Ontario · Bankruptcy
Trustee’s Supplementary Report to Creditors
Court officer report · 26 June 2010
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What we verified from this filing5 verified
- operational summaryMadoc is winding down through an orderly sales process, having closed several real property and joint-venture transactions and continuing to negotiate sales of remaining assets (grain dryer, Foxboro property, and cooperative shares) while collecting outstanding receivables.
- receipts cumulativenote: Excludes future realizations and ongoing costs associated with the administration of the estate; figures are approximate and net of professional fees and disbursements. · since: to date, net of professional fees and disbursements · amount: 1045000 · currency: CAD
- recovery outcomeentries: basis: estimated · quote: | Desjardins/OMAFRA | $2,200,000 | $585,000 | $1,615,000 | · pct of: unstated · outcome: shortfall · class key: secured · stated by: trustee · class label: Desjardins/OMAFRA · claims amount: 2200000 · creditor name: Desjardins/OMAFRA · interim final: unstated · claims qualifier: estimated · shortfall amount: 1615000; basis: estimated · quote: | Tru*Serv | $97,000 | $0 | $97,000 | · pct of: unstated · outcome: shortfall · class key: secured · stated by: trustee · class label: Tru*Serv · claims amount: 97000 · creditor name: Tru*Serv · interim final: unstated · claims qualifier: estimated · shortfall amount: 97000; basis: estimated · quote: Based on this information, the Trustee is estimating a distribution to unsecured creditors from net realizations to date of approximately 15% . · pct of: unstated · outcome: distribution · pct low: 15 · pct high: 15 · class key: unsecured · stated by: trustee · class label: unsecured creditors · claims amount: 2700000 · interim final: unstated · claims qualifier: estimated; basis: estimated · quote: Without taking into account the professional fees and expenses that would be incurred to challenge the payments to employees and assuming the full amount paid to the employees was recovered, the estimated distribution to unsecured creditors would increase to approximately 18% if the payments to the employees were to be set aside and the funds recovered. · pct of: unstated · outcome: distribution · pct low: 18 · pct high: 18 · class key: unsecured · stated by: trustee · class label: unsecured creditors · interim final: unstated · conditional on: if the payments to the employees were to be set aside and the funds recovered · claims qualifier: unstated; basis: estimated · quote: Without taking into account the professional fees and expenses that would be incurred to challenge the validity of Concentra's charge/mortgage, the estimated distribution to unsecured creditors would increase to approximately 21% if Concentra's charge/mortgage were to be set aside. · pct of: unstated · outcome: distribution · pct low: 21 · pct high: 21 · class key: unsecured · stated by: trustee · class label: unsecured creditors · interim final: unstated · conditional on: if Concentra's charge/mortgage were to be set aside · claims qualifier: unstated · stated on: 2010-06-26 · table missing:
- report date26 June 2010
- report noTrustee's Supplementary Report to Creditors