Ontario · CCAA
Third Report of the Monitor dated June 20, 2025
Court officer report · 20 June 2025
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What we verified from this filing6 verified
- closing confirmedscope: the Transactions (substantially all of the business, assets and material contracts of Sandvine) · outcome: completed · effective: 2025-03-03 · date basis: stated · approval order date: 2025-01-30
- fee scheduleengagements: form: time_summary · rows: · money: approximate: false · period: end: 2025-05-31 · kind: cumulative · label: the Period · quote: For the Period from January 1, 2025 to May 31, 2025 · start: 2025-01-01 · approval: state: unstated · averages: rate: 693.44 · quote: the Monitor's average hourly rate for the Period was $693.44 · scope: Monitor's average hourly rate for the Period · currency: code: CAD · quote: The average hourly rates for KSV and Cassels for the referenced billing periods were CAD$693 and CAD$1,317.26, respectively. · invoices: · firm text: KSV Restructuring Inc. · firm quote: KSV Restructuring Inc. · context quote: in connection with the Applicants' proceedings under the Companies' Creditors Arrangement Act ('CCAA'); form: time_summary · rows: Noah Goldstein; Murtaza Tallat; Ben Luder · money: fees: quote: Total fees | | 73.15 | 50,973.75 · amount: 50973.75 · total: quote: Total Due | $ 170,848.94 · amount: 170848.94 · approximate: false · disbursements: quote: Add: Out-of-pocket disbursements | | | 220.00 · amount: 220 · period: end: 2025-02-20 · kind: invoice · quote: For the Period Ending February 20, 2025 · approval: state: unstated · averages: · currency: · invoices: · firm text: KSV Restructuring Inc. · firm quote: For professional services rendered for the period ended February 20, 2025 by KSV Restructuring Inc. · hours total: quote: Total fees | | 73.15 | 50,973.75 · value: 73.15 · context quote: as Court-appointed Monitor (the 'Monitor') in connection with the Applicants' proceedings under the Companies' Creditors Arrangement Act ('CCAA'); form: time_summary · rows: Noah Goldstein; Robert Harlang; Murtaza Tallat; Ben Luder; fees: 1122.3 · hours: 4.87 · quote: Administrative/Other | | 4.87 | 1,122.30 · row kind: bucket · rate kind: standard · name as stated: Administrative/Other · money: tax: label: HST · quote: HST | 15,341.44 · amount: 15341.44 · fees: quote: Total fees per attached time summary | $ 118,011.05 · amount: 118011.05 · total: quote: Total Due | $ 133,352.49 · amount: 133352.49 · includes tax: true · approximate: false · period: end: 2025-04-30 · kind: invoice · quote: For the Period Ending April 30, 2025 · approval: state: unstated · averages: · currency: · invoices: · firm text: KSV Restructuring Inc. · firm quote: for professional services rendered for the period ended April 30, 2025 by KSV Restructuring Inc. · hours total: quote: Total fees | | 310.92 | 218,011.05 · value: 310.92 · context quote: as Court-appointed Monitor (the 'Monitor') in connection with the Applicants' proceedings under the Companies' Creditors Arrangement Act ('CCAA'); form: time_summary · rows: Noah Goldstein; Robert Harlang; Murtaza Tallat; Ben Luder; fees: 513 · hours: 2.4 · quote: Administrative/Other | | 2.40 | 513.00 · row kind: bucket · rate kind: standard · name as stated: Administrative/Other · money: tax: label: HST · quote: HST | 6,879.73 · amount: 6879.73 · fees: quote: Total fees and expenses per attached time summary | $ 52,921.02 · amount: 52921.02 · total: quote: Total Due | $ 59,800.75 · amount: 59800.75 · includes tax: true · approximate: false · disbursements: quote: Add: Out-of-pocket disbursements | | | 33.02 · amount: 33.02 · period: end: 2025-05-31 · kind: invoice · quote: For the Period Ending May 31, 2025 · approval: state: unstated · averages: · currency: · invoices: · firm text: KSV Restructuring Inc. · firm quote: for professional services rendered for the period ended May 31, 2025 by KSV Restructuring Inc. · hours total: quote: Total fees | | 74.60 | 52,888.00 · value: 74.6 · context quote: as Court-appointed Monitor (the 'Monitor') in connection with the Applicants' proceedings under the Companies' Creditors Arrangement Act ('CCAA'); form: rate_chart · rows: Brenda C. Swick; Michael Wunder; Shayne Kukulowicz; Samantha Prasad; Colin Ground; Zahra Nurmohamed; Joseph J. Bellissimo; Ryan Jacobs; Nicola Geary; Adam Veroni; Anthony Scalia; Alec Hoy; Stephanie Fernandes · money: approximate: false · period: end: 2025-05-31 · kind: cumulative · quote: For the period from January 1, 2025, to May 31, 2025 · start: 2025-01-01 · approval: state: unstated · averages: rate: 1317.26 · quote: The average hourly rate charged by Cassels was $1,317.26. · scope: average hourly rate charged by Cassels · currency: code: CAD · quote: The average hourly rates for KSV and Cassels for the referenced billing periods were CAD$693 and CAD$1,317.26, respectively. · invoices: · firm text: Cassels Brock & Blackwell LLP · firm quote: Calculation of Average Hourly Billing Rates of Cassels Brock & Blackwell LLP · context quote: Lawyers for the Monitor; form: time_summary · rows: Bellissimo, Joseph J.; Wunder, Michael; Jacobs, Ryan; Prasad, Samantha; Kukulowicz, Shayne; Ground, Colin; Geary, Nicola; Veroni, Adam; Scalia, Anthony; Fernandes, Stephanie; Hoy, Alec · money: tax: label: TOTAL TAXES · quote: TOTAL TAXES 49,387.56 · amount: 49387.56 · fees: quote: Our Fees | | 373,367.50 | 373,367.50 | · amount: 373367.5 · total: quote: TOTAL FEES, DISBURSEMENTS & TAXES (CAD) 444,024.09 · amount: 444024.09 · includes tax: true · includes disbursements: true · approximate: false · disbursements: quote: TOTAL DISBURSEMENTS 21,269.03 · amount: 21269.03 · period: end: 2025-01-31 · kind: invoice · quote: TOTAL FEES | | | | 373,367.50 · start: 2025-01-01 · approval: state: unstated · averages: · currency: code: CAD · quote: Total (CAD) | | 295.70 | | 373,367.50 · invoices: · firm text: Cassels Brock & Blackwell LLP · firm quote: Cassels Brock & Blackwell LLP · hours total: quote: Total (CAD) | | 295.70 | | 373,367.50 · value: 295.7 · context quote: Lawyers for the Monitor; form: time_summary · rows: Bellissimo, Joseph J.; Jacobs, Ryan; Wunder, Michael; Nurmohamed, Zahra; Ground, Colin; Kukulowicz, Shayne; Veroni, Adam; Hoy, Alec · money: tax: label: HST @ 13.00% · quote: HST @ 13.00% | | 47,006.82 | 47,006.82 | · amount: 47006.82 · fees: quote: TOTAL FEES | 361,590.92 · amount: 361590.92 · total: quote: TOTAL FEES & TAXES (CAD) | | | | 408,597.74 · amount: 408597.74 · includes tax: true · approximate: false · disbursements: quote: Travel | 60.17 · amount: 60.17 · period: end: 2025-02-28 · kind: invoice · quote: TOTAL FEES | 361,590.92 · approval: state: unstated · averages: · currency: code: CAD · quote: TOTAL (CAD) | | 272.20 | | 361,721.50 · invoices: · firm text: Cassels Brock & Blackwell LLP · firm quote: Cassels Brock & Blackwell LLP · hours total: quote: TOTAL (CAD) | | 272.20 | | 361,721.50 · value: 272.2 · context quote: Lawyers for the Monitor; form: time_summary · rows: Bellissimo, Joseph J.; Jacobs, Ryan; Wunder, Michael; Hoy, Alec · money: tax: label: TOTAL TAXES · quote: TOTAL TAXES | 27,535.99 · amount: 27535.99 · fees: quote: TOTAL FEES | 211,756.00 · amount: 211756 · total: quote: TOTAL FEES, DISBURSEMENTS & TAXES (CAD) | 239,351.26 · amount: 239351.26 · includes tax: true · includes disbursements: true · approximate: false · disbursements: quote: TOTAL DISBURSEMENTS | 59.27 · amount: 59.27 · period: end: 2025-03-31 · kind: invoice · quote: TOTAL FEES | 211,756.00 · approval: state: unstated · averages: · currency: code: CAD · quote: TOTAL (CAD) | | 149.90 | | 211,756.00 · invoices: · firm text: Cassels Brock & Blackwell LLP · firm quote: Cassels Brock & Blackwell LLP · hours total: quote: TOTAL (CAD) | | 149.90 | | 211,756.00 · value: 149.9 · context quote: Lawyers for the Monitor; form: time_summary · rows: Bellissimo, Joseph J.; Wunder, Michael; Jacobs, Ryan · money: tax: label: TOTAL TAXES · quote: TOTAL TAXES | | | | 9,825.73 · amount: 9825.73 · fees: quote: TOTAL FEES | | | | 75,582.50 · amount: 75582.5 · total: quote: TOTAL FEES & TAXES (CAD) | | | | 85,408.23 · amount: 85408.23 · includes tax: true · approximate: false · period: end: 2025-04-30 · kind: invoice · quote: TOTAL FEES | | | | 75,582.50 · approval: state: unstated · averages: · currency: code: CAD · quote: TOTAL (CAD) | | 57.60 | | 75,582.50 · invoices: · firm text: Cassels Brock & Blackwell LLP · firm quote: Cassels Brock & Blackwell LLP · hours total: quote: TOTAL (CAD) | | 57.60 | | 75,582.50 · value: 57.6 · context quote: Lawyers for the Monitor; form: time_summary · rows: Bellissimo, Joseph J.; Jacobs, Ryan; Wunder, Michael; Swick, Brenda C.; Scalia, Anthony · money: tax: label: HST @ 13.00% · quote: HST @ 13.00% 13,206.31 · amount: 13206.31 · fees: quote: 101,587.00 · amount: 101587 · total: quote: TOTAL DUE (CAD) 115,644.98 · amount: 115644.98 · includes tax: true · includes disbursements: true · approximate: false · disbursements: quote: Disbursements 851.67 · amount: 851.67 · period: end: 2025-05-31 · kind: invoice · quote: Fees for professional services rendered up to and including May 31, 2025 · approval: state: unstated · averages: · currency: code: CAD · quote: TOTAL FEES, DISBURSEMENTS & TAXES (CAD) 115,644.98 · invoices: · firm text: Cassels Brock & Blackwell LLP · firm quote: Cassels Brock & Blackwell LLP · hours total: quote: TOTAL (CAD) | | 77.80 | | 101,587.00 · value: 77.8 · context quote: Lawyers for the Monitor
- purchaserprice: note: credit bid transaction referenced throughout fee descriptions · basis: credit_bid · sealed: false · scope: substantially all of the business, assets and material contracts of Sandvine · status: closed · name note: Consenting Stakeholders/stalking horse purchaser group, not named in this report · structure: assets · name source: recital · relationship: secured_lender_credit_bid
- sale advisorGLC Advisors & Co., LLC and GLC Securities, LLC
- sale outcometext: Transactions closed March 3, 2025 · scope: whole_business · status: closed
- stalking horsestate: stated · is lender: true