Alberta · CCAA
Ninth Report of the Monitor
Court officer report · 28 September 2006
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What we verified from this filing9 verified · 1 withheld
- cash on handnote: Separate from the 'Marketing Fund' of approximately $70,000 held in trust for future advertising, which is not used for general operating purposes. · as at: 2006-08-31 · amount: 31000 · currency: CAD · qualifier: approximately
- financial positionnote: No single 'total liabilities' figure stated; components given: Total secured claims $6,813,999 (DIP advances $550,000, Deemed trust $63,999, MFIT secured claim $6,200,000), yielding 'Available for unsecured creditors' of $(5,769,815) at estimated realizable values. Separately, the claims process (out of scope) accepted $7,560,975.19 in total creditor claims. · as at: 2006-07-31 · basis: Book value at July 2006 per Monitor's liquidation analysis; estimated realizable value of assets separately assessed at $1,044,184 · scope: Action International Canada Inc. (entity level) · currency: CAD · total assets: 2205757
- operational summaryAIC continues normal daily operations with no material adverse changes since the prior report, while awaiting completion of the sale of the Master Licence Agreement to AIPL and subsequent wind-down into bankruptcy.
- professional feesnote: Stated as 'exceeding' $550,000; paid by MFIT rather than the estate. · party: Monitor and its legal counsel, and MFIT's legal counsel (funded by MFIT) · amount: 550000 · period: cumulative to date of report · currency: CAD
- purchaserAIPL
- recovery outcomeentries: basis: estimated · quote: The Monitor is advised by MFIT that it is not willing to fund a Plan given the significant shortfall it will realize on its outstanding indebtedness resulting from lower than anticipated proceeds from the sale of the MLA and the costs incurred to date in the CCAA proceeding. · pct of: unstated · outcome: shortfall · class key: secured · stated by: monitor · class label: MFIT (secured indebtedness) · creditor name: MFIT · interim final: unstated · claims qualifier: unstated; basis: liquidation_alternative · quote: The liquidation value analysis, as outlined above, indicates that, under any scenario, there would be no recovery for the unsecured creditors. · pct of: unstated · outcome: nil · class key: unsecured · stated by: monitor · class label: unsecured creditors · interim final: unstated · claims qualifier: unstated; basis: liquidation_alternative · quote: The liquidation value analysis indicates that the unsecured creditors would not receive any recovery under alternative insolvency proceedings, such as a bankruptcy or receivership; · pct of: unstated · outcome: nil · class key: unsecured · stated by: monitor · class label: unsecured creditors · interim final: unstated · claims qualifier: unstated · stated on: 2006-09-28 · table missing:
- report date28 September 2006
- report noNinth Report
- sale outcometext: Transaction with AIPL achieved and pending court approval · scope: whole_business · status: pending_approval
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.