Ontario · CCAA
The purpose of this One Hundred and Fifty Sixth Report of the Monitor (the “Report”), along with the related affidavits filed by Murray McDonald, Chairman of Ernst & Young Inc., and representatives of the Monitor’s counsel, being Goodmans LLP (“Goodmans”) as its Canadian legal counsel, Allen & Overy LLP (“A&O”) as its U.S. legal counsel, and Buchanan Ingersoll & Rooney PC (“BIR”) as its Delaware local legal counsel1, is to provide this Court with information in respect of the Monitor’s motion to pass the accounts of the Monitor and of its counsel for fees and disbursements incurred during the period September 1, 2019, through to and including August 31, 2020 (the “Period”)
Court officer report · 12 November 2020
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
- fee scheduleengagements: form: prose · rows: · money: approximate: false · period: end: 2020-08-30 · kind: interim · label: the Period · quote: The Period for the Monitor's fees and disbursements runs from August 31, 2019 to August 30, 2020. · start: 2019-08-31 · approval: quote: for the Period are fair and reasonable and respectfully requests that this Court approve the fees and disbursements of the Monitor and its counsel for the Period. · state: sought · averages: rate: 509 · quote: This amount includes billings for 5,259.5 professional hours at an average hourly rate of CA$509. · currency: code: CAD · quote: average hourly rate of CA$509 · invoices: · firm text: Ernst & Young Inc. · firm quote: The Period for the Monitor's fees and disbursements runs from August 31, 2019 to August 30, 2020. · hours total: quote: This amount includes billings for 5,259.5 professional hours at an average hourly rate of CA$509. · value: 5259.5 · context quote: This amount includes billings for 5,259.5 professional hours at an average hourly rate of CA$509.; form: prose · rows: · money: total: quote: The Monitor also seeks to pass the accounts of Goodmans for the Period in the amount of CA$185,785.91, inclusive of applicable taxes. · amount: 185785.91 · includes tax: true · approximate: false · period: end: 2020-08-30 · kind: interim · label: the Period · quote: The Period for the Monitor's fees and disbursements runs from August 31, 2019 to August 30, 2020. · start: 2019-08-31 · approval: quote: The Monitor also seeks to pass the accounts of Goodmans for the Period in the amount of CA$185,785.91, inclusive of applicable taxes. · state: sought · averages: rate: 691 · quote: This amount includes billings for 232.9 professional hours at an average hourly rate of CA$691. · currency: code: CAD · quote: average hourly rate of CA$691 · invoices: · firm text: Goodmans · firm quote: Goodmans continues to act as the Monitor's lead legal counsel and represents the Monitor in connection with all matters in the CCAA proceedings. · hours total: quote: This amount includes billings for 232.9 professional hours at an average hourly rate of CA$691. · value: 232.9 · context quote: The Monitor also seeks to pass the accounts of Goodmans for the Period in the amount of CA$185,785.91, inclusive of applicable taxes.; form: prose · rows: · money: approximate: false · period: end: 2020-08-30 · kind: interim · label: the Period · quote: The Period for the Monitor's fees and disbursements runs from August 31, 2019 to August 30, 2020. · start: 2019-08-31 · approval: state: unstated · averages: rate: 648 · quote: This amount includes billings for 41.9 professional hours at an average hourly rate of $648. · currency: · invoices: · firm text: Allen & Overy LLP · firm quote: Allen & Overy LLP ('A&O') as its U.S. legal counsel · capacity text: U.S. legal counsel · context quote: This amount includes billings for 41.9 professional hours at an average hourly rate of $648.; form: prose · rows: · money: approximate: false · period: end: 2020-08-30 · kind: interim · label: the Period · quote: The Period for the Monitor's fees and disbursements runs from August 31, 2019 to August 30, 2020. · start: 2019-08-31 · approval: state: unstated · averages: rate: 650 · quote: This amount includes billings for 3.8 professional hours at an average hourly rate of $650. · currency: · invoices: · context quote: This amount includes billings for 3.8 professional hours at an average hourly rate of $650. · firm unverified: true
- operational summaryPost-plan, the Canadian Estate continues administering distributions to creditors (a third distribution of about $139 million began October 2020, bringing total plan distributions to about $4.54 billion), resolving the last remaining claims, winding up foreign subsidiaries, and reducing operating costs.
- professional feesnote: Total of CA$3,060,933.10 is inclusive of taxes (fees CA$2,674,573.50, disbursements CA$34,216.84, taxes CA$352,142.76). Monitor's counsel: Goodmans LLP CA$185,785.91 incl. taxes (CAD total for Monitor and Goodmans CA$3,246,719.01); Allen & Overy LLP US$29,844.83; Buchanan Ingersoll & Rooney PC US$5,179.63 (USD total US$35,024.46). · party: Ernst & Young Inc. (the Monitor) · amount: 3060933.1 · period: September 1, 2019 to August 31, 2020 · currency: CAD
- recovery outcomeentries: basis: actual · quote: Notice of the third distribution was provided on August 27, 2020 (the ' Third Distribution ') and the distribution to creditors, in the amount of approximately $139 million, commenced in October 2020, bringing total distributions under the Plan to approximately $4.54 billion. · pct of: unstated · outcome: distribution · class key: unsecured · stated by: monitor · amount low: 139000000 · cumulative: false · amount high: 139000000 · class label: creditors under the Plan · interim final: interim · claims qualifier: unstated; basis: actual · quote: bringing total distributions under the Plan to approximately $4.54 billion. · pct of: unstated · outcome: distribution · class key: unsecured · stated by: monitor · amount low: 4540000000 · cumulative: true · amount high: 4540000000 · class label: creditors under the Plan · interim final: unstated · claims qualifier: unstated · stated on: 2020-11-12 · table missing:
- report date12 November 2020
- report noOne Hundred and Fifty Sixth Report of the Monitor