Ontario · NOI
Third Report of the Proposal Trustee
Court officer report · 9 August 2024
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What we verified from this filing10 verified
- fee scheduleengagements: form: time_summary · rows: H. Levy; R. Williams; N. Jahja; L. Samoilov; S. Corcoran; I. Logashov; fees: 134988.34 · hours: 243.36 · quote: Total | ... | 243.36 134,988.34 $ · row kind: subtotal · rate kind: standard · name as stated: Total · money: tax: label: HST · quote: 17,801.58 $ · amount: 17801.58 · fees: quote: 243.36 134,988.34 $ · amount: 134988.34 · total: quote: 154,736.80 $ · amount: 154736.8 · includes tax: true · includes disbursements: true · approximate: false · disbursements: quote: 1,946.88 $ · amount: 1946.88 · period: end: 2024-07-26 · kind: cumulative · label: Fee Period · quote: The Proposal Trustee has rendered 3 invoices in this matter, being an invoice for the Fee Period of May 1, 2024 to May 31, 2024 in the total amount of $50,574.86 · start: 2024-05-01 · approval: quote: This affidavit is made in support of a motion to, inter alia, approve the attached accounts of B. Riley and the fees and disbursements detailed therein · state: sought · averages: rate: 554.69 · quote: Average hourly rate in respect of time as outlined in Exhibit 'A' is $554.69 · currency: · invoices: tax: 5818.35 · fees: 44116.67 · quote: 50,574.86 $ · total: 50574.86 · period end: 2024-05-31 · period start: 2024-05-01 · disbursements: 639.84; tax: 7979.64 · fees: 60510.42 · quote: 69,361.50 $ · total: 69361.5 · period end: 2024-06-30 · period start: 2024-06-01 · disbursements: 871.44; tax: 4003.59 · fees: 30361.25 · quote: 34,800.44 $ · total: 34800.44 · period end: 2024-07-26 · period start: 2024-07-01 · disbursements: 435.6 · firm text: B. Riley Farber Inc. · firm quote: THIRD REPORT OF B. RILEY FARBER INC. IN ITS CAPACITY AS TRUSTEE UNDER THE NOTICE OF INTENTION TO MAKE A PROPOSAL OF SHINY BUD INC. · hours total: quote: 243.36 134,988.34 $ · value: 243.36 · context quote: I am a Managing Director at B. Riley Farber Inc. (' B. · comparability quote: I believe that the hours and rates in the attached accounts are reasonable and comparable to other firms in Toronto for work of this nature.; form: invoice_listing · rows: Daniel Naymark; James Gibson · money: tax: label: HST · quote: $1,647.52 · amount: 1647.52 · fees: quote: $12,604.00 · amount: 12604 · total: quote: $14,328.70 · amount: 14328.7 · includes tax: true · includes disbursements: true · approximate: false · disbursements: quote: $77.18 · amount: 77.18 · period: end: 2024-07-31 · kind: cumulative · quote: May 1, 2024 | May 31, 2024 · start: 2024-05-01 · approval: state: unstated · averages: · currency: · invoices: tax: 798.72 · fees: 6144 · quote: 2202834 | May 1, 2024 | May 31, 2024 | $6,144.00 | $0.00 | $798.72 | $6,942.72 · total: 6942.72 · period end: 2024-05-31 · period start: 2024-05-01 · disbursements: 0; tax: 598.87 · fees: 4564 · quote: 2202885 | Jun 1, 2024 | Jun 30, 2024 | $4,564.00 | $42.68 | $598.87 | $5,205.55 · total: 5205.55 · period end: 2024-06-30 · period start: 2024-06-01 · disbursements: 42.68; tax: 249.93 · fees: 1896 · quote: 2202911 | Jul 1, 2024 | Jul 31, 2024 | $1,896.00 | $34.50 | $249.93 | $2,180.43 · total: 2180.43 · period end: 2024-07-31 · period start: 2024-07-01 · disbursements: 34.5 · firm text: Naymark Law · firm quote: Signature: Daniel Naymark · hours total: quote: Total | | | | | 24.4 · value: 24.4 · context quote: Lawyers for the Proposal Trustee, B. Riley Farber Inc. · comparability quote: I believe that the hours and rates in the attached Accounts are reasonable and comparable to other firms in Toronto for work of this nature.; form: time_summary · rows: Daniel Naymark; James Gibson · money: tax: label: HST · quote: HST | | $798.72 · amount: 798.72 · fees: quote: Total Fees | 9.60 | $6,144.00 · amount: 6144 · approximate: false · period: end: 2024-05-31 · kind: invoice · quote: Date: 2024/05/31 · start: 2024-05-01 · approval: state: unstated · averages: · currency: · invoices: · firm text: Naymark Law · firm quote: Signature: Daniel Naymark · hours total: quote: Total Fees | 9.60 | $6,144.00 · value: 9.6 · context quote: Lawyers for the Proposal Trustee, B. Riley Farber Inc.; form: time_summary · rows: Daniel Naymark; James Gibson · money: tax: label: HST · quote: Total HST $598.87 · amount: 598.87 · approximate: false · period: end: 2024-06-30 · kind: invoice · quote: Date: 2024/06/30 · start: 2024-06-01 · approval: state: unstated · averages: · currency: · invoices: · firm text: Naymark Law · firm quote: Signature: Daniel Naymark · context quote: Lawyers for the Proposal Trustee, B. Riley Farber Inc.; form: time_summary · rows: · money: total: quote: $2,180.43 · amount: 2180.43 · includes tax: true · includes disbursements: true · approximate: false · period: end: 2024-07-26 · kind: invoice · quote: For Professional Services rendered during the period July 2, 2024 through July 26, 2024 · start: 2024-07-02 · approval: state: unstated · averages: · currency: · invoices: · firm text: Naymark Law · firm quote: Signature: Daniel Naymark · context quote: Lawyers for the Proposal Trustee, B. Riley Farber Inc.
- financial positionnote: Component breakdown given without a total for assets: CRA deemed trust ~$115,399; Ministry of Finance EHT ~$22,858; Evergreen secured debt ~$1.59 million; unsecured creditors ~$12.4 million (current landlords $29,708; former landlords $753,033; employees $98,162; related company Shiny Wellness $6.9 million; shareholder loans $1.5 million and $1.2 million). · as at: 2024-05-24 · basis: estimated (Company's books and records) - Notice of Intention Filing Date · scope: Shiny Bud Inc. (entity-level, not consolidated with parent Shiny Health and Wellness Corp.) · currency: CAD · total liabilities: 14100000
- operational summaryShiny Bud continues to operate its 9 remaining Ontario cannabis retail stores while a court-supervised sale process failed to produce a viable third-party bid; the Trustee now recommends a reverse vesting transaction whereby Evergreen (the secured/DIP lender) credit-bids to acquire the shares, with operations, employees and licenses continuing on a going-concern basis.
- process resultsbids: 5 · ndas: 18 · note: figures from the Sale Process described in the report; none of the bids were sufficient to repay the secured debt and DIP Financing · as of: 2024-07-05 · solicited: 32
- professional feesnote: Excludes GST/HST; includes expenses and disbursements of $1,946.88. Naymark Law (counsel to the Proposal Trustee) fees separately totaled $12,604.00, including disbursements of $77.18, also excluding GST/HST, for the period May 1, 2024 to July 31, 2024. · party: Proposal Trustee (B. Riley Farber Inc.) · amount: 134988.34 · period: May 1, 2024 to July 27, 2024 · currency: CAD
- purchaser1000973177 Ontario Limited
- recovery outcomeentries: basis: estimated · quote: Despite the robust sales process and given the nature of the credit bid, the unsecured creditors will not receive any recovery from the transaction contemplated in the Subscription Agreement. · pct of: unstated · outcome: nil · class key: unsecured · stated by: proposal_trustee · class label: unsecured creditors · interim final: unstated · claims qualifier: unstated; basis: estimated · quote: The economic result of the Transaction is that the priority payables and BIA charges that rank in priority to the Secured Debt will be fully paid. · pct of: unstated · outcome: paid_in_full · class key: court_charges · stated by: proposal_trustee · class label: priority payables and BIA charges · interim final: unstated · claims qualifier: unstated · stated on: 2024-08-09 · table missing:
- report date9 August 2024
- report noThird Report
- sale outcometext: the Proposal Trustee terminated the Sale Process, notified the respective bidders and returned their deposits; Company now seeking approval of the Subscription Agreement and reverse vesting order · scope: whole_business · status: pending_approval