Ontario · CCAA
Third Report of the Monitor dated June 20, 2025
Court officer report · 20 June 2025
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 filing11 verified
- cash on handnote: No single cash-on-hand total is stated. The Monitor holds approximately US$2.1 million and CAD$608,000 under the Administrative Expense Reserve and approximately US$1.5 million under the Transition Services Fees Reserve (as of the date of the Third Report). · as at: 2025-06-20 · currency: USD · qualifier: approximately
- 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
- operational summaryFollowing the March 3, 2025 closing of the sale transactions, the business emerged as AppLogic Networks; the remaining OldCos (Sandvine Canada and Procera US) are performing transition contracts for customers in the Terminated Jurisdictions via NewCo services under the Transition Services Agreement while winding down. The exit from those jurisdictions is to be completed by December 31, 2025, apart from one license validation service continuing to no later than December 31, 2026.
- professional feesnote: Excludes disbursements and HST. Monitor's legal counsel Cassels Brock & Blackwell LLP fees for the same period total CAD$1,123,883.92 (also excluding disbursements and HST). Average hourly rates: KSV CAD$693, Cassels CAD$1,317.26. · party: KSV Restructuring Inc. (Monitor) · amount: 450489 · period: January 1, 2025 to May 31, 2025 · currency: CAD
- 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
- report date20 June 2025
- report noThird Report
- 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