Ontario · CCAA
Fiftieth Report of the Monitor
Court officer report · 23 June 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 filing11 verified
- cash on handnote: Land Vehicle ending cash at May 2020 per the actual receipts and disbursements table; the amended budget forecasts opening cash for June 2020 of $6,582,116 (after the 242 Queen Street sale proceeds were received in May 2020) and ending cash of $3,208,116 at December 31, 2020 (forecast). · as at: 2020-05-31 · amount: 3578275 · currency: CAD
- closing confirmedscope: 242 Queen Street · outcome: completed · effective: 2020-05-15 · purchaser: City of Hamilton · date basis: stated
- disbursementsnote: Total disbursements through May 2020 per the Land Vehicle actual receipts and disbursements table. · since: April 2019 (start of the actual receipts and disbursements table) · amount: 17318477 · currency: CAD
- operational summaryThe Monitor, as LRO, administers the Land Vehicle (Legacy Lands), which holds the remaining approximately 4,300 acres of Haldimand Lands. It is marketing and selling the land to fund the Stelco pension plans, and the 242 Queen Street sale closed in May 2020 while the Parcel D sale to NS Terminal Three is pending.
- professional feesnote: Forecast, not incurred amounts: $100,000 per month; the budget note says it includes third party audit fees as well as EY and Bennett Jones' expenses for services related to the LRO position. · party: Consultant & professional services (including EY and Bennett Jones LRO-related fees and third party audit fees) · amount: 700000 · period: June 2020 to December 2020 (forecast) · currency: CAD
- purchaser2668264 Ontario Inc.; NS Terminal Three
- receipts cumulativenote: Total receipts through May 2020 per the Land Vehicle actual receipts and disbursements table. · since: April 2019 (start of the actual receipts and disbursements table) · amount: 24130781 · currency: CAD
- report date23 June 2020
- report noFiftieth Report
- sale advisorCushman and Wakefield ULC
- sale outcometext: 242 Queen Street Transaction closed; Parcel D Transaction pending court approval · scope: parcel · status: closed