Ontario · Proposal
Third Report of the Proposal Trustee dated July 13, 2021 (for motion returnable July 16, 2021)
Court officer report · 13 July 2021
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 filing6 verified
- cash on handnote: Drexler's actual cash on hand as at July 4, 2021, without having utilized any of the DIP Loan; positive variance of approximately $1 million versus forecast of $263,090. Folmur's actual cash on hand as at July 4, 2021 was $777,536 versus forecast of $562,754. · as at: 2021-07-04 · amount: 738797 · currency: CAD
- fee scheduleengagements: form: time_summary · rows: Bryan Gelman; Tom McElroy; Sudhanshu Marwaha; Ashely Robinson; fees: 37843.5 · rate: 389.74 · hours: 97.1 · quote: 97.1 | 389.74 | 37,843.50 · row kind: subtotal · rate kind: average · money: fees: quote: The Proposal Trustee's total fees are $37,843.50, its total hours spent is 97.1 and, therefore, its average hourly rate is calculated to be $389.74. · amount: 37843.5 · approximate: false · period: end: 2021-07-09 · kind: invoice · quote: An account issued to Drexler dated July 9, 2021 for the period from May 11 to July 9, 2021 of $19,424.50, plus HST thereon; · start: 2021-05-11 · approval: quote: This Affidavit is made in support of a motion to approve the accounts of Albert Gelman Inc. and for no improper purpose. · state: sought · averages: rate: 389.74 · quote: its average hourly rate is calculated to be $389.74 · currency: · invoices: date: 2021-07-09 · fees: 19424.5 · quote: An account issued to Drexler dated July 9, 2021 for the period from May 11 to July 9, 2021 of $19,424.50, plus HST thereon; · period end: 2021-07-09 · period start: 2021-05-11; date: 2021-07-09 · fees: 12405 · quote: An account issued to Folmur dated July 9, 2021 for the period from May 11 to July 9, 2021 of $12,405.00, plus HST thereon; · period end: 2021-07-09 · period start: 2021-05-11; date: 2021-07-09 · fees: 6014 · quote: An account issued to Down Under dated July 9, 2021 for the period from May 18 to July 9, 2021 of $6,014.00, plus HST thereon; · period end: 2021-07-09 · period start: 2021-05-18 · firm text: Albert Gelman Inc. · firm quote: THIRD REPORT OF ALBERT GELMAN INC. IN ITS CAPACITY AS PROPOSAL TRUSTEE · hours total: quote: The Proposal Trustee's total fees are $37,843.50, its total hours spent is 97.1 and, therefore, its average hourly rate is calculated to be $389.74. · value: 97.1 · context quote: I am a Licenced Insolvency Trustee and principal of Albert Gelman Inc. (' Proposal Trustee ') , Trustee of the Notice of Intention to Make a Proposal filed by each of Drexler Construction Limited
- operational summaryThe Companies continued ordinary-course construction operations during the NOI proceedings while pursuing long-term financing to repay RBC and fund development, selling redundant equipment via auction, and seeking a further stay extension to file a proposal.
- professional feesnote: Fees exclude HST; separate legal counsel fees (Macdonald Sager Manis LLP) also referenced in Appendix H but amount not stated in main report body. · party: Albert Gelman Inc. (Proposal Trustee) · amount: 37843.5 · period: to July 9, 2021 · currency: CAD
- report date13 July 2021
- report noThird Report