Ontario · CCAA
Fourteenth Report of the Monitor - KSV Restructuring Inc. - 21-MAY-2026
Court officer report · 21 May 2026
What we verified from this filing11 verified
- closing confirmedscope: the Transaction · outcome: completed · effective: 2023-06-01 · purchaser: BMO · date basis: stated · approval order date: 2023-05-12
- fee scheduleengagements: form: prose · rows: · money: fees: quote: The Monitor's fees of $278,398.33 cover the period from July 1, 2023 to November 30, 2025. · amount: 278398.33 · approximate: false · period: end: 2025-11-30 · kind: cumulative · quote: The Monitor's fees of $278,398.33 cover the period from July 1, 2023 to November 30, 2025. · start: 2023-07-01 · approval: state: unstated · averages: rate: 826.8 · quote: The average hourly rates for the Monitor and Goodmans for the referenced billing periods were $826.80 and $1,107.02, respectively. · scope: the Monitor · currency: · invoices: · firm text: KSV Restructuring Inc. · firm quote: Fourteenth Report of KSV Restructuring Inc. as CCAA Monitor of LoyaltyOne, Co. · context quote: as Court-appointed Monitor (the 'Monitor') in connection with the Applicant's proceedings under the Companies' Creditors Arrangement Act ('CCAA'); form: prose · rows: · money: fees: quote: Goodmans' fees of $262,844.50 relate to the period from April 28, 2023 to October 17, 2025. · amount: 262844.5 · approximate: false · period: end: 2025-10-17 · kind: cumulative · label: Application Period · quote: Goodmans' fees of $262,844.50 relate to the period from April 28, 2023 to October 17, 2025. · start: 2023-04-28 · approval: state: unstated · averages: rate: 1107.02 · quote: The average hourly rates for the Monitor and Goodmans for the referenced billing periods were $826.80 and $1,107.02, respectively. · scope: Goodmans · currency: · invoices: · firm text: Goodmans LLP · firm quote: Goodmans' fees of $262,844.50 relate to the period from April 28, 2023 to October 17, 2025. · hours total: quote: Goodmans incurred a total of 257.80 hours in connection with this matter during the Application Period, at an average hourly rate of $1,107.02. · value: 257.8 · context quote: As shown in the summary, Goodmans incurred a total of 257.80 hours in connection with this matter during the Application Period, at an average hourly rate of $1,107.02.; form: prose · rows: · money: tax: label: HST · quote: Cassels' fees of $800,367.60 plus HST of $104,047.79 constitute appropriate Expense Deductions. · amount: 104047.79 · fees: quote: Cassels' fees of $800,367.60 plus HST of $104,047.79 constitute appropriate Expense Deductions. · amount: 800367.6 · approximate: false · period: kind: unstated · approval: state: unstated · averages: · currency: · invoices: · firm text: Cassels Brock & Blackwell LLP · firm quote: Cassels' fees of $800,367.60 plus HST of $104,047.79 constitute appropriate Expense Deductions. · context quote: Given the scope of work that Cassels was required to undertake and the approximately two-and-a-half-year period of time involved, the Monitor is of the view that Cassels' fees of $800,367.60 plus HST of $104,047.79 constitute appropriate Expense Deductions.; form: time_summary · rows: Noah Goldstein; David Sieradzki; Robert Harlang; Nathalie El-Zakhem; fees: 1032 · hours: 4.6 · quote: Other staff and administration | 175-240 | 4.60 | 1,032.00 · 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 | 9,773.27 · amount: 9773.27 · fees: quote: Total Fees | | | 64,649.50 · amount: 64649.5 · total: quote: Total Due | $ 84,952.30 · amount: 84952.3 · includes tax: true · includes disbursements: true · approximate: false · disbursements: quote: Disbursements (Travel to/from Mediation) | | | 10,529.53 · amount: 10529.53 · period: end: 2025-12-31 · kind: invoice · quote: For the period ended December 31, 2025 · approval: state: unstated · averages: · currency: · invoices: · firm text: KSV Restructuring Inc. · firm quote: KSV Restructuring Inc. LoyaltyOne, Co. · context quote: For professional services rendered for the month of January 2026 by KSV Restructuring Inc. ('KSV') as Court-appointed Monitor (the 'Monitor'); form: time_summary · rows: Noah Goldstein; David Sieradzki; Robert Harlang; Nathalie El-Zakhem; fees: 958.5 · hours: 3.9 · quote: Other staff and administration | 200-265 | 3.90 | 958.50 · rate max: 265 · rate min: 200 · row kind: bucket · rate kind: range · name as stated: Other staff and administration · money: tax: label: HST · quote: HST | 9,640.61 · amount: 9640.61 · fees: quote: Total Fees | | | 74,158.50 · amount: 74158.5 · total: quote: Total Due | $ 83,799.11 · amount: 83799.11 · includes tax: true · includes disbursements: true · approximate: false · period: end: 2026-01-31 · kind: invoice · quote: For the period ended January 31, 2026 · approval: state: unstated · averages: · currency: · invoices: · firm text: KSV Restructuring Inc. · firm quote: KSV Restructuring Inc. LoyaltyOne, Co. · context quote: For professional services rendered for the month of February 2026 by KSV Restructuring Inc. ('KSV') as Court-appointed Monitor (the 'Monitor'); form: time_summary · rows: Noah Goldstein; David Sieradzki; Robert Harlang; Nathalie El-Zakhem; fees: 743.5 · hours: 3 · quote: Other staff and administration | 200-285 | 3.00 | 743.50 · rate max: 285 · rate min: 200 · row kind: bucket · rate kind: range · name as stated: Other staff and administration · money: tax: label: HST · quote: HST | 10,189.36 · amount: 10189.36 · fees: quote: Total Fees | | | 78,378.50 · amount: 78378.5 · total: quote: Total Due | $ 88,569.09 · amount: 88569.09 · includes tax: true · includes disbursements: true · approximate: false · disbursements: quote: Disbursements (postage) | | | 1.23 · amount: 1.23 · period: end: 2026-02-28 · kind: invoice · quote: For the period ended February 28, 2026 · approval: state: unstated · averages: · currency: · invoices: · firm text: KSV Restructuring Inc. · firm quote: KSV Restructuring Inc. LoyaltyOne, Co. · context quote: For professional services rendered for the month of March 2026 by KSV Restructuring Inc. ('KSV') as Court-appointed Monitor (the 'Monitor'); form: time_summary · rows: Noah Goldstein; David Sieradzki; Robert Harlang; Nathalie El-Zakhem; fees: 894.5 · hours: 3.6 · quote: Other staff and administration | 200-265 | 3.60 | 894.50 · rate max: 265 · rate min: 200 · row kind: bucket · rate kind: range · name as stated: Other staff and administration · money: tax: label: HST · quote: HST | 12,015.13 · amount: 12015.13 · fees: quote: Total Fees | | | 92,407.00 · amount: 92407 · total: quote: Total Due | $ 104,439.17 · amount: 104439.17 · includes tax: true · includes disbursements: true · approximate: false · disbursements: quote: Disbursements | | | 17.04 · amount: 17.04 · period: end: 2026-03-31 · kind: invoice · quote: For the period ended March 31, 2026 · approval: state: unstated · averages: · currency: · invoices: · firm text: KSV Restructuring Inc. · firm quote: KSV Restructuring Inc. LoyaltyOne, Co. · context quote: For professional services rendered for the month of April 2026 by KSV Restructuring Inc. ('KSV') as Courtappointed Monitor (the 'Monitor'); form: time_summary · rows: Noah Goldstein; David Sieradzki; Robert Harlang; Nathalie El-Zakhem; fees: 850 · hours: 3.6 · quote: Other staff and administration | 200-265 | 3.60 | 850.00 · rate max: 265 · rate min: 200 · row kind: bucket · rate kind: range · name as stated: Other staff and administration · money: tax: label: HST · quote: HST | 6,249.66 · amount: 6249.66 · fees: quote: Total Fees | | | 44,810.00 · amount: 44810 · total: quote: Total Due | $ 54,324.00 · amount: 54324 · includes tax: true · includes disbursements: true · approximate: false · disbursements: quote: Disbursements | | | 3,264.34 · amount: 3264.34 · period: end: 2026-04-30 · kind: invoice · quote: For the period ended April 30, 2026 · approval: state: unstated · averages: · currency: · invoices: · firm text: KSV Restructuring Inc. · firm quote: KSV Restructuring Inc. LoyaltyOne, Co. · context quote: For professional services rendered for the month of May 2026 by KSV Restructuring Inc. ('KSV') as Court-appointed Monitor (the 'Monitor') · context unverified: true; form: rate_chart · rows: Noah Goldstein; David Sieradzki · money: approximate: false · period: kind: unstated · approval: state: unstated · averages: · currency: · invoices: · firm text: KSV Restructuring Inc. · firm quote: for KSV Restructuring Inc. · context quote: This is Exhibit 'B' referred to in the Affidavit of Noah Goldstein sworn before me, this 21 st day of May, 2026; form: time_summary · rows: Brendan O'Neill; Chris Armstrong; Peter Ruby; Erik Axell; fees: 130 · rate: 130 · hours: 1 · quote: DPS | Word Processing | 1.00 | 130.00 | 130.00 · title: Word Processing · row kind: level · rate kind: standard · name as stated: Word Processing · money: tax: label: ON HST @ 13.0% · quote: ON HST @ 13.0% | | $6,934.66 · amount: 6934.66 · fees: quote: Total Fees | $53,343.50 · amount: 53343.5 · total: quote: Total On This Invoice (CAD) | | $63,300.66 · amount: 63300.66 · includes tax: true · includes disbursements: true · approximate: false · disbursements: quote: Total Disbursements | | $2,674.78 · amount: 2674.78 · period: kind: invoice · approval: state: unstated · averages: · currency: code: CAD · quote: Total On This Invoice (CAD) | | $63,300.66 · invoices: · firm text: Goodmans LLP · firm quote: THIS IS OUR ACCOUNT HEREIN GOODMANS LLP · context quote: Goodmans LLP, 333 Bay Street, Suite 3400, Toronto, Ontario M5H 2S7; form: time_summary · rows: Chris Armstrong; Brendan O'Neill; Peter Ruby · money: fees: quote: Total Fees | $33,318.00 · amount: 33318 · approximate: false · period: end: 2026-02-02 · kind: invoice · quote: February 2, 2026 · approval: state: unstated · averages: · currency: · invoices: · firm text: Goodmans LLP · firm quote: THIS IS OUR ACCOUNT HEREIN GOODMANS LLP · context quote: Goodmans LLP, 333 Bay Street, Suite 3400, Toronto, Ontario M5H 2S7; form: time_summary · rows: Brendan O'Neill; Chris Armstrong; Peter Ruby · money: tax: label: ON HST @ 13.0% · quote: ON HST @ 13.0% | $3,517.02 · amount: 3517.02 · fees: quote: Total Fees On This Invoice | $27,054.00 · amount: 27054 · total: quote: Total On This Invoice (CAD) | $30,571.02 · amount: 30571.02 · includes tax: true · approximate: false · period: kind: invoice · approval: state: unstated · averages: · currency: code: CAD · quote: Total On This Invoice (CAD) | $30,571.02 · invoices: · firm text: Goodmans LLP · firm quote: THIS IS OUR ACCOUNT HEREIN GOODMANS LLP · context quote: Goodmans LLP, 333 Bay Street, Suite 3400, Toronto, Ontario M5H 2S7; form: time_summary · rows: Chris Armstrong; Brendan O'Neill; Peter Ruby · money: tax: label: ON HST @ 13.0% · quote: ON HST @ 13.0% | $7,209.54 · amount: 7209.54 · fees: quote: Total Fees On This Invoice | $55,458.00 · amount: 55458 · total: quote: Total On This Invoice (CAD) | $62,667.54 · amount: 62667.54 · includes tax: true · approximate: false · period: kind: invoice · approval: state: unstated · averages: · currency: code: CAD · quote: Total On This Invoice (CAD) | $62,667.54 · invoices: · firm text: Goodmans LLP · firm quote: THIS IS OUR ACCOUNT HEREIN GOODMANS LLP · context quote: Goodmans LLP, 333 Bay Street, Suite 3400, Toronto, Ontario M5H 2S7
- operational summaryThe Applicant is no longer conducting active business operations; the CCAA proceeding is focused on realizing tax refunds from CRA, TRA and Revenu Québec, resolving disputes with Bread, and pursuing the Canadian Fiduciary Claim.
- professional feesnote: Excludes disbursements and HST; Goodmans LLP (Monitor's counsel) fees for November 2, 2025 to March 13, 2026 totaled $285,389.00, also excluding disbursements and HST. · party: Monitor (KSV Restructuring Inc.) · amount: 459123.25 · period: November 1, 2025 to April 30, 2026 · currency: CAD
- purchaserBMO
- recovery outcomeentries: basis: estimated · quote: alternatively, if Bread is determined to have an exclusive entitlement to the CRA Tax Payment, the Monitor does not expect there will be any funds available for distribution to unsecured creditors. · pct of: unstated · outcome: nil · class key: unsecured · stated by: monitor · class label: unsecured creditors · interim final: unstated · conditional on: if Bread is determined to have an exclusive entitlement to the CRA Tax Payment · claims qualifier: unstated · stated on: 2026-05-21 · table missing:
- report date21 May 2026
- report noFourteenth Report
- sale advisorPJT Partners LP
- sale outcometext: The Transaction closed on June 1, 2023. · scope: whole_business · status: closed
- stalking horseBMO (160000000)