Ontario · Proposal

Notice of Proposal to Creditors October 25 2010

Notice to creditors · 25 October 2010

Subscribe to read the filing⁠

✨ Summarize · Subscribers

A plain-language read of this filing opens with a subscription.

What we verified from this filing90 verified

appointee roleTrustee
court file no31-1418947
provinceOntario
statutory basisthe Bankruptcy and Insolvency Act
courtONTARIO SUPERIOR COUR OF JUSTICE IN BANKRUPTCY AND INSOLVENCY
commencement date15 October 2010
appointeeMeyers Norris Penny Limited
secured creditorsnote: Sum of two GMAC entries in List B ($198,323.80 + $9,294.88 = $207,618.68, rounds to $207,619 per Trustee's Report summary table); estimated surplus/shortfall shown per vehicle line, balance of claim unsecured of $101,823.80 noted on one GMAC entry (List A) reflecting shortfall on security · page: 12 · as of: October 15, 2010 · amount: 207619 · debtor: Lazertherm Marketing Inc. · creditor: GMAC · currency: CAD · security: Motor vehicles - two 2010 Cadillac Escalades and 2008 Pontiac Torrent
secured creditorsnote: Operating Lender; TD Bank issued NOI to enforce security (s.244) on Sept 13, 2010, 10-day period expired Sept 23, 2010, so not stayed by Proposal; approximate figure stated in Trustee's Report as $746,000, exact figure per Statement of Affairs List B/Trustee's Report table is $746,018 · page: 12 · as of: October 15, 2010 · amount: 746018 · debtor: Lazertherm Marketing Inc. · creditor: TD Commercial Banking (Toronto Dominion Bank) · currency: CAD
financial positionnote: Total unsecured creditors $4,099,676.16 (includes unsecured claims $3,860,737.81 plus balance of claims unsecured $238,938.35), secured creditors value of security per List B $1,397,794.88, preferred creditors nil, contingent/trust claims nil; Deficiency of $4,099,676.16 stated; Surplus stated as NIL · page: 14 · as at: 2010-10-15 · basis: Statement of Affairs (Business Proposal) as stated and estimated by the officer (Mark Defreitas), sworn declaration · scope: Lazertherm Marketing Inc. (entity level) · currency: CAD · total assets: 1397794.88 · total liabilities: 5497471.04
unsecured creditorspage: 15 · as of: October 15, 2010 · basis: Statement of Affairs List A · amount: 516.3 · debtor: Lazertherm Marketing Inc. · creditor: Blue Line Plumbing & Heating Ltd. · currency: CAD
unsecured creditorspage: 15 · as of: October 15, 2010 · basis: Statement of Affairs List A · amount: 182.04 · debtor: Lazertherm Marketing Inc. · creditor: Certified Pest Control · currency: CAD
unsecured creditorspage: 15 · as of: October 15, 2010 · basis: Statement of Affairs List A · amount: 1201.26 · debtor: Lazertherm Marketing Inc. · creditor: Brothers Packaging · currency: CAD
unsecured creditorspage: 15 · as of: October 15, 2010 · basis: Statement of Affairs List A · amount: 22671.24 · debtor: Lazertherm Marketing Inc. · creditor: Bunting Magnetics Co. · currency: CAD
unsecured creditorsnote: Also secured creditor on List B; this is the unsecured shortfall portion · page: 15 · as of: October 15, 2010 · basis: Statement of Affairs List A - listed as balance of claim unsecured · amount: 44405.29 · debtor: Lazertherm Marketing Inc. · creditor: Capmore Financial Services · currency: CAD
unsecured creditorspage: 15 · as of: October 15, 2010 · basis: Statement of Affairs List A · amount: 1488.46 · debtor: Lazertherm Marketing Inc. · creditor: CIT · currency: CAD
unsecured creditorspage: 15 · as of: October 15, 2010 · basis: Statement of Affairs List A · amount: 561.51 · debtor: Lazertherm Marketing Inc. · creditor: CITI Cards Canada - Staples · currency: CAD
unsecured creditorsnote: Also secured creditor on List B; this is the unsecured shortfall portion · page: 15 · as of: October 15, 2010 · basis: Statement of Affairs List A - balance of claim unsecured · amount: 12035.26 · debtor: Lazertherm Marketing Inc. · creditor: City National Leasing · currency: CAD
unsecured creditorspage: 15 · as of: October 15, 2010 · basis: Statement of Affairs List A · amount: 466.2 · debtor: Lazertherm Marketing Inc. · creditor: Crown \ Canada · currency: CAD
unsecured creditorspage: 15 · as of: October 15, 2010 · basis: Statement of Affairs List A · amount: 12301.42 · debtor: Lazertherm Marketing Inc. · creditor: CTC International Inc. · currency: CAD
unsecured creditorspage: 15 · as of: October 15, 2010 · basis: Statement of Affairs List A · amount: 2676.1 · debtor: Lazertherm Marketing Inc. · creditor: CTS Technical Resources Inc. · currency: CAD
unsecured creditorspage: 15 · as of: October 15, 2010 · basis: Statement of Affairs List A · amount: 196.42 · debtor: Lazertherm Marketing Inc. · creditor: Cardinal Containers · currency: CAD
unsecured creditorspage: 15 · as of: October 15, 2010 · basis: Statement of Affairs List A · amount: 1023.86 · debtor: Lazertherm Marketing Inc. · creditor: Bluestar Canada · currency: CAD
unsecured creditorspage: 15 · as of: October 15, 2010 · basis: Statement of Affairs List A · amount: 9613.21 · debtor: Lazertherm Marketing Inc. · creditor: Caraustar Consumer Products Group · currency: CAD
unsecured creditorspage: 15 · as of: October 15, 2010 · basis: Statement of Affairs List A - Unsecured Creditors (as stated and estimated by officer) · amount: 3687.64 · debtor: Lazertherm Marketing Inc. · creditor: 407 ETR · currency: CAD
unsecured creditorspage: 15 · as of: October 15, 2010 · basis: Statement of Affairs List A · amount: 947.96 · debtor: Lazertherm Marketing Inc. · creditor: Acklands-Grainger Inc. · currency: CAD
unsecured creditorspage: 15 · as of: October 15, 2010 · basis: Statement of Affairs List A · amount: 3538.03 · debtor: Lazertherm Marketing Inc. · creditor: Alltech Converting Specialties Inc · currency: CAD
unsecured creditorspage: 15 · as of: October 15, 2010 · basis: Statement of Affairs List A · amount: 3714.29 · debtor: Lazertherm Marketing Inc. · creditor: Artech Images · currency: CAD
unsecured creditorspage: 15 · as of: October 15, 2010 · basis: Statement of Affairs List A · amount: 522.85 · debtor: Lazertherm Marketing Inc. · creditor: BDI Canada Inc. · currency: CAD
unsecured creditorspage: 15 · as of: October 15, 2010 · basis: Statement of Affairs List A · amount: 1197.55 · debtor: Lazertherm Marketing Inc. · creditor: Bell - Quebec · currency: CAD
unsecured creditorspage: 15 · as of: October 15, 2010 · basis: Statement of Affairs List A · amount: 3.19 · debtor: Lazertherm Marketing Inc. · creditor: Bell Mobility · currency: CAD
unsecured creditorspage: 15 · as of: October 15, 2010 · basis: Statement of Affairs List A · amount: 98.31 · debtor: Lazertherm Marketing Inc. · creditor: Black Print · currency: CAD
unsecured creditorspage: 16 · as of: October 15, 2010 · basis: Statement of Affairs List A · amount: 128.82 · debtor: Lazertherm Marketing Inc. · creditor: Francotyp-Postalia Canada · currency: CAD
unsecured creditorspage: 16 · as of: October 15, 2010 · basis: Statement of Affairs List A · amount: 1986.38 · debtor: Lazertherm Marketing Inc. · creditor: Day & Ross Inc. · currency: CAD
unsecured creditorspage: 16 · as of: October 15, 2010 · basis: Statement of Affairs List A · amount: 5730.8 · debtor: Lazertherm Marketing Inc. · creditor: Dun & Bradstreet · currency: CAD
unsecured creditorspage: 16 · as of: October 15, 2010 · basis: Statement of Affairs List A · amount: 222665.52 · debtor: Lazertherm Marketing Inc. · creditor: Dynic USA Corporation · currency: CAD
unsecured creditorspage: 16 · as of: October 15, 2010 · basis: Statement of Affairs List A · amount: 1020.55 · debtor: Lazertherm Marketing Inc. · creditor: Federal Express · currency: CAD
unsecured creditorspage: 16 · as of: October 15, 2010 · basis: Statement of Affairs List A · amount: 492.84 · debtor: Lazertherm Marketing Inc. · creditor: FP Teleset · currency: CAD
unsecured creditorsnote: Currency assumed CAD as document does not distinguish, address is USA · page: 16 · as of: October 15, 2010 · basis: Statement of Affairs List A · amount: 74255.51 · debtor: Lazertherm Marketing Inc. · creditor: Fujicopian (USA) Inc. · currency: USD
unsecured creditorspage: 16 · as of: October 15, 2010 · basis: Statement of Affairs List A · amount: 2102.19 · debtor: Lazertherm Marketing Inc. · creditor: Gerrity Corrugated Paper Products Ltd. · currency: CAD
unsecured creditorspage: 16 · as of: October 15, 2010 · basis: Statement of Affairs List A · amount: 19241.19 · debtor: Lazertherm Marketing Inc. · creditor: GMAC Leasco Corporation · currency: CAD
unsecured creditorspage: 16 · as of: October 15, 2010 · basis: Statement of Affairs List A · amount: 12744.02 · debtor: Lazertherm Marketing Inc. · creditor: GMAC (Inv# 254-9078-92338) · currency: CAD
unsecured creditorsnote: Also secured creditor on List B; this is the unsecured shortfall portion · page: 16 · as of: October 15, 2010 · basis: Statement of Affairs List A - balance of claim unsecured · amount: 101823.8 · debtor: Lazertherm Marketing Inc. · creditor: GMAC** · currency: CAD
unsecured creditorspage: 16 · as of: October 15, 2010 · basis: Statement of Affairs List A · amount: 1182.71 · debtor: Lazertherm Marketing Inc. · creditor: Guaranteed Industrial Lighting Inc. · currency: CAD
unsecured creditorspage: 16 · as of: October 15, 2010 · basis: Statement of Affairs List A · amount: 2917.84 · debtor: Lazertherm Marketing Inc. · creditor: IBEC Machine Knife Ltd. · currency: CAD
unsecured creditorspage: 16 · as of: October 15, 2010 · basis: Statement of Affairs List A · amount: 2172.85 · debtor: Lazertherm Marketing Inc. · creditor: IIMAK · currency: CAD
unsecured creditorspage: 16 · as of: October 15, 2010 · basis: Statement of Affairs List A · amount: 323.18 · debtor: Lazertherm Marketing Inc. · creditor: Image Papers · currency: CAD
unsecured creditorspage: 16 · as of: October 15, 2010 · basis: Statement of Affairs List A · amount: 1169.55 · debtor: Lazertherm Marketing Inc. · creditor: Industrial Breakdown Couriers Ltd. · currency: CAD
unsecured creditorspage: 16 · as of: October 15, 2010 · basis: Statement of Affairs List A · amount: 884.63 · debtor: Lazertherm Marketing Inc. · creditor: Invision Design Studio · currency: CAD
unsecured creditorspage: 16 · as of: October 15, 2010 · basis: Statement of Affairs List A · amount: 464 · debtor: Lazertherm Marketing Inc. · creditor: ITNetwork.CA · currency: CAD
unsecured creditorspage: 16 · as of: October 15, 2010 · basis: Statement of Affairs List A · amount: 13436.41 · debtor: Lazertherm Marketing Inc. · creditor: J & F Waste Systems Inc. · currency: CAD
unsecured creditorsnote: Also secured creditor on List B; individuals, related-party; this is the unsecured shortfall portion · page: 16 · as of: October 15, 2010 · basis: Statement of Affairs List A - balance of claim unsecured · amount: 27722 · debtor: Lazertherm Marketing Inc. · creditor: James and Kimberly Carr · currency: CAD
unsecured creditorspage: 16 · as of: October 15, 2010 · basis: Statement of Affairs List A · amount: 18349.69 · debtor: Lazertherm Marketing Inc. · creditor: Label Supply · currency: CAD
unsecured creditorspage: 16 · as of: October 15, 2010 · basis: Statement of Affairs List A · amount: 45160.91 · debtor: Lazertherm Marketing Inc. · creditor: Label Supply (US $) · currency: USD
unsecured creditorspage: 17 · as of: October 15, 2010 · basis: Statement of Affairs List A · amount: 503657.57 · debtor: Lazertherm Marketing Inc. · creditor: Mactac · currency: CAD
unsecured creditorspage: 17 · as of: October 15, 2010 · basis: Statement of Affairs List A · amount: 5864.82 · debtor: Lazertherm Marketing Inc. · creditor: Midland Transport Limited · currency: CAD
unsecured creditorspage: 17 · as of: October 15, 2010 · basis: Statement of Affairs List A · amount: 1213.63 · debtor: Lazertherm Marketing Inc. · creditor: Multi-Plastics · currency: CAD
unsecured creditorspage: 17 · as of: October 15, 2010 · basis: Statement of Affairs List A · amount: 2980.94 · debtor: Lazertherm Marketing Inc. · creditor: NAR-O-WEB · currency: CAD
unsecured creditorspage: 17 · as of: October 15, 2010 · basis: Statement of Affairs List A · amount: 5050.19 · debtor: Lazertherm Marketing Inc. · creditor: Nationex · currency: CAD
unsecured creditorspage: 17 · as of: October 15, 2010 · basis: Statement of Affairs List A · amount: 10003.09 · debtor: Lazertherm Marketing Inc. · creditor: NSC · currency: CAD
unsecured creditorspage: 17 · as of: October 15, 2010 · basis: Statement of Affairs List A · amount: 2552.03 · debtor: Lazertherm Marketing Inc. · creditor: P & P Complete Lift Truck Service Ltd. · currency: CAD
unsecured creditorspage: 17 · as of: October 15, 2010 · basis: Statement of Affairs List A · amount: 1169.1 · debtor: Lazertherm Marketing Inc. · creditor: Pacific Engineering · currency: CAD
unsecured creditorspage: 17 · as of: October 15, 2010 · basis: Statement of Affairs List A · amount: 4914.2 · debtor: Lazertherm Marketing Inc. · creditor: Petro Canada · currency: CAD
unsecured creditorspage: 17 · as of: October 15, 2010 · basis: Statement of Affairs List A · amount: 7173.92 · debtor: Lazertherm Marketing Inc. · creditor: Purolator · currency: CAD
unsecured creditorspage: 17 · as of: October 15, 2010 · basis: Statement of Affairs List A · amount: 47983.61 · debtor: Lazertherm Marketing Inc. · creditor: Purolator Freight · currency: CAD
unsecured creditorsnote: Largest unsecured claim · page: 17 · as of: October 15, 2010 · basis: Statement of Affairs List A · amount: 2638862.22 · debtor: Lazertherm Marketing Inc. · creditor: Raflatac · currency: CAD
unsecured creditorspage: 17 · as of: October 15, 2010 · basis: Statement of Affairs List A · amount: 1098 · debtor: Lazertherm Marketing Inc. · creditor: Road Runners Equipment Ltd. · currency: CAD
unsecured creditorspage: 17 · as of: October 15, 2010 · basis: Statement of Affairs List A · amount: 72725.28 · debtor: Lazertherm Marketing Inc. · creditor: Roto Engraver · currency: CAD
unsecured creditorspage: 17 · as of: October 15, 2010 · basis: Statement of Affairs List A · amount: 7512.59 · debtor: Lazertherm Marketing Inc. · creditor: Speedy Transport · currency: CAD
unsecured creditorspage: 17 · as of: October 15, 2010 · basis: Statement of Affairs List A · amount: 2263.79 · debtor: Lazertherm Marketing Inc. · creditor: Spin Tooling Inc. · currency: CAD
unsecured creditorsnote: Also secured creditor on List B; this is the unsecured shortfall portion · page: 17 · as of: October 15, 2010 · basis: Statement of Affairs List A - balance of claim unsecured · amount: 52952 · debtor: Lazertherm Marketing Inc. · creditor: Styers Equipment · currency: CAD
unsecured creditorspage: 17 · as of: October 15, 2010 · basis: Statement of Affairs List A · amount: 701.73 · debtor: Lazertherm Marketing Inc. · creditor: Sykes Packaging & Parts · currency: CAD
unsecured creditorspage: 17 · as of: October 15, 2010 · basis: Statement of Affairs List A · amount: 2486 · debtor: Lazertherm Marketing Inc. · creditor: Technique Systems Inc. · currency: CAD
unsecured creditorspage: 17 · as of: October 15, 2010 · basis: Statement of Affairs List A · amount: 176.4 · debtor: Lazertherm Marketing Inc. · creditor: Mackintosh Flexo-Gravure Limited · currency: CAD
unsecured creditorspage: 17 · as of: October 15, 2010 · basis: Statement of Affairs List A · amount: 4508 · debtor: Lazertherm Marketing Inc. · creditor: Livingston Freight · currency: CAD
unsecured creditorspage: 17 · as of: October 15, 2010 · basis: Statement of Affairs List A · amount: 17804.83 · debtor: Lazertherm Marketing Inc. · creditor: Livingston · currency: CAD
unsecured creditorspage: 18 · as of: October 15, 2010 · basis: Statement of Affairs List A · amount: 28.04 · debtor: Lazertherm Marketing Inc. · creditor: United Parcel Service · currency: CAD
unsecured creditorspage: 18 · as of: October 15, 2010 · basis: Statement of Affairs List A · amount: 392.13 · debtor: Lazertherm Marketing Inc. · creditor: UPS Canada - Brokerage · currency: CAD
unsecured creditorspage: 18 · as of: October 15, 2010 · basis: Statement of Affairs List A · amount: 4189.08 · debtor: Lazertherm Marketing Inc. · creditor: Ward Adhesives · currency: USD
unsecured creditorspage: 18 · as of: October 15, 2010 · basis: Statement of Affairs List A · amount: 13071.67 · debtor: Lazertherm Marketing Inc. · creditor: Wikoff Color Corporation · currency: CAD
unsecured creditorspage: 18 · as of: October 15, 2010 · basis: Statement of Affairs List A · amount: 6042.92 · debtor: Lazertherm Marketing Inc. · creditor: Yellow of Ontario · currency: CAD
unsecured creditorspage: 18 · as of: October 15, 2010 · basis: Statement of Affairs List A · amount: 2828.59 · debtor: Lazertherm Marketing Inc. · creditor: Telus · currency: CAD
unsecured creditorspage: 18 · as of: October 15, 2010 · basis: Statement of Affairs List A · amount: 16.61 · debtor: Lazertherm Marketing Inc. · creditor: Torbram Electric Supply · currency: CAD
unsecured creditorspage: 18 · as of: October 15, 2010 · basis: Statement of Affairs List A · amount: 429.4 · debtor: Lazertherm Marketing Inc. · creditor: Toronto-Tel · currency: CAD
secured creditorsnote: Estimated value of security $25,000.00 with balance of claim unsecured of $12,035.26 reflecting shortfall · page: 19 · as of: October 15, 2010 · amount: 37035.26 · debtor: Lazertherm Marketing Inc. · creditor: City National Leasing · currency: CAD · security: Motor vehicles - GMC 2007 Model T7500
secured creditorsnote: Estimated value of security $25,000.00 with balance of claim unsecured of $44,405.29 reflecting shortfall; also appears as unsecured creditor entry 'Capmore Financial Services' with balance of claim unsecured $44,405.29 · page: 19 · as of: October 15, 2010 · amount: 69405.29 · debtor: Lazertherm Marketing Inc. · creditor: Corporate Financial Services (Capmore Financial Services) · currency: CAD · security: Business assets - machinery (STACRW4-12 Turrett)
secured creditorsnote: Estimated value of security $286,704 (279,000+7,000+57,704 approx per component lines listed); no unsecured shortfall shown for BDC in List B · page: 19 · as of: October 15, 2010 · amount: 343704 · debtor: Lazertherm Marketing Inc. · creditor: Business Development Bank (BDC) · currency: CAD · security: Business assets - machinery/manufacturing equipment, furniture, office equipment, stock in trade/inventory, accounts receivable (registrations 350747-04, 350747-05, 350747-06)
secured creditorsnote: Individuals (personal guarantor/related-party creditors); estimated value of security $73,278.00 with balance of claim unsecured of $27,722.00 reflecting shortfall · page: 20 · as of: October 15, 2010 · amount: 101000 · debtor: Lazertherm Marketing Inc. · creditor: James and Kimberly Carr · currency: CAD · security: Business assets - stock in trade/inventory, accounts receivable, machinery, furniture/office equipment
secured creditorsnote: Balance of claim unsecured of $52,952.00 also shown, reflecting shortfall on security (estimated value of security $79,000 total: $48,000+$31,000) · page: 20 · as of: October 15, 2010 · amount: 131952 · debtor: Lazertherm Marketing Inc. · creditor: Styers Equipment · currency: CAD · security: Business assets - machinery (Aquaflex 16" 8, CTC 16")
recovery outcomeentries: basis: liquidation_alternative · quote: The Statement of Affairs indicates that the secured creditors would suffer a shortfall of approximately $238,938 (before costs of realization) on the realization of their security and, as a result, there would be nothing available for distribution to any subordinate creditors. · pct of: unstated · outcome: shortfall · class key: secured · stated by: trustee · class label: Secured Creditors (in a bankruptcy) · interim final: unstated · claims qualifier: unstated · shortfall amount: 238938; basis: liquidation_alternative · quote: The Statement of Affairs indicates that the secured creditors would suffer a shortfall of approximately $238,938 (before costs of realization) on the realization of their security and, as a result, there would be nothing available for distribution to any subordinate creditors. · pct of: unstated · outcome: nil · stated by: trustee · class label: subordinate creditors (in a bankruptcy) · interim final: unstated · claims qualifier: unstated; basis: liquidation_alternative · quote: The Proposal provides for a recovery to Unsecured Creditors, which would otherwise be nil in a bankruptcy. · pct of: unstated · outcome: nil · class key: unsecured · stated by: trustee · class label: Unsecured Creditors · interim final: unstated · claims qualifier: unstated; basis: plan · quote: If the Proposal is accepted, it provides for a dividend to Unsecured Creditors, which results in a higher recovery than would be provided in a bankruptcy. · pct of: unstated · outcome: distribution · class key: unsecured · stated by: trustee · class label: Unsecured Creditors · interim final: unstated · conditional on: Claims of $3,000 or less paid in full; claims in excess of $3,000 receive their pro rata share of net proceeds · claims qualifier: unstated · stated on: 2010-10-25 · table missing: