Ontario · CCAA
Twelfth Report of the Monitor dated November 20, 2025
Court officer report · 20 November 2025
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 filing6 verified
- cash on handnote: The amount is redacted in the public Confidential Financial Update ("The Applicant has cash on hand in the amount of approximately" followed by a blank); the unredacted version is sought to be sealed. Separately, the report states the CRA Tax Payment of $79,128,082.90 plus accrued interest had not yet been received by the Monitor as at the report date. · currency: CAD
- fee scheduleengagements: form: time_summary · rows: Noah Goldstein; David Sieradzki; Robert Harlang; Meg Ostling; Catherine Theriault; fees: 894.5 · hours: 3.75 · quote: Other staff and administration | 210-260 | 3.75 | 894.50 · rate max: 260 · rate min: 210 · row kind: bucket · rate kind: range · name as stated: Other staff and administration · money: tax: label: HST · quote: HST | 11,030.67 · amount: 11030.67 · fees: quote: Total Fees | | | 84,817.00 · amount: 84817 · total: quote: Total Due | $ 95,881.99 · amount: 95881.99 · includes tax: true · includes disbursements: true · approximate: false · disbursements: quote: Disbursements | | | 34.32 · amount: 34.32 · period: end: 2025-05-31 · kind: invoice · label: For the period ended May 31, 2025 · quote: For the period ended May 31, 2025 · start: 2025-05-01 · approval: state: unstated · averages: · currency: · invoices: · firm text: KSV Restructuring Inc. · firm quote: KSV Restructuring Inc. LoyaltyOne, Co. · context quote: I am a Managing Director of KSV Restructuring Inc. ('KSV').; form: time_summary · rows: Noah Goldstein; David Sieradzki; Robert Harlang; Meg Ostling; Catherine Theriault; fees: 344 · hours: 0.95 · quote: Other staff and administration | 210-260 | 0.95 | 344.00 · rate max: 260 · rate min: 210 · row kind: bucket · rate kind: range · name as stated: Other staff and administration · money: tax: label: HST · quote: HST | 11,341.95 · amount: 11341.95 · fees: quote: Fees | | | 87,241.50 · amount: 87241.5 · total: quote: Total Due | $ 98,587.74 · amount: 98587.74 · includes tax: true · includes disbursements: true · approximate: false · disbursements: quote: Disbursements | | | 4.29 · amount: 4.29 · period: end: 2025-06-30 · kind: invoice · quote: For the period ended June 30, 2025 · start: 2025-06-01 · approval: state: unstated · averages: · currency: · invoices: · firm text: KSV Restructuring Inc. · firm quote: KSV Restructuring Inc. LoyaltyOne, Co. · context quote: I am a Managing Director of KSV Restructuring Inc. ('KSV').; form: time_summary · rows: Noah Goldstein; David Sieradzki; Robert Harlang; fees: 852 · hours: 3 · quote: Other staff and administration | 175-500 | 3.00 | 852.00 · rate max: 500 · rate min: 175 · row kind: bucket · rate kind: range · name as stated: Other staff and administration · money: tax: label: HST · quote: HST | 7,619.27 · amount: 7619.27 · fees: quote: Total Fees | | | 58,307.00 · amount: 58307 · total: quote: Total Due | $ 66,229.02 · amount: 66229.02 · includes tax: true · includes disbursements: true · approximate: false · disbursements: quote: Disbursements | | | 302.75 · amount: 302.75 · period: end: 2025-07-31 · kind: invoice · quote: For the period ended July 31, 2025 · start: 2025-07-01 · approval: state: unstated · averages: · currency: · invoices: · firm text: KSV Restructuring Inc. · firm quote: KSV Restructuring Inc. LoyaltyOne, Co. · context quote: I am a Managing Director of KSV Restructuring Inc. ('KSV').; form: time_summary · rows: Noah Goldstein; David Sieradzki; Robert Harlang; Martin Kosic; fees: 1343 · hours: 4.45 · quote: Other staff and administration | 175-500 | 4.45 | 1,343.00 · rate max: 500 · rate min: 175 · row kind: bucket · rate kind: range · name as stated: Other staff and administration · money: tax: label: HST · quote: HST | 4,661.68 · amount: 4661.68 · fees: quote: Total Fees | | | 35,768.00 · amount: 35768 · total: quote: Total Due | $ 40,520.74 · amount: 40520.74 · includes tax: true · includes disbursements: true · approximate: false · disbursements: quote: Disbursements | | | 91.06 · amount: 91.06 · period: end: 2025-08-31 · kind: invoice · quote: For the period ended August 31, 2025 · start: 2025-08-01 · approval: state: unstated · averages: · currency: · invoices: · firm text: KSV Restructuring Inc. · firm quote: KSV Restructuring Inc. LoyaltyOne, Co. · context quote: I am a Managing Director of KSV Restructuring Inc. ('KSV').; form: time_summary · rows: Noah Goldstein; David Sieradzki; Robert Harlang; Nathalie El-Zakhem; fees: 355.5 · quote: Other staff and administration | 175-240 | | 355.50 · rate max: 240 · rate min: 175 · row kind: bucket · rate kind: range · name as stated: Other staff and administration · money: tax: label: HST · quote: HST | 8,653.19 · amount: 8653.19 · fees: quote: Total fees per attached time summary | $ 66,563.00 · amount: 66563 · total: quote: Total Due | $ 75,216.19 · amount: 75216.19 · includes tax: true · approximate: false · period: end: 2025-09-30 · kind: invoice · quote: For the period ended September 30, 2025 · start: 2025-09-01 · approval: state: unstated · averages: · currency: · invoices: · firm text: KSV Restructuring Inc. · firm quote: KSV Restructuring Inc. LoyaltyOne, Co. · context quote: I am a Managing Director of KSV Restructuring Inc. ('KSV').; form: time_summary · rows: Noah Goldstein; David Sieradzki; Robert Harlang; Nathalie El-Zakhem; Isaiah Crystal; fees: 905 · hours: 3.95 · quote: Other staff and administration | 175-240 | 3.95 | 905.00 · rate max: 240 · rate min: 175 · row kind: bucket · rate kind: range · name as stated: Other staff and administration · money: tax: label: HST · quote: HST | 12,053.73 · amount: 12053.73 · fees: quote: Total Fees | | | 91,747.50 · amount: 91747.5 · total: quote: Total Due | $ 104,774.70 · amount: 104774.7 · includes tax: true · includes disbursements: true · approximate: false · disbursements: quote: Add: Out-of-Pocket disbursements (travel) | | | 973.47 · amount: 973.47 · period: end: 2025-10-31 · kind: invoice · quote: For the period ended October 31, 2025 · start: 2025-10-01 · approval: state: unstated · averages: · currency: · invoices: · firm text: KSV Restructuring Inc. · firm quote: KSV Restructuring Inc. LoyaltyOne, Co. · context quote: I am a Managing Director of KSV Restructuring Inc. ('KSV').; form: time_summary · rows: Noah Goldstein; David Sieradzki · money: approximate: false · period: kind: cumulative · approval: state: unstated · averages: · currency: · invoices: · firm text: KSV Restructuring Inc. · firm quote: Name | Role | Hours | Billing Rate (Per Hour) | Total Fees by Professional ($) · context quote: I am a Managing Director of KSV Restructuring Inc. ('KSV').; form: invoice_listing · rows: Chris Armstrong; Peter Ruby; Brendan O'Neill; Brian F. Empey; Kenneth Saddington; Erik Axell · money: tax: label: taxes · quote: TOTAL | TOTAL | 194,910.50 | 1,420.19 | 25,522.99 | 221,853.68 · amount: 25522.99 · fees: quote: TOTAL | TOTAL | 194,910.50 | 1,420.19 | 25,522.99 | 221,853.68 · amount: 194910.5 · total: quote: TOTAL | TOTAL | 194,910.50 | 1,420.19 | 25,522.99 | 221,853.68 · amount: 221853.68 · includes tax: true · includes disbursements: true · approximate: false · disbursements: quote: TOTAL | TOTAL | 194,910.50 | 1,420.19 | 25,522.99 | 221,853.68 · amount: 1420.19 · period: kind: cumulative · label: Applicable Period · quote: KSV Restructuring Inc. Summary of Goodmans LLP Accounts for the Applicable Period · approval: state: unstated · averages: rate: 1136.5 · quote: Average Hourly Rate ($ Billed / Hours Billed) | 1,136.50 · currency: · invoices: tax: 17530.39 · date: 2025-11-11 · fees: 133429 · quote: November 11, 2025 | September 03, 2025 to October 31, 2025 | 133,429.00 | 1,420.19 | 17,530.39 | 152,379.58 · total: 152379.58 · period end: 2025-10-31 · period start: 2025-09-03 · disbursements: 1420.19 · firm text: Goodmans LLP · firm quote: Summary of Activity by Goodmans LLP Professionals · hours total: quote: 171.50 Total Hours · value: 171.5 · context quote: As shown in the summary, Goodmans incurred a total of 171.50 hours in connection with this matter during the Application Period, at an average hourly rate of $1,136.50.
- operational summaryThe Applicant is no longer conducting active business operations; its remaining activity is realizing on excluded assets such as tax refunds and pursuing disputes with Bread, with remaining costs (largely professional fees) funded from cash held in the Monitor's accounts.
- professional feesnote: Excludes disbursements and HST. Monitor's counsel Goodmans LLP fees for the same period were $194,910.50 (excluding disbursements and HST); average hourly rates were $782.75 (Monitor) and $1,136 (Goodmans). · party: KSV Restructuring Inc. (Monitor) · amount: 424444 · period: May 1, 2025 to October 31, 2025 · currency: CAD
- report date20 November 2025
- report noTwelfth Report