Ontario · CCAA
Twenty-First Report of the Monitor dated June 14, 2022
Court officer report · 14 June 2022
Also filed as: Seventeenth Report of the Proposal Trustee dated June 14, 2022
What we verified from this filing2 verified
- fee scheduleengagements: form: prose · rows: · money: approximate: false · period: kind: unstated · approval: state: unstated · averages: rate: 558.34 · quote: The average hourly rates for KSV and Bennett Jones for the referenced billing periods were $558.34 and $510.07, respectively. · scope: KSV for the referenced billing periods · currency: · invoices: · firm text: KSV Restructuring Inc. · firm quote: KSV Restructuring Inc. · context quote: KSV Restructuring Inc. ("KSV")¹ was appointed monitor (in such capacity, the "Monitor"). · context unverified: true; form: prose · rows: · money: approximate: false · period: kind: unstated · approval: state: unstated · averages: rate: 510.07 · quote: The average hourly rates for KSV and Bennett Jones for the referenced billing periods were $558.34 and $510.07, respectively. · scope: Bennett Jones for the referenced billing periods · currency: · invoices: · firm text: Bennett Jones · firm quote: Bennett Jones · context quote: The average hourly rates for KSV and Bennett Jones for the referenced billing periods were $558.34 and $510.07, respectively.
- recovery outcomeentries: basis: actual · quote: repayment in full to 2557725 Ontario Inc., a mortgagee of the real property owned by 22 Old Kennedy Development Inc. · pct of: unstated · outcome: paid_in_full · class key: secured · stated by: monitor · class label: 2557725 Ontario Inc. · creditor name: 2557725 Ontario Inc. · interim final: unstated · claims qualifier: unstated; basis: actual · quote: approximately $5.4 million, representing 61% of the amounts owing to the other Secured Creditors listed in the table above, excluding amounts owing to First Source. · pct of: unstated · outcome: distribution · pct low: 61 · pct high: 61 · class key: secured · stated by: monitor · amount low: 5400000 · amount high: 5400000 · class label: other Secured Creditors (excluding First Source) · interim final: unstated · claims qualifier: unstated; basis: estimated · quote: the Monitor intends to make further (and likely final) distributions to the Secured Creditors totaling approximately $612,000. · pct of: unstated · outcome: distribution · class key: secured · stated by: monitor · amount low: 612000 · cumulative: false · amount high: 612000 · class label: Secured Creditors · interim final: final · conditional on: subject to Court approval · claims qualifier: unstated; basis: actual · quote: the Monitor and First Source settled the FS Secured Wang Claim against Mr. Wang for $75,000. · pct of: unstated · outcome: distribution · class key: secured · stated by: monitor · amount low: 75000 · amount high: 75000 · class label: First Source (secured claim against Mr. Wang) · creditor name: First Source · interim final: unstated · claims qualifier: unstated; basis: estimated · quote: | Secured Creditor Final Distribution ($000s) Total Recovery After Distribution 2603616 Ontario Inc. 197 68% 2611622 Ontario Inc. 151 68% Ferina Construction Ltd. 145 68% 2612316 Ontario Inc. 39 68% Steve Papaikonomou 27 68% 2592898 Ontario Inc. 2 68% First Source 51 68% Total 612 68% | · pct of: unstated · outcome: distribution · pct low: 68 · pct high: 68 · class key: secured · stated by: monitor · amount low: 612000 · cumulative: true · amount high: 612000 · class label: Mr. Wang's Secured Creditors (Final Distribution) · interim final: final · conditional on: Subject to Court approval as it relates to the Proposed First Source Distribution · claims qualifier: unstated; basis: estimated · quote: there are expected to be nominal amounts available for distribution to unsecured creditors of Birchmount Gardens and Mr. Wang · pct of: unstated · outcome: nil · class key: unsecured · stated by: monitor · class label: unsecured creditors of Birchmount Gardens and Mr. Wang · interim final: unstated · claims qualifier: unstated; basis: estimated · quote: the Monitor is proposing to distribute approximately $2.2 million to Pollard, which reflects recoveries on Intercompany Claims net of the fees allocated to the Pollard Estates. · pct of: unstated · outcome: distribution · stated by: monitor · amount low: 2200000 · amount high: 2200000 · class label: Pollard Estates (via Pollard) · creditor name: Pollard · interim final: unstated · conditional on: Subject to Court approval · claims qualifier: unstated; basis: actual · quote: the Monitor has distributed from the Surplus: (a) the full amount owing to 2557725 Ontario Inc.; and (b) approximately $4.4 million, representing 50% of the amounts owing to the other secured creditors. · pct of: unstated · outcome: paid_in_full · class key: secured · stated by: monitor · class label: secured creditors (22 Old Kennedy mortgagee and others, prior report) · creditor name: 2557725 Ontario Inc. · interim final: unstated · claims qualifier: unstated; basis: actual · quote: the Monitor has distributed from the Surplus: (a) the full amount owing to 2557725 Ontario Inc.; and (b) approximately $4.4 million, representing 50% of the amounts owing to the other secured creditors. · pct of: unstated · outcome: distribution · pct low: 50 · pct high: 50 · class key: secured · stated by: monitor · amount low: 4400000 · amount high: 4400000 · class label: other secured creditors (prior report) · interim final: unstated · claims qualifier: unstated · stated on: 2022-06-14 · table missing: