57,016.50 · amount: 57016.5 · total: quote: Total Due | $ 64,435.30 · amount: 64435.3 · includes tax: true · includes disbursements: true · approximate: false · disbursements: quote: Disbursements | | | 5.89 · amount: 5.89 · period: end: 2024-11-30 · kind: invoice · quote: For the period ended November 30, 2024 · start: 2024-11-01 · approval: state: unstated · averages: · currency: · invoices: · firm text: KSV Restructuring Inc. · firm quote: KSV Restructuring Inc. · context quote: Tenth Report of KSV Restructuring Inc. as CCAA Monitor of LoyaltyOne, Co.; form: time_summary · rows: Noah Goldstein; David Sieradzki; Meg Ostling; Martin Kosic; Catherine Theriault; fees: 285 · quote: Other staff and administration | | | 285.00 · row kind: bucket · rate kind: standard · name as stated: Other staff and administration · money: tax: label: HST · quote: HST | 8,889.14 · amount: 8889.14 · fees: quote: Total Fees | | | 68,360.00 · amount: 68360 · total: quote: Total Due | $ 77,267.14 · amount: 77267.14 · includes tax: true · includes disbursements: true · approximate: false · disbursements: quote: Disbursements | | | 18.00 · amount: 18 · period: end: 2024-12-31 · kind: invoice · quote: For the period ended December 31, 2024 · start: 2024-12-01 · approval: state: unstated · averages: · currency: · invoices: · firm text: KSV Restructuring Inc. · firm quote: KSV Restructuring Inc. · context quote: Tenth Report of KSV Restructuring Inc. as CCAA Monitor of LoyaltyOne, Co.; form: time_summary · rows: Noah Goldstein; David Sieradzki; Meg Ostling; Catherine Theriault; fees: 745.5 · quote: Other staff and administration | | | 745.50 · row kind: bucket · rate kind: standard · name as stated: Other staff and administration · money: tax: label: HST · quote: HST | 9,941.18 · amount: 9941.18 · fees: quote: Total Fees | | | 76,457.25 · amount: 76457.25 · total: quote: Total Due | $ 86,411.77 · amount: 86411.77 · includes tax: true · includes disbursements: true · approximate: false · disbursements: quote: Disbursements (postage) | | | 13.34 · amount: 13.34 · period: end: 2025-01-31 · kind: invoice · quote: For the period ended January 31, 2025 · start: 2025-01-01 · approval: state: unstated · averages: · currency: · invoices: · firm text: KSV Restructuring Inc. · firm quote: KSV Restructuring Inc. · context quote: Tenth Report of KSV Restructuring Inc. as CCAA Monitor of LoyaltyOne, Co.; form: time_summary · rows: Noah Goldstein; David Sieradzki; Meg Ostling; fees: 382 · hours: 1.65 · quote: Other staff and administration | 210-260 | 1.65 | 382.00 · rate max: 260 · rate min: 210 · row kind: bucket · rate kind: range · name as stated: Other staff and administration · money: tax: label: HST · quote: HST | 11,241.46 · amount: 11241.46 · fees: quote: Fees | | | 86,124.50 · amount: 86124.5 · total: quote: Total Due | $ 97,714.22 · amount: 97714.22 · includes tax: true · includes disbursements: true · approximate: false · disbursements: quote: Disbursements | | | 348.26 · amount: 348.26 · period: end: 2025-02-28 · kind: invoice · quote: For the period ended February 28, 2025 · start: 2025-02-01 · approval: state: unstated · averages: · currency: · invoices: · firm text: KSV Restructuring Inc. · firm quote: KSV Restructuring Inc. · context quote: Tenth Report of KSV Restructuring Inc. as CCAA Monitor of LoyaltyOne, Co.; form: time_summary · rows: Noah Goldstein; David Sieradzki; Meg Ostling; fees: 508.5 · hours: 2.2 · quote: Other staff and administration | 210-260 | 2.20 | 508.50 · rate max: 260 · rate min: 210 · row kind: bucket · rate kind: range · name as stated: Other staff and administration · money: tax: label: HST · quote: HST | 9,147.38 · amount: 9147.38 · fees: quote: Total Fees | | | 68,176.00 · amount: 68176 · total: quote: Total Due | $ 79,511.84 · amount: 79511.84 · includes tax: true · includes disbursements: true · approximate: false · disbursements: quote: Total Disbursements | | | 2,188.46 · amount: 2188.46 · period: end: 2025-03-31 · kind: invoice · quote: For the period ended March 31, 2025 · start: 2025-03-01 · approval: state: unstated · averages: · currency: · invoices: · firm text: KSV Restructuring Inc. · firm quote: KSV Restructuring Inc. · context quote: Tenth Report of KSV Restructuring Inc. as CCAA Monitor of LoyaltyOne, Co.; form: time_summary · rows: Noah Goldstein; David Sieradzki; Robert Harlang; Meg Ostling; Roni Levit; fees: 463 · hours: 2.1 · quote: Other staff and administration | 210-260 | 2.10 | 463.00 · rate max: 260 · rate min: 210 · row kind: bucket · rate kind: range · name as stated: Other staff and administration · money: tax: label: HST · quote: HST | 12,255.92 · amount: 12255.92 · fees: quote: Total Fees | | | 94,255.50 · amount: 94255.5 · total: quote: Total Due | $ 106,532.23 · amount: 106532.23 · includes tax: true · includes disbursements: true · approximate: false · disbursements: quote: Total Disbursements | | | 20.81 · amount: 20.81 · period: end: 2025-04-30 · kind: invoice · quote: For the period ended April 30, 2025 · start: 2025-04-01 · approval: state: unstated · averages: · currency: · invoices: · firm text: KSV Restructuring Inc. · firm quote: KSV Restructuring Inc. · context quote: Tenth Report of KSV Restructuring Inc. as CCAA Monitor of LoyaltyOne, Co.; form: level_summary · rows: Noah Goldstein · money: · period: kind: cumulative · quote: Billing Rate (Per Hour) Jun-Dec | Billing Rate (Per Hour) Jan-May · approval: state: unstated · averages: · currency: · invoices: · firm text: KSV Restructuring Inc. · firm quote: KSV Restructuring Inc. · context quote: Tenth Report of KSV Restructuring Inc. as CCAA Monitor of LoyaltyOne, Co.; form: time_summary · rows: Chris Armstrong; Kenneth Saddington; Kirby Cohen; Peter Ruby; Brendan O'Neill; Brian F. Empey; Mitchell J. Sherman; Monica Creery; Meghan de Snoo; Erik Axell; Caterina Costa-Faria; Josephine Hu; fees: 60 · rate: 120 · hours: 0.5 · quote: DPS | Word Processing | 0.50 | 120.00 | 60.00 · title: Word Processing · row kind: bucket · rate kind: standard · name as stated: Word Processing; fees: 792 · rate: 120 · hours: 6.6 · quote: S/O | Overtime, Secretary | 6.60 | 120.00 | 792.00 · row kind: bucket · rate kind: standard · name as stated: Overtime, Secretary · money: fees: quote: Total Fees | $276,501.00 · amount: 276501 · approximate: false · period: kind: invoice · quote: Invoice No. | 815938 · approval: state: unstated · averages: · currency: · invoices: · firm text: Goodmans LLP · firm quote: Send to: Goodmans LLP, 333 Bay Street, Suite 3400, Toronto, Ontario M5H 2S7 · context quote: its counsel, Dentons · context unverified: true
- operational summaryThe Applicant is no longer conducting active business operations; the proceeding is focused on realizing remaining assets (principally a $74.5 million 2013 tax refund held by CRA pending an HST return, now filed), pursuing disputes and a planned mediation with Bread, and facilitating WEPPA claims for former employees.
- professional feesnote: Excludes disbursements and HST. Monitor's counsel Goodmans LLP fees of $499,679.00 (excluding disbursements and HST) for June 1, 2024 to April 29, 2025; average hourly rates $723.38 (Monitor) and $985.75 (Goodmans). · party: KSV Restructuring Inc. (Monitor) · amount: 886309.25 · period: June 1, 2024 to April 30, 2025 · currency: CAD
- report date28 May 2025
- report noTenth Report