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 filing8 verified
- secured creditorsnote: Approximate amount owed ('approximately $8,400,000'), not including accruing professional legal and advisory fees. Cortland executed an assignment of its security and interest to Westlake, completed November 1, 2023; Westlake (as assignee) subsequently foreclosed on the security. · page: 5 · as of: October 31, 2023 · amount: 8400000 · debtor: Source One Financial Corporation · creditor: Cortland Credit Lending Corporation · currency: CAD · security: General Security Agreement over all Company assets and property; registered under Ontario PPSA; first priority position
- secured creditorsnote: No balance stated; Westlake also took assignment of Cortland's security/portfolio and foreclosed on Company assets on November 1, 2023; Westlake portfolio and receivables fully released/transferred to Westlake prior to First Meeting of Creditors · page: 5 · debtor: Source One Financial Corporation · creditor: Westlake Services, LLC · currency: CAD · security: Registered security interest in assignment of receivables owing under the Westlake loan portfolio pursuant to Sales & Service Agreement
- secured creditorsnote: Related party (entity owned by Director Anthony Speelman). Will not realize any recoveries as secured creditor and has agreed not to seek payment under the Proposal for any unsecured deficiency claim; listed among 'Non-Participating Creditors' waiving distribution · page: 5 · debtor: Source One Financial Corporation · creditor: 1717030 Ontario Limited ("171 Ont") · currency: CAD · security: Registered PPSA security interest as security for monies advanced to the Company by Speelman to maintain operations
- secured creditorsnote: Equipment lease financier (PMSI-type); not affected by the Proposal to the extent of its secured claims; equipment to be released to CWB · page: 5 · debtor: Source One Financial Corporation · creditor: CWB National Leasing Inc. ("CWB") · currency: CAD · security: Registered PPSA security interest over leased photocopiers, attachments, and accessories
- unsecured creditorsnote: Document names no individual creditors; this is the higher bankruptcy-scenario estimate (before related-party waivers) · page: 6 · as of: October 6, 2023 (NOI/Date of Filing basis) · basis: Trustee's Schedule of Estimated Realization — estimated claims of ordinary creditors under bankruptcy scenario · amount: 3500000 · debtor: Source One Financial Corporation · creditor: Ordinary unsecured creditors (aggregate, bankruptcy scenario) · currency: CAD
- unsecured creditorsnote: Reflects waiver/postponement by certain related parties (Non-Participating Creditors: 1717030 Ontario Ltd., 1717031 Ontario Ltd., Larmen Investments Ltd., Kooy Brothers Lawn Equipment Ltd.) and the Westlake foreclosure satisfying the Cortland security shortfall; related parties have advised they intend to prove claims in event of subsequent bankruptcy; document names no individual ordinary creditors in this table · page: 6 · as of: October 6, 2023 (NOI/Date of Filing basis) · basis: Trustee's Schedule of Estimated Realization — estimated claims of participating ordinary creditors under the Proposal · amount: 850000 · debtor: Source One Financial Corporation · creditor: Ordinary unsecured creditors (aggregate, Proposal scenario, net of related-party waivers) · currency: CAD
- unsecured creditorsnote: Related parties with potential claims 'in excess of $3,000,000' have agreed not to file a claim under the Proposal or participate in distributions; floor figure as stated ('in excess of') · page: 7 · basis: Trustee's report describing related-party potential claims agreed to be waived · amount: 3000000 · debtor: Source One Financial Corporation · creditor: Related parties (Non-Participating Creditors) - potential claims · currency: CAD
- recovery outcomeentries: basis: liquidation_alternative · quote: The anticipated recovery under a bankruptcy scenario will be $Nil for the Unsecured Creditors. · pct of: unstated · outcome: nil · class key: unsecured · stated by: proposal_trustee · class label: Ordinary Creditors (bankruptcy scenario) · interim final: unstated · claims qualifier: unstated; basis: plan · quote: The Proposal provides an estimated recovery of 12.7% for Unsecured Creditors. · pct of: unstated · outcome: distribution · pct low: 12.7 · pct high: 12.7 · class key: unsecured · stated by: proposal_trustee · class label: Unsecured Creditors · interim final: unstated · claims qualifier: unstated; basis: plan · quote: Equity Claims shall not receive any distribution, payment or other consideration under this Proposal. · pct of: unstated · outcome: nil · class key: equity · stated by: debtor · class label: Equity Claims · interim final: unstated · claims qualifier: unstated · stated on: 2023-11-08 · table missing: