Manitoba · Receivership (court-appointed)
Receiver's Report 19
Court officer report · 6 January 2022
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 filing9 verified
- cash on handnote: Of this, approximately $1,985,046 is unclaimed funds from prior Distributions and approximately $5.8 million is for the Receiver's Holdback ($650,000) and the Final Distribution ($5,203,309). · as at: 2021-12-31 · amount: 7838355 · currency: CAD · qualifier: held in trust
- disbursementsnote: Of this, $2,128,989 was disbursed during the Interim Period. This excludes interim distributions to shareholders. · since: June 28, 2005 (Date of Receivership), through December 31, 2021 · amount: 28643845 · currency: CAD
- fee scheduleengagements: form: level_summary · rows: fees: 112500 · rate: 500 · hours: 225 · quote: Partner | 225 | 500 | 112,500 · title: Partner · row kind: level · rate kind: standard · name as stated: Partner; fees: 80000 · rate: 400 · hours: 200 · quote: Senior Manager | 200 | 400 | 80,000 · title: Senior Manager · row kind: level · rate kind: standard · name as stated: Senior Manager; fees: 78750 · rate: 225 · hours: 350 · quote: Senior Associate | 350 | 225 | 78,750 · title: Senior Associate · row kind: level · rate kind: standard · name as stated: Senior Associate; hours: 775 · quote: Subtotal | 775 | | 271,250 · row kind: subtotal · rate kind: standard · name as stated: Subtotal · money: tax: label: GST · quote: GST | | | 13,563 · amount: 13563 · total: quote: Receiver fees and disbursements (inclusive of taxes) | 284,813 | (6) · amount: 284813 · includes tax: true · includes disbursements: true · approximate: true · period: kind: unstated · quote: Estimated Receiver's fees and disbursements (to be incurred subsequent to December 14, 2021): · approval: state: unstated · averages: · currency: · invoices: · firm text: Deloitte Restructuring Inc. · firm quote: Deloitte Restructuring Inc. (formerly Deloitte & Touche Inc., hereafter referred to as ' Deloitte ' or the ' Receiver ') · context quote: appointing Deloitte Restructuring Inc. (formerly Deloitte & Touche Inc., hereafter referred to as ' Deloitte ' or the ' Receiver ') as Receiver and Manager of the Crocus Investment Fund
- operational summaryAll 46 Crocus investments have been liquidated. The Receiver is seeking approval of a fourth and final distribution of about $5.2 million (about $0.36 per share), payment of unclaimed funds to the Minister of Finance, and its discharge.
- professional feesnote: Excludes GST ($37,825 taxes on Receiver fees). Legal counsel fees for the same period were $125,214 plus $3,045 disbursements and $16,073 taxes. The Receiver's estimated fees to complete the receivership are $271,250 plus GST ($284,813 total). · party: Deloitte Restructuring Inc. (Receiver) · amount: 748529 · period: April 1, 2016 to December 14, 2021 (Interim Period) · currency: CAD
- receipts cumulativenote: Of this, $6,223,096 was received during the Interim Period (April 1, 2016 to December 31, 2021). · since: June 28, 2005 (Date of Receivership), through December 31, 2021 · amount: 114293355 · currency: CAD
- recovery outcomeentries: basis: actual · quote: On September 4, 2009, the Court approved a rateable interim distribution (the ' First Distribution ') to Class A and Class I shareholders of approximately $54.7 million which equated to $3.83 per Class A and Class I share. · pct of: unstated · outcome: distribution · currency: CAD · class key: equity · stated by: receiver · amount low: 54700000 · cumulative: false · amount high: 54700000 · class label: Class A and Class I shareholders · interim final: interim · currency quote: Canadian dollars · claims qualifier: unstated; basis: actual · quote: On December 12, 2011, after further progress had been made by the Receiver on realizing on the portfolio of investments, the Court issued an Order authorizing the Second Distribution of $9.0 million to the Class A and Class I shareholders. · pct of: unstated · outcome: distribution · currency: CAD · class key: equity · stated by: receiver · amount low: 9000000 · cumulative: false · amount high: 9000000 · class label: Class A and Class I shareholders · interim final: interim · currency quote: Canadian dollars · claims qualifier: unstated; basis: actual · quote: In October 2014, the Receiver filed Receiver's Report No. 14 with the Court recommending a third rateable interim distribution (the ' Third Distribution ') to Class A and Class I shareholders of approximately $8.6 million, and on October 22, 2014, the Court approved the Third Distribution. · pct of: unstated · outcome: distribution · currency: CAD · class key: equity · stated by: receiver · amount low: 8600000 · cumulative: false · amount high: 8600000 · class label: Class A and Class I shareholders · interim final: interim · currency quote: Canadian dollars · claims qualifier: unstated; basis: unstated · quote: Accordingly, the Receiver is now in a position where it recommends a fourth and final distribution (the ' Final Distribution ') of approximately $5,203,309 which equates to approximately $0.36 per Class A and Class I share. · pct of: unstated · outcome: distribution · currency: CAD · class key: equity · stated by: receiver · amount low: 5203309 · cumulative: false · amount high: 5203309 · class label: Class A and Class I shareholders · interim final: final · currency quote: Canadian dollars · claims qualifier: unstated · stated on: 2022-01-06 · table missing:
- report date6 January 2022
- report noReceiver's Report No. 19