Manitoba · Receivership (court-appointed)
Supplement to Receiver’s Report No. 13 - October 14,
Court officer report · 14 October 2011
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 filing8 verified
- cash on handnote: Cash and equivalents; a $1.7 million increase from the $14.6 million outlined in Report #13. The attached statement shows Short Term Investments and Bonds of $16,290,524, plus $2,258,351 cash in trust for the interim distribution and $288,573 cash in trust for class action settlements, totalling $18,837,448. · as at: 2011-09-30 · amount: 16300000 · currency: CAD · qualifier: approximately
- disbursementsnote: Excludes interim distributions to shareholders and class action settlement payments, which are shown below the excess line. · since: June 28, 2005 (start of receivership), through September 30, 2011 · amount: 20807889 · currency: CAD
- operational summaryThe Receiver continues to realize on the investment portfolio, generating additional proceeds, and now recommends increasing the proposed second interim distribution from about $7.9 million to $9.0 million (about $0.63 per Class A and I share). The property manager of the Crocus Building has also claimed about $0.2 million in unbilled operating costs and advised of operating cost increases of about $0.1 million per year.
- professional feesnote: Receiver and Manager Fees per the Statement of Receipts and Disbursements; legal fees of $2,057,925 and indemnification legal fees of $662,601 are also listed. Tax treatment not stated. · party: Receiver and Manager (Deloitte & Touche Inc.) · amount: 6208309 · period: June 28, 2005 to September 30, 2011 · currency: CAD
- receipts cumulativenote: Includes opening cash and short term investments on hand of $23,363,012. · since: June 28, 2005 (start of receivership), through September 30, 2011 · amount: 98638753 · currency: CAD
- recovery outcomeentries: basis: estimated · quote: Given the additional realizations and resultant increase in cash holdings, the Receiver now recommends the proposed Second Distribution be increased to $9.0 million which equates to approximately $0.63 per Class A and I share. · pct of: unstated · outcome: distribution · class key: equity · stated by: receiver · amount low: 9000000 · cumulative: false · amount high: 9000000 · class label: Class A and I shares of the Crocus Investment Fund · interim final: interim · claims qualifier: unstated · stated on: 2011-10-14 · table missing:
- report date14 October 2011
- report noSupplement to Receiver's Report No. 13