Manitoba · Receivership (court-appointed)
Receiver’s Report 14
Court officer report · 25 May 2012
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 filing8 verified
- cash on handnote: Represented by short term investments and bonds $7,197,732; cash in trust - holdback $1,000,000; cash in trust - 1st interim distribution $2,153,866; cash in trust - 2nd interim distribution $1,405,272; cash in trust - class action settlements $275,471. The statement's own representation line totals 12,032,341. · as at: 2012-03-31 · amount: 12032342 · currency: CAD · qualifier: excess of receipts over disbursements, after interim distributions
- disbursementsnote: Excludes interim distributions to shareholders of approximately $63.7 million. · since: June 28, 2005 (commencement of the receivership) · amount: 21745497 · currency: CAD
- operational summaryThe Receiver has realized on 39 of 46 investments, recovering about 106% of book value, and made two interim distributions to Class A shareholders. Seven investments are not exited, and litigation, a lease to 2016 and the Class Action holdback keep the receivership open with no predictable completion date.
- professional feesnote: Excludes GST; taxes on Receiver fees were a further $407,821. Legal fees of the Receiver's counsel were $2,038,338 (plus $55,735 disbursements and $261,922 taxes); indemnification legal fees paid on behalf of former directors/officers/employees were $651,982. · party: Deloitte & Touche Inc. (Receiver and Manager) · amount: 7130967 · period: June 28, 2005 to March 31, 2012 · currency: CAD
- receipts cumulativenote: Includes $23,363,012 cash and short term investments on hand at commencement of the receivership and $52,442,430 proceeds on disposal of investments. · since: June 28, 2005 (commencement of the receivership) · amount: 100474361 · currency: CAD
- recovery outcomeentries: basis: actual · quote: Furthermore, the Court has authorized two interim distributions (the first on September 4, 2009; the second on December 12, 2011) to Class A shareholders representing approximately $63.7 million or $4.38 per share. · pct of: unstated · outcome: distribution · class key: equity · stated by: receiver · amount low: 63700000 · amount high: 63700000 · class label: Class A shareholders · interim final: interim · claims qualifier: unstated; basis: actual · quote: | 1st Interim Distribution - Class "A" Shares | 52,305,250 | · pct of: unstated · outcome: distribution · class key: equity · stated by: receiver · amount low: 52305250 · cumulative: false · amount high: 52305250 · class label: Class "A" Shares (1st Interim Distribution) · interim final: interim · claims qualifier: unstated; basis: actual · quote: | 1st Interim Distribution - Class "I" & "L" Shares | 264,955 | · pct of: unstated · outcome: distribution · class key: equity · stated by: receiver · amount low: 264955 · cumulative: false · amount high: 264955 · class label: Class "I" & "L" Shares (1st Interim Distribution) · interim final: interim · claims qualifier: unstated; basis: actual · quote: | 2nd Interim Distribution - Class "A" Shares | 7,545,272 | · pct of: unstated · outcome: distribution · class key: equity · stated by: receiver · amount low: 7545272 · cumulative: false · amount high: 7545272 · class label: Class "A" Shares (2nd Interim Distribution) · interim final: interim · claims qualifier: unstated; basis: actual · quote: | 2nd Interim Distribution - Class "I" Shares | 43,539 | · pct of: unstated · outcome: distribution · class key: equity · stated by: receiver · amount low: 43539 · cumulative: false · amount high: 43539 · class label: Class "I" Shares (2nd Interim Distribution) · interim final: interim · claims qualifier: unstated · stated on: 2012-05-25 · table missing:
- report date25 May 2012
- report noReceiver's Report No. 14