Manitoba · Receivership (court-appointed)
Quarterly Report .pdf
Court officer report · 30 September 2018
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 · 1 withheld
- cash on handnote: Cash and equivalents; excludes unclaimed funds of approximately $2.1 million held in trust for shareholders. · as at: 2018-09-30 · amount: 1374478 · currency: CAD · qualifier: approximately $1.4 million in text
- disbursementsnote: April 1, 2016 to September 30, 2018 disbursements were $998,716. · since: June 28, 2005 · amount: 27513572 · currency: CAD
- operational summaryOngoing activities consist of investment monitoring, financial reporting, shareholder services and tax reporting. The Receiver no longer employs any former Crocus employees but has sub-contracted certain IT and back office services.
- professional feesnote: Excludes taxes of $510,620. Of the fees, $376,616 (taxes $19,066) were incurred April 1, 2016 to September 30, 2018. Legal fees (Receiver's counsel) cumulative were $2,348,532, plus legal fees - indemnification of $728,405. · party: Receiver and Manager (Deloitte Restructuring Inc.) · amount: 9180963 · period: June 28, 2005 to September 30, 2018 · currency: CAD
- receipts cumulativenote: Includes $23,363,012 of cash and short term investments on hand at appointment. April 1, 2016 to September 30, 2018 receipts were $613,992. · since: June 28, 2005 · amount: 108684251 · currency: CAD
- recovery outcomeentries: basis: actual · quote: As at September 30, 2018, the Receiver had paid out approximately $53.7 million, or approximately 98%, of the first interim distribution, and approximately $6.7 million of the Class Actions settlements. · pct of: unstated · outcome: distribution · pct low: 98 · pct high: 98 · class key: equity · stated by: receiver · amount low: 53700000 · amount high: 53700000 · class label: Class A and Class I shareholders (first interim distribution) · interim final: interim · claims qualifier: unstated; basis: actual · quote: As at September 30, 2018, the Receiver had paid out approximately $8.6 million, or 96%, of the second interim distribution, however, there remains approximately $0.4 million in unclaimed distributions. · pct of: unstated · outcome: distribution · pct low: 96 · pct high: 96 · class key: equity · stated by: receiver · amount low: 8600000 · amount high: 8600000 · class label: Class A and Class I shareholders (second interim distribution) · interim final: interim · claims qualifier: unstated; basis: actual · quote: As at September 30, 2018, the Receiver had paid out approximately $8.0 million, or 93%, of the third interim distribution and approximately $0.6 million of the remaining Class Actions settlements. · pct of: unstated · outcome: distribution · pct low: 93 · pct high: 93 · class key: equity · stated by: receiver · amount low: 8000000 · amount high: 8000000 · class label: Class A and Class I shareholders (third interim distribution) · interim final: interim · claims qualifier: unstated; basis: unstated · quote: Accordingly, the Receiver is unable to determine when, or if, any future distributions will take place. · pct of: unstated · outcome: undetermined · class key: equity · stated by: receiver · class label: Crocus shareholders (future distributions) · interim final: unstated · conditional on: based on the settlement or outcome of the Canad litigation · claims qualifier: unstated · stated on: 2018-10-19 · table missing:
- report date19 October 2018
- report noSeptember 30, 2018 Quarterly Report
1 extracted value is withheld: either a trap-shaped field where models produce confident wrong numbers, or an identity value whose quotation could not be found in the document. Withheld values are shown to no one.