Ontario · Receivership (court-appointed)
Motion Record – Returnable August 5, 2020
Application / notice of application · 5 August 2020
Also filed as: Motion Record – Returnable August 5, 2020
What we verified from this filing8 verified
- secured creditorsnote: Parkland Fuel Corporation stated to be successor to Pioneer; subordinated/postponed to FirstOntario per postponement agreement dated 2017-02-17 (Reg. No. 655266528). Registration was near expiry as at report date. Amount of claim not stated. · page: 51 · debtor: 1393382 Ontario Limited · creditor: Pioneer Energy LP / Parkland Fuel Corporation (successor) · currency: CAD · security: PPSA registration (registered 2009-07-30, expiry 2020-07-30) over Inventory, Equipment, Accounts, Other - secured party changed by assignment from Bradshaw Fuels Ltd., registered 2011-09-14
- secured creditorsnote: Security subordinated/postponed to FirstOntario per postponement agreement dated 2017-02-22 (Reg. No. 700079229). Amount of CIBC's underlying claim against 139 Co. not stated in these pages. CIBC obtained the September 30, 2019 ex parte order appointing BDO as receiver over 139 Co. and related entities in a separate action (CV-19-00628293-00CL). · page: 51 · debtor: 1393382 Ontario Limited · creditor: Canadian Imperial Bank of Commerce (CIBC) · currency: CAD · security: PPSA registration (registered 2014-06-24, expiry 2029-06-24) over Inventory, Equipment, Accounts, Other, Motor Vehicle; two Mareva Order registrations (registered 2019-10-11, expiry 2022-10-11), registered on title 2019-11-04
- secured creditorsnote: Subordinated/postponed to FirstOntario per postponement agreement dated 2017-02-28 (Reg. No. 697391325). Amount of claim not stated. · page: 51 · debtor: 1393382 Ontario Limited · creditor: LIBRO Credit Union Limited · currency: CAD · security: PPSA registration (registered 2014-09-24, expiry 2020-09-24) over Inventory, Equipment, Accounts, Other, Motor Vehicle
- secured creditorsnote: Exact balance per payout statement (Appendix J) as at 2020-07-20. Second Report (2020-07-22) describes the debt in prose as 'approximately $15.1 million'; earlier First Report (2020-04-24) described it as 'approximately $14.6 million'. FirstOntario holds a priority charge over the Bloomfield Property and benefits from postponement/subordination agreements in its favour from Parkland Fuel Corporation (successor to Pioneer, dated 2017-02-17), CIBC (dated 2017-02-22) and LIBRO Credit Union Limited (dated 2017-02-28). · page: 52 · as of: 2020-07-20 · amount: 15115580 · debtor: 1393382 Ontario Limited · creditor: FirstOntario Credit Union Limited · currency: CAD · security: PPSA registrations (registered 2016-12-14, expiry 2026-12-14) over Inventory, Equipment, Accounts, Other, Motor Vehicle; separate PPSA registration (2016-12-14) - Accounts, Other, General Assignment of Rents and Leases relating to 22216 Bloomfield Road, Chatham, Ontario, plus proceeds; Business Loan General Security Agreement dated 2017-02-28; charge on title registered 2017-03-02 in the registered principal amount of $11,000,000
- secured creditorsnote: Nominal ($1) notice registration on title dated 2009-01-09; nature of underlying claim not further described in these pages. · page: 52 · as of: 2009-01-09 · amount: 1 · debtor: 1393382 Ontario Limited · creditor: The Corporation of the Municipality of Chatham-Kent · currency: CAD · security: Notice registration on title
- secured creditorsnote: Deemed trust class. Unpaid HST for the August 2019 reporting period as confirmed by CRA to the Receiver; Receiver was uncertain whether this amount relates specifically to the Bloomfield Property division. Receiver states it has not, to date, received any (other) claims from CRA; pre-receivership September 2019 HST return and post-receivership corporate/HST returns for 139 Co. remain unfiled. · page: 52 · as of: August 2019 HST return · amount: 9945 · debtor: 1393382 Ontario Limited · creditor: Canada Revenue Agency · currency: CAD · security: Deemed trust (HST)
- fee scheduleengagements: form: prose · rows: · money: approximate: false · period: kind: unstated · approval: state: unstated · averages: rate: 207.31 · quote: This represents a total of 556.25 hours at an average rate of $207.31 per hour. · currency: · invoices: · firm text: msi Spergel Inc. · firm quote: Lawyers for msi Spergel Inc., in its capacity as Court-Appointed Receiver of ce1iain property for 1393382 Ontario Limited · hours total: quote: This represents a total of 556.25 hours at an average rate of $207.31 per hour. · value: 556.25 · context quote: Court-appointed Receiver of certain property of 1393382 Ontario Limited; form: prose · rows: · money: approximate: false · period: kind: unstated · approval: state: unstated · averages: rate: 220.79 · quote: This represents a total of 685.25 hours at an average rate of $220.79 per hour. · currency: · invoices: · hours total: quote: This represents a total of 685.25 hours at an average rate of $220.79 per hour. · value: 685.25 · firm unverified: true · context unverified: true
- recovery outcomeentries: basis: unstated · quote: The Receiver seeks the approval of the Court, following a successful completion of the K2 Transaction, to repay the Receiver's borrowings of $707,000 plus accrued interest and to make an interim distribution therefrom to FirstOntario up to the amount of the indebtedness owed by 139 Co., provided that the Receiver shall retain at least the sum of $1,500,000 toward future expenses and other claims, and subject to further order of this court (the "FirstOntario Distribution"). · pct of: unstated · outcome: distribution · class key: secured · stated by: receiver · class label: FirstOntario · creditor name: FirstOntario · interim final: interim · conditional on: following a successful completion of the K2 Transaction, provided that the Receiver shall retain at least the sum of $1,500,000 toward future expenses and other claims, and subject to further order of this court · claims qualifier: unstated · stated on: 2020-07-22 · table missing: