Alberta · Proposal
Creditors Package - Febrary 6, 2014
Notice to creditors · 6 February 2014
A plain-language read of this filing opens with a subscription.
What we verified from this filing4 verified
- secured creditorsnote: Total Trust claim approx. $23.039 million, of which $14.025 million treated as secured and remainder ($9.014 million per report, though Statement of Affairs elsewhere lists $9,155,421 total unsecured) as unsecured; balance of Trust's claim valued as unsecured for voting purposes; related-party/trust relationship arising from 2002 settlement agreement · page: 33 · as of: date of the Proposal · amount: 14025000 · debtor: Piikani Investment Corporation · creditor: CIBC Trust (Trustee of the Piikani Nation Trust) · currency: CAD · security: Promissory notes and general security agreements re Loans 1-6 (assigned to Trustee); value of security set at $14.025 million for purposes of Proposal
- unsecured creditorsnote: Document states the Trust (largest unsecured creditor) is owed approximately $9.014 million unsecured (balance beyond the $14.025 million treated as secured); no other individual unsecured creditors are named in the pages provided; Unsecured Creditors' Fund of $200,000 to be distributed, claims under $5,000 paid in full, remainder pro-rata · page: 34 · as of: date of the Proposal · basis: Per PIC's Statement of Affairs, as reported by Proposal Trustee · amount: 9155421 · debtor: Piikani Investment Corporation · creditor: Unsecured creditors (aggregate as reported) · currency: CAD
- unsecured creditorsnote: Preferred creditor for its Administrative Fees and Expenses; only known Preferred Creditor per Trustee · page: 34 · basis: Statement in Trustee's Report · debtor: Piikani Investment Corporation · creditor: Proposal Trustee (Grant Thornton Alger Inc.) · currency: CAD
- recovery outcomeentries: basis: plan · quote: Crown Claims, as defined in the Proposal, are to be paid in full under the terms of the Proposal. · pct of: unstated · outcome: paid_in_full · class key: preferred · stated by: proposal_trustee · class label: Crown Claims · interim final: unstated · claims qualifier: unstated; basis: plan · quote: The Proposal contemplates that Unsecured Creditors with Claims of less than $5,000 shall have their proven Claims paid in full. · pct of: proven_claims · outcome: paid_in_full · class key: unsecured · stated by: proposal_trustee · class label: Unsecured Creditors with Claims of less than $5,000 · interim final: unstated · conditional on: Claims of less than $5,000 · claims qualifier: unstated; basis: plan · quote: Where an Unsecured Creditor's proven Claim exceeds $5,000, a pro-rata distribution will occur in respect to the unpaid balance of the Claim from the remainder of the Unsecured Creditors' Fund. · pct of: unstated · outcome: distribution · class key: unsecured · stated by: proposal_trustee · class label: Unsecured Creditors with proven Claims exceeding $5,000 · claims amount: 9155421 · interim final: unstated · conditional on: pro-rata distribution on unpaid balance exceeding $5,000 from remainder of the Unsecured Creditors' Fund · claims qualifier: listed; basis: liquidation_alternative · quote: Should this Proposal not proceed, it is expected that there will be no funds available to satisfy the Claims of Unsecured Creditors. · pct of: unstated · outcome: nil · class key: unsecured · stated by: proposal_trustee · class label: Unsecured Creditors · interim final: unstated · conditional on: Should this Proposal not proceed · claims qualifier: unstated · stated on: 2014-02-06 · table missing: