Ontario · Bankruptcy
Second Report as Trustee dated March 16, 2023
Court officer report · 16 March 2023
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What we verified from this filing7 verified
- cash on handnote: Total bank balances held for Cumberland CCAA Entities ($598k) and Geothermal Asset Owners ($3,158k), per unaudited $000s holdback table; includes administration cost holdback and UCI holdback components. · amount: 3756000 · currency: CAD · qualifier: unaudited
- fee scheduleengagements: form: time_summary · rows: Robert Kofman; Noah Goldstein; fees: 4307.75 · hours: 12.8 · quote: Other staff and administration | | 12.80 | 4,307.75 · row kind: bucket · rate kind: standard · name as stated: Other staff and administration · money: tax: label: HST · quote: HST | 6,151.18 · amount: 6151.18 · fees: quote: Total Fees | | 64.95 | 41,374.00 · amount: 41374 · total: quote: Total Due | $ 53,467.94 · amount: 53467.94 · includes tax: true · includes disbursements: true · approximate: false · disbursements: quote: Disbursements (postage & Dropbox) | | | 5,942.76 · amount: 5942.76 · period: end: 2022-12-31 · kind: invoice · label: the period November 1, 2022 to December 31, 2022 · quote: For the period November 1, 2022 to December 31, 2022 · start: 2022-11-01 · approval: state: unstated · averages: · currency: · invoices: · firm text: KSV Restructuring Inc. · firm quote: Fifty-Sixth Report to Court of KSV Restructuring Inc. as CCAA Monitor · hours total: quote: Total Fees and Disbursements | | 64.95 | 47,316.76 · value: 64.95 · context quote: as CCAA Monitor of Urbancorp Toronto Management Inc.; form: time_summary · rows: Robert Kofman; Noah Goldstein; fees: 1003.75 · hours: 4.9 · quote: Other staff and administration | | 4.90 | 1,003.75 · row kind: bucket · rate kind: standard · name as stated: Other staff and administration · money: tax: label: HST · quote: HST | 3,162.33 · amount: 3162.33 · fees: quote: Total Fees | | 36.80 | 24,323.75 · amount: 24323.75 · total: quote: Total Due | $ 27,487.92 · amount: 27487.92 · includes tax: true · includes disbursements: true · approximate: false · disbursements: quote: Disbursements (postage) | | | 1.84 · amount: 1.84 · period: end: 2023-01-31 · kind: invoice · quote: For the month ending January 2023 · start: 2023-01-01 · approval: state: unstated · averages: · currency: · invoices: · firm text: KSV Restructuring Inc. · firm quote: For professional services rendered during January 2023 by KSV Restructuring Inc. in its capacity as Monitor · hours total: quote: Total Fees and Disbursements | | 36.80 | 24,325.59 · value: 36.8 · context quote: in its capacity as Monitor (the 'Monitor') in the Companies' proceedings under the Companies' Creditors Arrangement Act; form: time_summary · rows: Robert Kofman; Noah Goldstein; fees: 1415 · hours: 3.2 · quote: Other staff and administration | | 3.20 | 1,415.00 · row kind: bucket · rate kind: standard · name as stated: Other staff and administration · money: tax: label: HST · quote: HST | 1,894.99 · amount: 1894.99 · fees: quote: Total Fees | | 20.45 | 14,575.00 · amount: 14575 · total: quote: Total Due | $ 16,471.83 · amount: 16471.83 · includes tax: true · includes disbursements: true · approximate: false · disbursements: quote: Disbursements (postage) | | | 1.84 · amount: 1.84 · period: end: 2023-02-28 · kind: invoice · quote: For the month ending February 2023 · start: 2023-02-01 · approval: state: unstated · averages: · currency: · invoices: · firm text: KSV Restructuring Inc. · firm quote: KSV Restructuring Inc. Urbancorp Group · hours total: quote: Total Fees and Disbursements | | 20.45 | 14,576.84 · value: 20.45 · context unverified: true; form: level_summary · rows: Robert Kofman; Noah Goldstein; fees: 6726.5 · hours: 20.9 · quote: Other staff and administrative | Various | 20.90 | 125-450 | 6,726.50 · title: Various · rate max: 450 · rate min: 125 · row kind: bucket · rate kind: range · name as stated: Other staff and administrative · money: fees: quote: Total fees | | | | 80,272.75 · amount: 80272.75 · approximate: false · period: end: 2023-02-28 · kind: cumulative · quote: For the Period from November 1, 2022 to February 28, 2023 · start: 2022-11-01 · approval: state: unstated · averages: rate: 656.9 · quote: Average hourly rate | | | | 656.90 $ · currency: · invoices: · firm text: KSV Restructuring Inc. · firm quote: Cumberland CCAA Entities Schedule of Professionals' Time and Rates · hours total: quote: Total hours | | | | 122.20 · value: 122.2 · context unverified: true; form: invoice_listing · rows: Robin B. Schwill; Robin B. Schwill; Matt Milne-Smith; loana Hancas; loana Hancas; Mehak Suri; Mehak Suri; Martina Williams; Martina Williams; Martina Williams; Tanya Barbiero; Tracey O'Rahilly · money: tax: label: HST · quote: TOTALS | $136,902.50 | $228.17 | $17,827.01 | $154,957.68 · amount: 17827.01 · fees: quote: TOTALS | $136,902.50 | $228.17 | $17,827.01 | $154,957.68 · amount: 136902.5 · total: quote: TOTALS | $136,902.50 | $228.17 | $17,827.01 | $154,957.68 · amount: 154957.68 · includes tax: true · includes disbursements: true · approximate: false · disbursements: quote: TOTALS | $136,902.50 | $228.17 | $17,827.01 | $154,957.68 · amount: 228.17 · period: end: 2023-02-28 · kind: invoice_listing · quote: For the Period Ending November 30, 2020 · start: 2022-11-01 · approval: state: unstated · averages: rate: 943 · quote: Average Blended Hourly Rate (rounded to nearest dollar) | $943.00 · scope: rounded to nearest dollar · currency: code: CAD · quote: Total Due Canadian Dollars (CAD) · invoices: tax: 5593.98 · date: 2022-12-07 · fees: 42947.5 · quote: December 7, 2022 | November 1, 2022 to November 30, 2022 | $42,947.50 | 83.00 | 5,593.98 | $48,624.48 · total: 48624.48 · period end: 2022-11-30 · period start: 2022-11-01 · disbursements: 83; tax: 3781.42 · date: 2023-01-18 · fees: 28950 · quote: January 18, 2023 | December 1, 2022 to December 31, 2022 | $28,950.00 | 137.82 | 3,781.42 | $32,869.24 · total: 32869.24 · period end: 2022-12-31 · period start: 2022-12-01 · disbursements: 137.82; tax: 3929.9 · date: 2023-02-15 · fees: 30230 · quote: February 15, 2023 | January 3, 2023 to January 31, 2023 | $30,230.00 | $0.00 | $3,929.90 | $34,159.90 · total: 34159.9 · period end: 2023-01-31 · period start: 2023-01-03 · disbursements: 0; tax: 4521.71 · date: 2023-03-15 · fees: 34775 · quote: March 15, 2023 | February 1, 2023 to February 28, 2023 | $34,775.00 | 7.35 | 4,521.71 | 39,304.06 · total: 39304.06 · period end: 2023-02-28 · period start: 2023-02-01 · disbursements: 7.35 · firm text: Davies Ward Phillips & Vineberg LLP · firm quote: Davies Ward Phillips & Vineberg LLP · hours total: quote: Total Hours for 2022 and 2023 | 145.20 · value: 145.2 · context quote: its counsel, Dentons · context unverified: true; form: time_summary · rows: Robin B. Schwill; loana Hancas; Mehak Suri · money: tax: label: HST · quote: 5,593.98 · amount: 5593.98 · fees: quote: Our Fee Disbursements HST ON (13%) Total Due Canadian Dollars (CAD) 42,947.50 · amount: 42947.5 · total: quote: $ 48,624.48 · amount: 48624.48 · includes tax: true · includes disbursements: true · approximate: false · disbursements: quote: 83.00 · amount: 83 · period: end: 2022-11-30 · kind: invoice · quote: For professional services rendered through November 30, 2022 in connection with (JrbanCorp · approval: state: unstated · averages: · currency: code: CAD · quote: Total Due Canadian Dollars (CAD) · invoices: · firm text: Davies Ward Phillips & Vineberg LLP · firm quote: Davies Ward Phillips & Vineberg LLP · hours total: quote: Total | | 41.40 | 42,947.50 · value: 41.4 · context unverified: true; form: time_summary · rows: Robin B. Schwill; loana Hancas; Tanya Barbiero; Tracey O'Rahiily; Martina Williams · money: tax: label: HST · quote: HST ON (13%) 3,781.42 · amount: 3781.42 · fees: quote: Our Fee Disbursements 28,950.00 · amount: 28950 · total: quote: $ 32,869.24 · amount: 32869.24 · includes tax: true · includes disbursements: true · approximate: false · disbursements: quote: 137.82 · amount: 137.82 · period: end: 2022-12-31 · kind: invoice · quote: For professional services rendered through December 31, 2022 in connection with UrbanCorp · approval: state: unstated · averages: · currency: code: CAD · quote: Total Due Canadian Dollars (CAD) · invoices: · firm text: Davies Ward Phillips & Vineberg LLP · firm quote: Davies Ward Phillips & Vineberg LLP · hours total: quote: Total | | 37.70 | 28,950.00 · value: 37.7 · context unverified: true; form: time_summary · rows: Matthew Milne-Smith; Robin B. Schwill; loana Hancas; Martina Williams · money: tax: label: HST · quote: HST ON (13%) | | 3,929.90 · amount: 3929.9 · fees: quote: Our Fee | | 30,230.00 · amount: 30230 · total: quote: Total Due | Canadian Dollars (CAD) | $34,159.90 · amount: 34159.9 · includes tax: true · approximate: false · period: end: 2023-01-31 · kind: invoice · quote: For professional services rendered through January 31, 2023 in connection with UrbanCorp · approval: state: unstated · averages: · currency: code: CAD · quote: Total Due Canadian Dollars (CAD) · invoices: · firm text: Davies Ward Phillips & Vineberg LLP · firm quote: Davies Ward Phillips & Vineberg LLP · hours total: quote: Total | Total | 23.30 | $ 30,230.00 · value: 23.3 · context unverified: true
- operational summaryThe Monitor continues to pursue litigation with Mattamy over UTMI management fees, work with CRA to obtain clearance certificates for the Geothermal Asset Owners to permit final distributions to UCI, and the Cumberland CCAA Entities are projected to have sufficient cash to meet disbursements during the extension period.
- professional feesnote: Total fees across all three professionals; disbursements of $6,494.61 reported separately, combined fees+disbursements total $226,529.86. · party: KSV (Monitor), Davies Ward Phillips & Vineberg LLP, and DLA Piper (Canada) LLP (combined) · amount: 220035.25 · period: November 1, 2022 to February 28, 2023 · currency: CAD
- recovery outcomeentries: basis: unstated · quote: At the date of the Claims Procedure, there were no assets available for distribution by UTMI and it was not foreseeable at that time that there would be. · pct of: unstated · outcome: nil · class key: unsecured · stated by: monitor · class label: UTMI's unsecured creditors · interim final: unstated · conditional on: unless the Monitor is successful against Mattamy · claims qualifier: unstated · stated on: 2023-03-16 · table missing:
- report date16 March 2023
- report noFifty-Sixth Report