Ontario · CCAA
39th Report of the Monitor - February 24 2022
Court officer report · 24 February 2022
Also filed as: 39th Report of the Monitor - February 24 2022; 39th Report of the Monitor - February 24 2022; 39th Report of the Monitor - February 24 2022; 39th Report of the Monitor - February 24 2022
What we verified from this filing5 verified
- operational summaryThe Monitor is winding down the Edge and Westside estates: completing the Edge Space and Cultural Space transfer/sale, adjudicating disputed creditor claims, making interim distributions, and selling remaining Westside parking spots; the corporate entities themselves have no ongoing operations or employees.
- professional feesnote: Comprises fees of $64,107.50, disbursements of $19.19 plus HST of $8,336.48. Monitor's legal counsel GSNH fees and disbursements for same period totaled $61,156.73. · party: Monitor (Fuller Landau Group Inc.) · amount: 72463.17 · period: November 1, 2021 to January 31, 2022 · currency: CAD
- recovery outcomeentries: basis: unstated · quote: Upon the closing of the Edge Space transaction, the Monitor intends to make an interim distribution to the unsecured creditors in the amount of $3,000,000 on a pro-rata basis, while maintaining the necessary holdbacks and reserves for the remaining disputed trust claims, secured claims, post-filing costs, and unpaid and accrued disbursements and the Monitor's costs to complete the administration of the estate and post filing claims. · pct of: unstated · outcome: distribution · class key: unsecured · stated by: monitor · amount low: 3000000 · cumulative: false · amount high: 3000000 · class label: unsecured creditors (Edge) · interim final: interim · conditional on: Upon the closing of the Edge Space transaction · claims qualifier: unstated; basis: actual · quote: In accordance with the May 27th, 2021 distribution order made by this Court, the Monitor initially completed distributions totaling $5,476,716 (inclusive of $94,732 of interest) to the 14 accepted Lien Claimants and Trust Claimants. · pct of: unstated · outcome: distribution · class key: secured · stated by: monitor · amount low: 5476716 · cumulative: false · amount high: 5476716 · class label: Lien Claimants and Trust Claimants (Edge) · interim final: unstated · claims qualifier: unstated; basis: actual · quote: The initial creditor distribution made by the Monitor in June 2021 paid out the secured claim filed by the City of Toronto in full as well as 56% of the unsecured claims. · pct of: unstated · outcome: paid_in_full · pct low: 100 · pct high: 100 · class key: secured · stated by: monitor · cumulative: false · class label: City of Toronto (secured claim, Westside) · creditor name: City of Toronto · interim final: unstated · claims qualifier: unstated; basis: actual · quote: The initial creditor distribution made by the Monitor in June 2021 paid out the secured claim filed by the City of Toronto in full as well as 56% of the unsecured claims. · pct of: unstated · outcome: distribution · pct low: 56 · pct high: 56 · class key: unsecured · stated by: monitor · cumulative: false · class label: unsecured claimants (Westside) · interim final: unstated · claims qualifier: unstated; basis: unstated · quote: | 2nd Interim Distribution to unsecured creditors | 450 | · pct of: unstated · outcome: distribution · class key: unsecured · stated by: monitor · amount low: 450000 · cumulative: false · amount high: 450000 · class label: Westside unsecured claimants (2nd interim distribution) · interim final: interim · claims qualifier: unstated · stated on: 2022-02-24 · table missing:
- report date24 February 2022
- report noThirty-Ninth Report