Ontario · Receivership (court-appointed)
Third Report of the Receiver dated April 24, 2019
Court officer report · 24 April 2019
Also filed as: Third Report of the Receiver dated April 24, 2019; Third Report of the Receiver dated April 24, 2019
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 filing4 verified
- cash on handnote: These are the remaining Arizona property sale proceeds (not the receivership estates' operating cash): USD$580,671.71 held in Dentons' trust account plus USD$247,500 held by the US IRS for a potential withholding tax obligation. The report says the total reflects the original USD$862,568 net proceeds reduced by Mr. Davies' living-expense access of CDN$7,500 per month. · amount: 828171.71 · currency: USD
- operational summaryThe report concerns approval of a settlement of the Mareva injunction issues with the Mareva Defendants, under which 72.5% of the remaining Arizona sale proceeds go to the Receiver (to be shared with the Trustee) and 27.5% to Mr. Davies, with the Mareva Order lifted and the appeal dismissed on consent. No releases are granted, and the Receiver recommends a Court order approving the settlement.
- report date24 April 2019
- report noEighteenth Report