Ontario · Proposal
Eighth Report of the Proposal Trustee dated December 30, 2022
Court officer report · 30 December 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 filing4 verified
- operational summaryThe proceedings involve resolving disputed claims (Athanasoulis, CBRE, Zhang) against the reserved Affected Creditor Cash Pool before any residual can be distributed to limited partners; the YSL Project itself was already transferred to a Sponsor-related entity in 2021.
- recovery outcomeentries: basis: actual · quote: On March 24, 2022, the Proposal Trustee paid an interim distribution of 70¢ on the dollar to the creditors with Proven Claims at that time. · pct of: unstated · outcome: distribution · pct low: 70 · pct high: 70 · class key: unsecured · stated by: proposal_trustee · cumulative: false · class label: Affected Creditors with Proven Claims (interim distribution) · interim final: interim · cents on dollar: 70 · claims qualifier: unstated; basis: estimated · quote: | Estimated Distributions Amount ($000) High Low Affected Creditor Cash Pool 30,900 30,900 Claims Proven Claims 14,933 14,933 Ms. Athanasoulis - 19,000 CBRE 1,239 1,239 Mr. Zhang - 1,130 Total Claims 16,172 36,302 Dividend rate 100% 85.1% Residual for LPs 6 14,728 - | · pct of: unstated · outcome: paid_in_full · pct low: 100 · pct high: 100 · class key: unsecured · stated by: proposal_trustee · class label: Affected Creditors (estimated dividend rate - high scenario) · interim final: unstated · conditional on: resolution of the Disputed Claims (Athanasoulis, CBRE, Zhang) · claims qualifier: unstated; basis: unstated · quote: There was some controversy about what precisely the lien claimants received in return for agreeing to convert claims that were to be paid $1.00 per $1.00 of valid claims under the Proposal into claims receiving no more than $0.58 per dollar of claim value. · pct of: unstated · outcome: distribution · pct low: 58 · pct high: 58 · class key: unsecured · stated by: court · class label: Unaffected Creditors (lien claimants electing to assign claims) · interim final: unstated · cents on dollar: 58 · claims qualifier: unstated; basis: estimated · quote: The Trustee's estimate is that Affected Creditors will receive between 71% of their claims and payment in full under version 2 of Amended Proposal #3 as contrasted with between 40% and 58% of their claims under Amended Proposal #2. · pct of: unstated · outcome: distribution · pct low: 71 · pct high: 100 · class key: unsecured · stated by: proposal_trustee · class label: Affected Creditors (Amended Proposal #3, version 2) · interim final: unstated · claims qualifier: unstated; basis: plan · quote: The Trustee's estimate is that Affected Creditors will receive between 71% of their claims and payment in full under version 2 of Amended Proposal #3 as contrasted with between 40% and 58% of their claims under Amended Proposal #2. · pct of: unstated · outcome: distribution · pct low: 40 · pct high: 58 · class key: unsecured · stated by: proposal_trustee · class label: Affected Creditors (Amended Proposal #2) · interim final: unstated · claims qualifier: unstated; basis: estimated · quote: In the event none of the disputed or contingent claims were allowed, the Affected Creditors would be paid in full and up to $19 million may be available to holders of equity claims. · pct of: unstated · outcome: distribution · class key: equity · stated by: proposal_trustee · amount high: 19000000 · class label: holders of equity claims (Amended Proposal #3) · interim final: unstated · conditional on: none of the disputed or contingent claims allowed · claims qualifier: unstated; basis: unstated · quote: The Proposal Sponsor made a parallel and entirely voluntary offer to holders of limited partnership units in YG LP as well as other claims found by me to be equity claims (i.e. the related party claims) to sell their equity interests for 12.5% of the value of such interests subject to certain structuring conditions. · pct of: unstated · outcome: distribution · pct low: 12.5 · pct high: 12.5 · class key: equity · stated by: bidder · class label: holders of limited partnership units in YG LP and other equity claims · interim final: unstated · related party: true · conditional on: certain structuring conditions · claims qualifier: unstated; basis: plan · quote: The Proposal assumes all of the former and would pay 58% of the latter when finalized. · pct of: unstated · outcome: distribution · pct low: 58 · pct high: 58 · class key: unsecured · stated by: court · class label: unsecured creditors (Proposal, when finalized) · interim final: unstated · cents on dollar: 58 · claims qualifier: unstated; basis: estimated · quote: | Estimated Distributions Amount ($000) High Low Affected Creditor Cash Pool 30,900 30,900 Claims Proven Claims 14,837 14,837 Ms. Athanasoulis - 19,000 CBRE 1,239 1,239 Mr. Zhang - 1,130 Total Claims 16,076 36,206 Dividend rate 100% 85.3% Residual for LPs 14,824 - | · pct of: unstated · outcome: paid_in_full · pct low: 100 · pct high: 100 · class key: unsecured · stated by: proposal_trustee · class label: Affected Creditors with Proven Claims (second table) · interim final: unstated · conditional on: resolution of the Disputed Claims (Athanasoulis, CBRE, Zhang) · claims qualifier: unstated · stated on: 2022-12-30 · table missing:
- report date30 December 2022
- report noEighth Report