Ontario · Proposal
Appeal Book and Compendium of the Appellants, YongeSL LP's dated March 31, 2023
Application / notice of application · 31 March 2023
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 filing1 verified
- recovery outcomeentries: basis: plan · quote: Under the original proposal, the Class A Unit holders of YG Limited Partnership (the "limited partners"), who had invested $14.8 million in the YSL Project, would have recovered nothing. · pct of: unstated · outcome: nil · class key: equity · stated by: debtor · class label: Class A Unit holders of YG Limited Partnership (limited partners) · interim final: unstated · claims qualifier: unstated; basis: plan · quote: Indeed, unsecured creditors may yet recover 100% of their claims. · pct of: unstated · outcome: distribution · pct low: 100 · pct high: 100 · class key: unsecured · stated by: debtor · class label: Unsecured creditors under the Proposal · interim final: unstated · claims qualifier: unstated; basis: actual · quote: It will be a matter for the Proposal Trustee to decide, but it was indicated at the hearing that the 'allowed' portion of the Wrongful Dismissal Claim will be treated in same way as 'like' employee claims which, if not appealed, have been paid out at 70 cents on the dollar. · pct of: unstated · outcome: distribution · pct low: 70 · pct high: 70 · class key: unsecured · stated by: proposal_trustee · class label: employee claims (like the Wrongful Dismissal Claim, if not appealed) · interim final: unstated · cents on dollar: 70 · claims qualifier: unstated; 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: creditors with Proven Claims · 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: distribution · pct low: 100 · pct high: 100 · class key: unsecured · stated by: proposal_trustee · class label: Affected Creditors (Estimated Distributions - High scenario) · interim final: unstated · 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: distribution · pct low: 85.1 · pct high: 85.1 · class key: unsecured · stated by: proposal_trustee · class label: Affected Creditors (Estimated Distributions - Low scenario) · interim final: unstated · claims qualifier: unstated; basis: plan · quote: More specifically, the Proposal will provide for a payment in full of Secured Claims and will provide a significant recovery in respect of Affected Creditor Claims. · pct of: unstated · outcome: paid_in_full · pct low: 100 · pct high: 100 · class key: secured · stated by: debtor · class label: Secured Claims under the Proposal · interim final: unstated · claims qualifier: unstated · table missing: