Newfoundland and Labrador · Receivership (court-appointed)
Fourth Report of the Court Appointed Receiver, dated February 23, 2023
Court officer report · 23 February 2023
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 filing9 verified
- cash on handnote: Combined estate balance across the three estates: Kami LP 10,644,881; Kami GP 0; Alderon 3. The Receiver intends to hold back $500,000 (Reserved Funds Holdback) for ongoing administration. · as at: 2023-01-17 · amount: 10644884 · currency: CAD
- disbursementsnote: Combined total disbursements for the period June 17, 2020 to January 17, 2023; includes $3,809,594 distributions to creditors. · since: June 17, 2020 (Date of Receivership) · amount: 4718324 · currency: CAD
- fee scheduleengagements: form: invoice_listing · rows: · money: fees: quote: 215,830 · amount: 215830 · total: quote: 226,622 · amount: 226622 · includes tax: true · includes disbursements: true · approximate: false · disbursements: quote: 10,792 · amount: 10792 · period: kind: cumulative · quote: AS AT JANUARY 17, 2023 · approval: state: unstated · averages: · currency: code: CAD · quote: $CAD · invoices: fees: 5681.17 · quote: 2021010429 | March 31, 2020 to Aprll 30, 2021 · total: 5965.23 · period end: 2021-04-30 · period start: 2020-03-31 · disbursements: 284.06; fees: 8319.09 · quote: 2020016861 | June 8, 2020 to July 28, 2020 · total: 8735.04 · period end: 2020-07-28 · period start: 2020-06-08 · disbursements: 415.95; fees: 11709.95 · quote: 2020020608 | July 29, 2020 to August 30, 2020 · total: 12295.45 · period end: 2020-08-30 · period start: 2020-07-29 · disbursements: 585.5; fees: 13451.51 · quote: 2020022915 | August 31, 2020 to September 30, 2020 · total: 14124.09 · period end: 2020-09-30 · period start: 2020-08-31 · disbursements: 672.58; fees: 1548.5 · quote: 1362621 | October 5, 2020 to October 29, 2020 · total: 1625.93 · period end: 2020-10-29 · period start: 2020-10-05 · disbursements: 77.43; fees: 39198.09 · quote: 2020026352 | October 1, 2020 to October 30, 2020 · total: 41157.99 · period end: 2020-10-30 · period start: 2020-10-01 · disbursements: 1959.9; fees: 39685.81 · quote: 2020029375 | November 1, 2020 to November 30, 2020 · total: 41670.1 · period end: 2020-11-30 · period start: 2020-11-01 · disbursements: 1984.29; fees: 3458.78 · quote: 2020031366 | December 1, 2020 to December 23, 2020 · total: 3631.72 · period end: 2020-12-23 · period start: 2020-12-01 · disbursements: 172.94; fees: 12066.93 · quote: 2021002227 | December 23, 2020 to January 31, 2021 · total: 12670.28 · period end: 2021-01-31 · period start: 2020-12-23 · disbursements: 603.35; fees: 6224.19 · quote: 2021004450 | February 8, 2021 to February 28, 2021 · total: 6535.4 · period end: 2021-02-28 · period start: 2021-02-08 · disbursements: 311.21; fees: 4978.18 · quote: 2021006657 | March 2, 2021 to March 31, 2021 · total: 5227.09 · period end: 2021-03-31 · period start: 2021-03-02 · disbursements: 248.91; fees: 3789.41 · quote: 2021013156 | May 1, 2021 to May 31, 2021 · total: 3978.88 · period end: 2021-05-31 · period start: 2021-05-01 · disbursements: 189.47; fees: 6500.25 · quote: 2021016015 | June 1, 2021 to June 30, 2021 · total: 6825.26 · period end: 2021-06-30 · period start: 2021-06-01 · disbursements: 325.01; fees: 12455.58 · quote: 2021018443 | July 2, 2021 to July 30, 2021 · total: 13078.36 · period end: 2021-07-30 · period start: 2021-07-02 · disbursements: 622.78; fees: 4993.8 · quote: 2021022030 | August 9, 2021 to August 31, 2021 · total: 5243.49 · period end: 2021-08-31 · period start: 2021-08-09 · disbursements: 249.69; fees: 1588.95 · quote: 2021036504 | September 1, 2021 to December 31, 2021 · total: 1668.4 · period end: 2021-12-31 · period start: 2021-09-01 · disbursements: 79.45; fees: 5155.26 · quote: 2022005230 | January 6, 2022 to February 28, 2022 · total: 5413.02 · period end: 2022-02-28 · period start: 2022-01-06 · disbursements: 257.76; fees: 5809.03 · quote: 2022008737 | March 1, 2022 to March 31, 2022 · total: 6099.48 · period end: 2022-03-31 · period start: 2022-03-01 · disbursements: 290.45; fees: 4116.83 · quote: 2022011283 | April 6, 2022 to April 25, 2022 · total: 4322.67 · period end: 2022-04-25 · period start: 2022-04-06 · disbursements: 205.84; fees: 15291.61 · quote: 2022014568 | May 5, 2022 to May 31, 2022 · total: 16056.19 · period end: 2022-05-31 · period start: 2022-05-05 · disbursements: 764.58; fees: 1626.4 · quote: 2022016005 | June 1, 2022 to June 23, 2022 · total: 1707.72 · period end: 2022-06-23 · period start: 2022-06-01 · disbursements: 81.32; fees: 3383.88 · quote: 2022026590 | July 18, 2022 to September 23, 2022 · total: 3553.07 · period end: 2022-09-23 · period start: 2022-07-18 · disbursements: 169.19; fees: 2078.1 · quote: 2022030364 | October 4, 2022 to October 18, 2022 · total: 2182.01 · period end: 2022-10-18 · period start: 2022-10-04 · disbursements: 103.91; fees: 2718.9 · quote: 2022033654 | November 1, 2022 to November 30, 2022 · total: 2854.85 · period end: 2022-11-30 · period start: 2022-11-01 · disbursements: 135.95 · firm text: McInnes Cooper · firm quote: Corresponded with McInnes Cooper, the Receiver's legal counsel · capacity text: the Receiver's legal counsel · context quote: IN THE MATTER OF THE RECEIVERSHIP OF KAMI LIMITED PARTNERSHIP, KAMI GENERAL PARTNER LIMITED, AND ALDERON IRON ORE CORP. SUMMARY OF LEGAL FEES
- operational summaryThe debtors ceased operating in April 2020 and the Kami Property was sold. The Receiver has paid proven creditors in full, settled the Metso dispute, and is seeking approval of disallowances of CRA claims and of interim distributions to shareholders. Future purchaser payments depend on mine production, with none expected until late 2024.
- professional feesnote: Approximately $450,000 excluding GST: nine interim invoices totalling approximately $437,000 plus work-in-progress of approximately $13,000. Receiver's legal counsel's (McInnes Cooper) cumulative fees and disbursements are described as approximately a stated amount that is illegible in the text; Appendix H lists legal fees of $215,830 plus tax of $10,792, total $226,622. · party: Deloitte Restructuring Inc. (the Receiver) · amount: 450000 · period: up to and including January 17, 2023 · currency: CAD
- receipts cumulativenote: Combined total receipts for the period June 17, 2020 to January 17, 2023. Principally $15,000,000 cash from the sale of assets. · since: June 17, 2020 (Date of Receivership) · amount: 15363208 · currency: CAD
- recovery outcomeentries: basis: actual · quote: On June 7, 2022, the Receiver issued the first and final distribution payments to proven creditors pursuant to the Distribution Order. · pct of: unstated · outcome: distribution · class key: unsecured · stated by: receiver · class label: proven creditors · interim final: final · claims qualifier: unstated; basis: actual · quote: It is the Receiver's view that as a result of all creditors now being paid in full, all ITC's previously claimed by Kami LP and Alderon are valid · pct of: unstated · outcome: paid_in_full · class key: unsecured · stated by: receiver · class label: creditors · interim final: unstated · claims qualifier: unstated · stated on: 2023-02-23 · table missing:
- report date23 February 2023
- report noFourth Report