Ontario · CCAA
Fourth Report of the Monitor .pdf
Court officer report · 24 August 2020
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: Closing operating account balance $677,551; non-operating account balance $201,788; total liquidity $879,339 at end of the Reporting Period (Jan 18 - Jul 31, 2020). Forecast closing liquidity at Nov 27, 2020 is approximately $627,000 (forecast, not the position). · as at: 2020-07-31 · amount: 879339 · currency: USD · qualifier: total liquidity (operating account $677,551 plus non-operating account $201,788)
- disbursementsnote: Total disbursements for the Reporting Period, excluding Syndicate Debt repayment ($4,866,763), mortgage payments ($242,744) and bank interest ($1,230,379). · since: January 18, 2020 (through July 31, 2020) · amount: 5998884 · currency: USD
- fee scheduleengagements: form: invoice_listing · rows: · money: tax: label: HST · quote: $87,458.37 · amount: 87458.37 · fees: quote: $670,512.50 · amount: 670512.5 · total: quote: $761,345.03 · amount: 761345.03 · includes tax: true · includes disbursements: true · approximate: false · disbursements: quote: $3,374.16 · amount: 3374.16 · period: end: 2020-06-30 · kind: invoice · quote: SUMMARY OF FEES FOR THE PERIOD OCTOBER 24, 2019 TO JUNE 30, 2020 · start: 2019-10-24 · approval: state: unstated · averages: · currency: · invoices: tax: 25227.95 · fees: 191927 · quote: 3422428 | $191,927.00 | $2,306.16 | $25,227.95 | 334.50 | $395.00 | $219,461.11 · total: 219461.11 · average rate: 395 · disbursements: 2306.16; tax: 7230.86 · fees: 55516 · quote: 3424280 | $55,516.00 | $129.00 | $7,230.86 | 101.50 | $546.96 | $62,875.86 · total: 62875.86 · average rate: 546.96 · disbursements: 129; tax: 18762.12 · fees: 144320 · quote: 3458319 | $144,320.00 | $939.00 | $18,762.12 | 226.30 | $637.74 | $164,021.12 · total: 164021.12 · average rate: 637.74 · disbursements: 939; tax: 16409.71 · fees: 126228.5 · quote: 3472439 | $126,228.50 | $0.00 | $16,409.71 | 184.90 | $682.69 | $142,638.21 · total: 142638.21 · average rate: 682.69 · disbursements: 0; tax: 8766.68 · fees: 67436 · quote: 3480792 | $67,436.00 | $0.00 | $8,766.68 | 94.30 | $715.12 | $76,202.68 · total: 76202.68 · average rate: 715.12 · disbursements: 0; tax: 5950.75 · fees: 45775 · quote: 3491823 | $45,775.00 | $0.00 | $5,950.75 | 63.60 | $719.73 | $51,725.75 · total: 51725.75 · average rate: 719.73 · disbursements: 0; tax: 5110.3 · fees: 39310 · quote: 3503824 | $39,310.00 | $0.00 | $5,110.30 | 53.00 | $741.70 | $44,420.30 · total: 44420.3 · average rate: 741.7 · disbursements: 0 · firm text: Miller Thomson LLP · firm quote: I am an associate with Miller Thomson LLP ('MT'), in its capacity as counsel for the Court-appointed Monitor, Deloitte Restructuring Inc. · hours total: quote: 1058.1 · value: 1058.1 · context quote: Lawyers for Deloitte Restructuring Inc, Monitor of the Applicants.; form: rate_chart · rows: Michael Wren; Kyla Mahar; Gregory Azeff; Karen Durell; Erin Craddock; Asim Iqbal; Tamie Dolny; Eduard Popov; Jessie Chau; Stephanie Tassopoulos; Katrina Kairys; Honor Lay; Alina Stoica; Mark Emmanuel; Solutions Corp. Services; Myles Hunsberger · money: approximate: false · period: end: 2020-06-30 · kind: invoice · quote: BILLING RATES OF DELOITTE RESTRUCTURING INC. FOR THE PERIOD OCTOBER 24, 2019 to JUNE 30, 2020 · start: 2019-10-24 · approval: state: unstated · averages: · currency: · invoices: · firm text: Deloitte Restructuring Inc. · firm quote: BILLING RATES OF DELOITTE RESTRUCTURING INC. FOR THE PERIOD OCTOBER 24, 2019 to JUNE 30, 2020 · context quote: I am a Senior Vice-President with Deloitte Restructuring Inc. (' Deloitte ') in its capacity as Court-appointed Monitor
- operational summaryNAFA has continued to operate on a reduced footing, cutting staff and salaries, vacating the Skyway Property by October 31, 2020, selling surplus assets and pursuing realizations from remaining furs, loan recoveries, litigation and insurance claims. The Covid-19 pandemic has depressed auction proceeds and the planned SISP has not occurred.
- professional feesnote: Monitor's accounts: $1,751,730 fees, $26,004 disbursements, $122,621 administration charges, $247,046 HST. The Monitor's counsel, Miller Thomson LLP, billed $670,512.50 fees plus $3,374.16 disbursements plus $87,459.37 HST for a total of $761,345.03. Separately, the R&D statement shows $2,634,569 of professional fees paid by NAFA for all advisors during Jan 18 - Jul 31, 2020. Currency of the fee amounts is not separately stated beyond the report's USD convention. · party: Deloitte Restructuring Inc. (the Monitor) · amount: 2147401 · period: Commencement of CCAA Proceedings to June 30, 2020 · currency: CAD
- receipts cumulativenote: Total receipts for the Reporting Period Jan 18 to Jul 31, 2020, per the statement of receipts and disbursements. · since: January 18, 2020 (through July 31, 2020) · amount: 9937343 · currency: USD
- report date24 August 2020
- report noFourth Report