Ontario · Receivership (court-appointed)
Sixth Report of the Receiver (without appendices) dated January 27, 2022
Court officer report · 27 January 2022
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What we verified from this filing10 verified
- cash on handnote: Stated as surplus of receipts over disbursements available as cash on-hand to fund proposed distributions. · as at: 2021-12-31 · amount: 2720841 · currency: CAD
- closing confirmedscope: the 237B Property and substantially all of the equipment of PureSinse · outcome: completed · effective: 2021-05-04 · purchaser: TS Pharmaceutical Ltd. · date basis: stated · approval order date: 2021-01-07; scope: all of the issued and outstanding common shares of PureSinse · outcome: not_completed · purchaser: TS Pharmaceutical Ltd. · date basis: unstated · approval order date: 2021-01-07
- disbursementssince: May 7, 2020 · amount: 9953084 · currency: CAD
- operational summaryThe Respondents' cannabis licence expired in December 2020 and their operating assets (237A and 237B Properties and PureSinse's business) have already been sold; the Receiver is now winding down the estate, resolving a related-party claims process, defending an appeal from TS Pharmaceutical, and preparing to make interim distributions.
- professional feesnote: Includes fees and disbursements of $228,801.52 plus HST of $28,623.23, after a goodwill discount. Counsel (TGF) fees for the same period totaled $566,551.61, including fees of $477,826.50, disbursements of $23,684.18, and HST of $65,040.93. · party: A. Farber & Partners Inc. (Receiver) · amount: 257424.75 · period: December 1, 2020 to December 31, 2021 · currency: CAD
- purchaserTS Pharmaceutical Ltd.; TS Pharmaceutical Ltd.
- receipts cumulativesince: May 7, 2020 · amount: 12673925 · currency: CAD
- recovery outcomeentries: basis: estimated · quote: 237A Estate: All net proceeds in the 237A estate will be distributed to PureSinse in partial satisfaction of the 237A Claim, after payment of fees and costs allocated to the 237A estate, in the net amount of approximately $379,943.53; · pct of: unstated · outcome: distribution · stated by: receiver · amount low: 379943.53 · amount high: 379943.53 · class label: PureSinse (237A Claim) · creditor name: PureSinse · interim final: unstated · claims qualifier: unstated; basis: unstated · quote: 237B Estate: From 237B to PureSinse, the amount of $1,366,413.34 in repayment in full of the 237B Claim; · pct of: unstated · outcome: paid_in_full · stated by: receiver · amount low: 1366413.34 · amount high: 1366413.34 · class label: PureSinse (237B Claim) · creditor name: PureSinse · interim final: unstated · claims qualifier: unstated; basis: estimated · quote: The Receiver estimates that this amount is approximately $262,367.19; · pct of: unstated · outcome: distribution · class key: equity · stated by: receiver · amount low: 262367.19 · amount high: 262367.19 · class label: Pure Global as shareholder of 237B · creditor name: Pure Global · interim final: unstated · claims qualifier: unstated; basis: estimated · quote: As noted in the above chart, after taking into consideration future professional fees in connection with the Appeal and the conclusion of the administration of this proceeding, the Appeal holdback, and other priority payables, the Receiver determined that it is in a position to make an aggregate interim distribution of approximately $1,645,647 to the Collateral Agent as the remaining secured creditor of PureSinse and Pure Global. · pct of: unstated · outcome: distribution · class key: secured · stated by: receiver · amount low: 1645647 · cumulative: true · amount high: 1645647 · class label: Collateral Agent as remaining secured creditor of PureSinse and Pure Global · creditor name: Cancor Debt Agency Inc. (Collateral Agent) · interim final: interim · claims qualifier: unstated; basis: unstated · quote: There are no assets in the estate of any of the remaining Respondents for distribution. · pct of: unstated · outcome: nil · stated by: receiver · class label: remaining Respondents · interim final: unstated · claims qualifier: unstated · stated on: 2022-01-27 · table missing:
- report date27 January 2022
- report noSixth Report