Ontario · Receivership (court-appointed)
First Report of the Receiver dated October 17, 2018
Court officer report · 17 October 2018
Also filed as: Eighteenth Report of the Monitor dated October 17, 2018
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 filing17 verified
- unsecured creditorsnote: Fully distributed; separate from disputed TFCC Guarantee Claim of $6,000,000 · page: 9 · as of: as reported in Bay Entities distributions summary table · basis: Total Admitted Claims per Monitor's distribution summary table (unaudited, $000s) · amount: 716000 · debtor: Bay CCAA Entities · creditor: TFCC (Bay Entities) · currency: CAD
- unsecured creditorsnote: Disallowed by Monitor as voidable transfer at undervalue/fraudulent conveyance or preference; motion disputing disallowance pending; underlying guarantee was secured by mortgages (see secured_creditors entry) · page: 9 · as of: as reported in Bay Entities distributions summary table · basis: Total Disputed Claims per Monitor's distribution summary table (unaudited, $000s) · amount: 6000000 · debtor: Bay CCAA Entities (Woodbine, Bridlepath) · creditor: TFCC Guarantee Claim (disputed, Bay Entities) · currency: CAD
- unsecured creditorsnote: $773,000 unpaid admitted claims; related party intercompany creditors, names not individually stated · page: 9 · as of: as reported in Bay Entities distributions summary table · basis: Total Admitted Claims per Monitor's distribution summary table (unaudited, $000s) · amount: 1154000 · debtor: Bay CCAA Entities · creditor: Other intercompany creditors (Bay Entities) · currency: CAD
- unsecured creditorsnote: Subordinated to Permitted Obligations of other creditors; related party (parent/foreign representative UCI); $1,789,000 remains unpaid admitted claim; also has separate claim against Downsview · page: 9 · as of: as reported in distributions summary table · basis: Total Admitted Claims per Monitor's distribution summary table (unaudited, $000s) · amount: 36968000 · debtor: Cumberland CCAA Entities (Cumberland Entities) · creditor: UCI (Shareholder Loans) · currency: CAD
- unsecured creditorsnote: Fully distributed; document names no individual creditors in this aggregate · page: 9 · as of: as reported in distributions summary table · basis: Total Admitted Claims per Monitor's distribution summary table (unaudited, $000s) · amount: 13510000 · debtor: Cumberland CCAA Entities · creditor: Other creditors (Cumberland Entities) · currency: CAD
- unsecured creditorsnote: Comprises Travelers ($4,035,000), Speedy ($2,324,000... reported precisely as $2,323,638 in claim), Other ($23,000); reserves held pending resolution · page: 9 · as of: as reported in distributions summary table · basis: Total Disputed Claims per Monitor's distribution summary table (unaudited, $000s) · amount: 6382000 · debtor: Cumberland CCAA Entities · creditor: Disputed claims (Cumberland Entities aggregate) · currency: CAD
- unsecured creditorsnote: Fully distributed; document names no individual creditors in this aggregate · page: 9 · as of: as reported in Bay Entities distributions summary table · basis: Total Admitted Claims per Monitor's distribution summary table (unaudited, $000s) · amount: 7445000 · debtor: Bay CCAA Entities · creditor: Other third-party creditors (Bay Entities) · currency: CAD
- unsecured creditorsnote: Related party (foreign representative of parent UCI); relates to $8 million promissory notes issued by Bay LP to UTMI and assigned to UCI ($6M) and Urbancorp Realtyco Inc. ($2M); $4,950,000 remains unpaid per distribution table ($8,000 thousand admitted, $3,050 thousand distributed) · page: 9 · as of: admitted claim as of Monitor's assessment · basis: Admitted claim amount per Monitor, plus interest and costs to be determined · amount: 8000000 · debtor: Bay CCAA Entities (Bay LP) · creditor: UCI (Bay Entities claim) · currency: CAD
- unsecured creditorsnote: Disputed; comprises $3.6M guarantee claim re Leslieville bond (expected no exposure) and $435,000 re Bridge Bond (cash collateral of ~$115,000 held by Travelers reduces cash reserve needed) · page: 10 · as of: as reported in disputed claims table · basis: Monitor's reserve table for disputed claims (unaudited, $000s) · amount: 4035000 · debtor: Cumberland CCAA Entities (High Res Inc., Bridge on King Inc.) · creditor: Travelers Insurance Company of Canada · currency: CAD
- unsecured creditorsnote: Document names no individual creditors in this residual aggregate · page: 10 · as of: as reported in disputed claims table · basis: Monitor's reserve table for disputed claims (unaudited, $000s) · amount: 23000 · debtor: Cumberland CCAA Entities · creditor: Other (Cumberland disputed claims) · currency: CAD
- unsecured creditorsnote: Disallowed by Monitor as voidable transfer at undervalue/fraudulent conveyance or preference; claim admitted by court decision May 11, 2018 (Myers J.); Monitor granted leave to appeal September 10, 2018; disputed and under appeal · page: 11 · as of: as filed claim amount · basis: Secured claim as filed by Speedy (plus interest, fees and costs continuing to accrue); table rounds to $2,324,000 · amount: 2323638 · debtor: King Residential Inc. · creditor: Speedy Electrical Contractors Ltd. · currency: CAD
- secured creditorsnote: TFCC Guarantee Claim disallowed by Monitor as voidable transfer at undervalue/fraudulent conveyance or preference; disputed claim of $6,000,000 (in thousands table) shown as disputed unsecured amount pending litigation; motion disputing disallowance outstanding · page: 12 · debtor: TCC/Urbancorp (Bay) Limited Partnership, Urbancorp (Woodbine) Inc., Urbancorp (Bridlepath) Inc. · creditor: Terra Firma Capital Corporation (TFCC) · currency: CAD · security: Mortgages granted by Woodbine and Bridlepath on real property, securing guarantee of loan to Urbancorp Holdco Inc.
- unsecured creditorsnote: UDDI not subject to insolvency proceedings; amount subsequently repaid via Vendor payment plus $95,000 interest; UDDI to satisfy from future proceeds/reserve · page: 16 · as of: at commencement of Cumberland CCAA Proceedings · basis: Intercompany balance per books and records of UTMI · amount: 700000 · debtor: Urbancorp Downtown Developments Inc. (UDDI, non-applicant affiliate) · creditor: Urbancorp Toronto Management Inc. (intercompany, re UDDI) · currency: CAD
- secured creditorsnote: Approximate total principal amount advanced to date; related party (affiliate of co-owner KLNC) · page: 18 · as of: as of report date (October 17, 2018) · amount: 33500000 · debtor: Urbancorp New Kings Inc. · creditor: First Capital (S.C.) Corporation (FCSCC), affiliate of KLNC · currency: CAD · security: Standstill Facility (credit facility) per Court-approved Standstill Agreement
- secured creditorsnote: DIP facility approved June 15, 2017; due December 31, 2018; interest and costs continue to accrue · page: 19 · as of: as of report date (October 17, 2018) · amount: 7590000 · debtor: Urbancorp Downsview Park Development Inc. · creditor: Mattamy (Downsview) Limited · currency: CAD · security: Charge over Downsview's assets, properties and undertakings securing DIP facility (limit $8,000,000)
- fee scheduleengagements: form: invoice_listing · rows: J. Swartz; R. Schwill; M. Milne-Smith; S. Willard; N. MacParland; C. Cseh; J. Mighton; C. Li; R. Oseida · money: tax: label: HST · quote: $16,997.15 · amount: 16997.15 · fees: quote: Total Fees from Exhibit "A" | $128,318.50 · amount: 128318.5 · total: quote: TOTALS | $128,318.50 | $2,808.72 | $16,997.15 | $148,124.37 · amount: 148124.37 · includes tax: true · includes disbursements: true · approximate: false · disbursements: quote: $2,808.72 · amount: 2808.72 · period: end: 2018-09-30 · kind: invoice · label: Period · quote: approval of the fees and disbursements of Davies for the period from July 1, 2018 to September 30, 2018 (the "Period"). · start: 2018-07-01 · approval: quote: seeking, among other things, approval of the fees and disbursements of Davies for the period from July 1, 2018 to September 30, 2018 · state: sought · averages: rate: 735 · quote: Average Blended Hourly Rate (rounded to nearest dollar) | $735.00 · scope: rounded to nearest dollar · currency: · invoices: tax: 9230.73 · date: 2018-09-14 · fees: 69216 · quote: September 14,2018 | July 3, 2018 to August 31, 2018 | $69,216.00 | $1,949.61 | $9,230.73 | $80,396.34 · total: 80396.34 · period end: 2018-08-31 · period start: 2018-07-03 · disbursements: 1949.61; tax: 7766.42 · date: 2018-10-11 · fees: 59102.5 · quote: October 11, 2018 | September 4,2018 to September 31, 2018 | $59,102.50 | $859.11 | $7,766.42 | $67,728.03 · total: 67728.03 · period end: 2018-09-31 · period start: 2018-09-04 · disbursements: 859.11 · firm text: Davies Ward Phillips & Vineberg LLP · firm quote: I am a partner with Davies Ward Phillips & Vineberg LLP ("Davies"), solicitors for KSV Kofman Inc. · hours total: quote: Total Hours | 174.6 · value: 174.6 · context quote: seeking, among other things, approval of the fees and disbursements of Davies for the period from July 1, 2018 to September 30, 2018 (the "Period").; form: time_summary · rows: Matthew Milne-Smith; Natasha Macparland; Robin Schwill; Steven Willard; Jesse Mighton; Ruth Oseida · money: tax: label: HST @ 13% · quote: HST @ 13% | 9,230.73 · amount: 9230.73 · fees: quote: OUR FEE | $ 69,216.00 · amount: 69216 · approximate: false · disbursements: quote: DISBURSEMENTS (TAXABLE) | 1,789.61 · amount: 1949.61 · period: end: 2018-08-31 · kind: invoice · quote: Period: July 3, 2018 to August 31, 2018 · start: 2018-07-03 · approval: state: unstated · averages: · currency: · invoices: · firm text: Davies Ward Phillips & Vineberg LLP · firm quote: I am a partner with Davies Ward Phillips & Vineberg LLP ("Davies"), solicitors for KSV Kofman Inc. · hours total: quote: TOTAL HOURS | TOTAL HOURS | TOTAL HOURS | 81.00 · value: 81 · context quote: URBANCORP Period: July 3, 2018 to August 31, 2018
- recovery outcomeentries: basis: actual · quote: On June 27, 2017, the Court made an order authorizing and directing the Monitor to pay a 33% dividend to creditors with admitted claims against the Bay CCAA Entities. · pct of: unstated · outcome: distribution · pct low: 33 · pct high: 33 · class key: unsecured · stated by: monitor · class label: creditors with admitted claims against the Bay CCAA Entities · interim final: unstated · claims qualifier: unstated; basis: actual · quote: On November 30, 2017, the Court made an order authorizing and directing the Monitor to pay in full all admitted claims, other than intercompany claims. · pct of: unstated · outcome: paid_in_full · class key: unsecured · stated by: monitor · class label: all admitted claims, other than intercompany claims · interim final: unstated · claims qualifier: unstated · stated on: 2018-10-17 · table missing: