Ontario · Receivership (court-appointed)
First Report of the Receiver dated April 13, 2018
Court officer report · 13 April 2018
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What we verified from this filing7 verified
- secured creditorsnote: Total amount owing is approximate ('approximately $7.2 million'); Bennett Jones security opinion confirms valid and enforceable charge; principal secured creditor, consented to Transaction · page: 5 · as of: date of this Report (April 13, 2018) · amount: 7200000 · debtor: Textbook (445 Princess Street) Inc. · creditor: KingSett Mortgage Corporation · currency: CAD · security: Mortgage on the Real Property (429/445 Princess Street, Kingston) in the original amount of $7 million, plus interest and fees
- secured creditorsnote: Amount is approximate ('approximately $8.4 million'); syndicated mortgage investment raised from Investors via Trustee Corporations; subordinate in practice as Receiver seeking distribution to KingSett first and is not aware of any claim ranking in priority to KingSett · page: 5 · as of: date of this Report (April 13, 2018) · amount: 8400000 · debtor: Textbook (445 Princess Street) Inc. · creditor: Textbook Student Suites (445 Princess Street) Trustee Corporation (445 Trustee) and Olympia Trust Company · currency: CAD · security: Mortgage registered on title to the Real Property (syndicated mortgage investment); Olympia Trust holds mortgage for investors who hold investment in RRSP
- fee scheduleengagements: form: time_summary · rows: Robert Kofman; Noah Goldstein; fees: 5257.5 · hours: 16.8 · quote: Other Staff and Administration | | 16.80 | 5,257.50 · row kind: bucket · rate kind: standard · name as stated: Other Staff and Administration · money: tax: label: HST · quote: HST | 4,349.41 · amount: 4349.41 · fees: quote: Total fees and disbursements per attached summary | $ 33,457.00 · amount: 33457 · total: quote: Total | $ 37,806.41 · amount: 37806.41 · includes tax: true · includes disbursements: true · approximate: false · period: end: 2018-01-31 · kind: invoice · quote: For the period December 15, 2017 to January 31, 2018 · start: 2017-12-15 · approval: state: unstated · averages: · currency: · invoices: · firm text: KSV Kofman Inc. · firm quote: KSV Kofman Inc. Textbook (445 Princess Street) Inc. · context quote: KSV Kofman Inc. ('KSV') as receiver and manager ('Receiver'); form: time_summary · rows: Robert Kofman; Noah Goldstein; fees: 190 · hours: 0.6 · quote: Other Staff and Administration | | 0.60 | 190.00 · row kind: bucket · rate kind: standard · name as stated: Other Staff and Administration · money: tax: label: HST · quote: HST | 1,539.53 · amount: 1539.53 · fees: quote: Total fees and disbursements per attached summary | $ 11,842.50 · amount: 11842.5 · total: quote: Total | $ 13,382.03 · amount: 13382.03 · includes tax: true · includes disbursements: true · approximate: false · period: end: 2018-02-28 · kind: invoice · quote: Time Summary For the period ending February 28, 2018 · approval: state: unstated · averages: · currency: · invoices: · firm text: KSV Kofman Inc. · firm quote: KSV Kofman Inc. Textbook (445 Princess Street) Inc. · context quote: KSV Kofman Inc. ('KSV') as receiver and manager ('Receiver'); form: time_summary · rows: Robert Kofman; Noah Goldstein; fees: 162.5 · hours: 1 · quote: Other Staff and Administration | | 1.00 | 162.50 · row kind: bucket · rate kind: standard · name as stated: Other Staff and Administration; fees: 10539 · quote: Subtotal | | | 10,539.00 · row kind: subtotal · rate kind: standard · name as stated: Subtotal · money: tax: label: HST · quote: HST | 1,382.12 · amount: 1382.12 · fees: quote: Total fees and disbursements per attached summary | $ 10,631.73 · amount: 10631.73 · total: quote: Total | $ 12,013.85 · amount: 12013.85 · includes tax: true · includes disbursements: true · approximate: false · disbursements: quote: Out of pocket disbursements | | | 92.73 · amount: 92.73 · period: kind: invoice · quote: Time Summary For the month ending March, 2018 · approval: state: unstated · averages: · currency: · invoices: · firm text: KSV Kofman Inc. · firm quote: KSV Kofman Inc. · context quote: KSV Kofman Inc. ('KSV') as receiver and manager ('Receiver'); form: rate_chart · rows: Robert Kofman; Noah Goldstein; fees: 5610 · hours: 18.4 · quote: Other staff and administrative | Various | | 18.40 | 100 - 420 | 5,610.00 · title: Various · rate max: 420 · rate min: 100 · row kind: bucket · rate kind: range · name as stated: Other staff and administrative · money: approximate: false · period: end: 2018-03-31 · kind: cumulative · quote: For the Period from December 15, 2017 to March 31, 2018 · start: 2017-12-15 · approval: state: unstated · averages: rate: 544.13 · quote: The average hourly rate for the Receiver and Bennett Jones for the referenced billing period was $544.13 and $545.52, respectively. · scope: the Receiver · currency: · invoices: · firm text: KSV Kofman Inc. · firm quote: Schedule of Professionals' Time and Rates · context quote: KSV Kofman Inc. ('KSV') as receiver and manager ('Receiver'); form: invoice_listing · rows: S. H. Zweig; H. C. A. Loughry; A. Terpoy-Heinemann · money: tax: label: GST/HST · quote: GST/HST | 100,49 · amount: 100.49 · fees: quote: Professional Services | 773,00 · amount: 773 · total: quote: TOTAL DUE $ 1,01 1,49 · amount: 1011.49 · includes tax: true · includes disbursements: true · approximate: false · disbursements: quote: Disbursements Incurred As Your Agent (Non-taxable) | 138,00 · amount: 138 · period: kind: unstated · approval: state: unstated · averages: rate: 545.52 · quote: The average hourly rate for the Receiver and Bennett Jones for the referenced billing period was $544.13 and $545.52, respectively. · scope: Bennett Jones · currency: · invoices: · firm text: Bennett Jones LLP · firm quote: BENNETT JONES LLP · hours total: quote: Total Hours | 1.50 · value: 1.5 · context quote: Bennett Jones LLP Suite 3400, 1 First Canadian Place; form: rate_chart · rows: J.D. van Gent; J.D. van Gent; S.H. Zweig; S.H. Zweig; J. Blinick; M.C.A. Loughry; M.C.A. Loughry; P. Garcha; L. Neilson; L. Stacey; A. Terpoy-Heinemann; A. Terpoy-Heinemann · money: approximate: false · period: kind: unstated · approval: state: unstated · averages: · currency: · invoices: · firm text: Bennett Jones LLP · firm quote: BENNETT JONES LLP · context quote: Bennett Jones LLP Suite 3400, 1 First Canadian Place
- process resultsbids: 6 · ndas: 55 · note: 55 parties executed the CA and six parties submitted offers; three invited to a second round, two resubmitted. · as of: 2018-04-13 · solicited: 3000
- purchaser1975919 Ontario Inc.
- sale advisorJones Lang LaSalle Incorporated
- sale outcometext: Proposed Transaction with 1975919 Ontario Inc. resulting from the Sale Process, subject to Court approval · scope: whole_business · status: pending_approval