Manitoba · Receivership (court-appointed)
Receiver's Report 13
Court officer report · 31 May 2011
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: Cash and equivalents (Guaranteed Investment Certificates and Government Bonds); Appendix 2 shows Short Term Investments and Bonds of $14,553,549. Separately, approximately $2.6 million of unclaimed First Distribution funds and approximately $0.3 million of class action settlement funds are held in trust. · as at: 2011-03-31 · amount: 14600000 · currency: CAD · qualifier: approximately
- disbursementsnote: Total Disbursements before interim distributions to shareholders ($52,044,621 Class A, $264,955 Class I & L) and class action settlement payments ($6,504,686). · since: June 28, 2005 (Statement covers June 28, 2005 to March 31, 2011) · amount: 20194749 · currency: CAD
- operational summaryThe Receiver continues to realize on the remaining portfolio (11 investments, about $11.4 million book value), administers the estate (lease, shareholder services and accounting), and recommends a second interim distribution of about $7.9 million ($0.55 per Class A and I share) to shareholders.
- professional feesnote: Cumulative Receiver and Manager Fees per the Statement of Receipts and Disbursements. Legal Fees of $1,996,190 and Legal Fees - Indemnification of $662,601 are also reported over the same period. Tax treatment is not stated. · party: Deloitte & Touche Inc. (Receiver and Manager) · amount: 5980748 · period: June 28, 2005 to March 31, 2011 · currency: CAD
- receipts cumulativenote: Total Receipts includes $23,363,012 of cash and short term investments on hand at the start of the period. · since: June 28, 2005 (Statement covers June 28, 2005 to March 31, 2011) · amount: 96286689 · currency: CAD
- recovery outcomeentries: basis: actual · quote: On September 4, 2009, the Court approved a rateable interim distribution ('First Distribution') to Class A and Class I shareholders of approximately $54.7 million which equated to $3.83 per Class A and Class I share. · pct of: unstated · outcome: distribution · class key: equity · stated by: receiver · amount low: 54700000 · cumulative: false · amount high: 54700000 · class label: Class A and Class I shareholders (First Distribution) · interim final: interim · claims qualifier: unstated; basis: actual · quote: Pursuant to the First Distribution Order the Receiver offered to refund the $200 paid by the Manitoba Federation of Labour. · pct of: unstated · outcome: paid_in_full · class key: equity · stated by: receiver · amount low: 200 · amount high: 200 · class label: Class L shares · creditor name: Manitoba Federation of Labour · interim final: unstated · claims qualifier: unstated; basis: unstated · quote: Accordingly it is the view of the Receiver that no amount is due for any subsequent distribution. · pct of: unstated · outcome: nil · class key: equity · stated by: receiver · class label: Class L shares · creditor name: Manitoba Federation of Labour · interim final: unstated · claims qualifier: unstated; basis: unstated · quote: Prior to Court approval of the First Distribution, the Receiver corresponded with The Province of Manitoba who advised that they had no claim to make to any share of the proposed distribution on account of their Class G Shares. · pct of: unstated · outcome: nil · class key: equity · stated by: receiver · class label: Class G Shares · creditor name: The Province of Manitoba · interim final: unstated · claims qualifier: unstated; basis: estimated · quote: The Receiver recommends that the sum of $7,859,020 be divided among Class A and Class I shareholders on a rateable basis as is contemplated by The Crocus Investment Fund Act and the Articles of Incorporation in respect of a winding up. · pct of: unstated · outcome: distribution · class key: equity · stated by: receiver · amount low: 7859020 · cumulative: false · amount high: 7859020 · class label: Class A and Class I shareholders (Second Distribution) · interim final: unstated · conditional on: Should the Court approve a Second Distribution · claims qualifier: unstated · stated on: 2011-05-31 · table missing:
- report date31 May 2011
- report noReceiver's Report No. 13