Ontario · CCAA
Sixteenth Report of the Monitor dated February 18, 2021
Court officer report · 18 February 2021
Also filed as: Twelfth Report of the Proposal Trustee dated February 18, 2021
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 filing2 verified
- fee scheduleengagements: form: prose · rows: · money: approximate: false · period: kind: unstated · approval: state: unstated · averages: rate: 577.85 · quote: The average hourly rates for KSV and Bennett Jones for the referenced billing periods were $577.85 and $511.70, respectively. · scope: KSV · currency: · invoices: · firm text: KSV Restructuring Inc. · firm quote: KSV Restructuring Inc. · context quote: KSV Restructuring Inc. ('KSV') was appointed monitor (in such capacity, the 'Monitor') · context unverified: true; form: prose · rows: · money: approximate: false · period: end: 2021-01-31 · kind: invoice · quote: for the period between November 1, 2020 and January 31, 2021 · start: 2020-11-01 · approval: state: unstated · averages: rate: 511.7 · quote: The average hourly rates for KSV and Bennett Jones for the referenced billing periods were $577.85 and $511.70, respectively. · scope: Bennett Jones · currency: · invoices: · firm text: Bennett Jones · firm quote: Bennett Jones · context quote: the accounts of Bennett Jones rendered to the Monitor for the fees and disbursements incurred by Bennett Jones in connection with these proceedings for the period between November 1, 2020 and January 31, 2021.
- recovery outcomeentries: basis: actual · quote: The secured distributions repaid in full the amount owing to a mortgagee of the real property owned by 22 Old Kennedy Development Inc. and 50% of the amounts owing to several mortgagees whose obligations were personally guaranteed by Mr. Wang. · pct of: unstated · outcome: paid_in_full · class key: secured · stated by: monitor · class label: 2557725 Ontario Inc. (mortgagee of 22 Old Kennedy Development Inc.) · creditor name: 2557725 Ontario Inc. · interim final: unstated · claims qualifier: unstated; basis: actual · quote: The secured distributions repaid in full the amount owing to a mortgagee of the real property owned by 22 Old Kennedy Development Inc. and 50% of the amounts owing to several mortgagees whose obligations were personally guaranteed by Mr. Wang. · pct of: unstated · outcome: distribution · pct low: 50 · pct high: 50 · class key: secured · stated by: monitor · class label: mortgagees whose obligations were personally guaranteed by Mr. Wang · interim final: unstated · claims qualifier: unstated; basis: actual · quote: (b) approximately $4.4 million, representing 50% of the amounts owing to the other secured creditors. · pct of: unstated · outcome: distribution · pct low: 50 · pct high: 50 · class key: secured · stated by: monitor · amount low: 4400000 · amount high: 4400000 · class label: secured creditors with claims against Mr. Wang (other than 2557725 Ontario Inc.) · interim final: unstated · claims qualifier: unstated; basis: unstated · quote: make an initial distribution to 259 Inc. in the amount of approximately $6,500 from the Surplus (the "Proposed Distribution") (which is representative of approximately 50% of the secured claim of 259 Inc. against Mr. Wang). · pct of: unstated · outcome: distribution · pct low: 50 · pct high: 50 · class key: secured · stated by: monitor · amount low: 6500 · amount high: 6500 · class label: 2592898 Ontario Inc. (259 Inc.) · creditor name: 2592898 Ontario Inc. · interim final: unstated · conditional on: Court approval of the Proposed Distribution · claims qualifier: unstated; basis: estimated · quote: The Monitor has also repeatedly advised these parties that there are expected to be nominal amounts available for distribution to unsecured creditors of the Birchmount Applicant and/or Mr. Wang · pct of: unstated · outcome: distribution · class key: unsecured · stated by: monitor · class label: unsecured creditors of the Birchmount Applicant and/or Mr. Wang · interim final: unstated · conditional on: nominal amounts expected to be available for distribution · claims qualifier: unstated · stated on: 2021-02-18 · table missing: