Numbers that have not been reported
Two and a half years into the CCAA, the Monitor's reports leave these figures unstated. Each row shows what the reports do say and what they do not.
| Number | What the reports say | What has not been reported | Source |
|---|---|---|---|
| Total rent collected during the CCAA | The Monitor reported "approximately $500,000 in gross monthly rent" at the time of filing in January 2024, and about $564,000 a month in June 2024. The Monitor's cash tables do not include the companies' bank accounts, although the Monitor reported in June 2024 that it "is reviewing the receipts and disbursements in those bank accounts on a daily basis" and later that it "took control over the Applicants' bank accounts in accordance with the Expanded Powers Order". "Other receipts" in the Monitor's account total $3.49M over two and a half years. | Total rent collected from January 2024 to the transfer of the properties, and how it was spent. | Fourth Report of the Monitor, redacted (Jun 11, 2024), s.4.3 paras 3 to 4; Fifth Report of the Monitor (Jun 17, 2024), s.6.0 para 2(a); Eleventh Report of the Monitor (Feb 20, 2025), s.7; Fifteenth Report of the Monitor (Jul 21, 2026), s.9.0 |
| Professional fees by firm | $10.09M for all professionals. The Monitor and its counsel are itemized at about $6.24M. | What each of the other firms was paid: the companies' counsel, both DIP lenders' counsel, counsel for the secured and unsecured lender groups, and the sale advisors. | Fifteenth Report of the Monitor (Jul 21, 2026), s.9.0, s.11.0 |
| Fees paid before the filing or outside the Monitor's account | The Monitor's affiliate "was engaged by the Applicants" in December 2023, before the filing. The Monitor's first fee affidavit covers a period beginning January 2, 2024, and its January invoice "includes time incurred prior to the CCAA Application assisting the Applicants to prepare for the filing". The Monitor's cash table states that "activity in the Applicants' bank accounts is not reflected". | What was paid to the Monitor's affiliate, counsel and other professionals before the filing, or out of the companies' own accounts. | Pre-Filing Report of the Proposed Monitor (Jan 2024); Third Report of the Monitor (Apr 2024), s.9.0, note 6 and Appendix G; Fifteenth Report of the Monitor (Jul 21, 2026), s.9.0 para 2(a) |
| Each mortgage lender's own legal costs | The professional fees line covers counsel for the secured lenders as a group and for the unsecured lenders as a group. Lenders also paid $13.10M into the Monitor's account as "Credit Bid DIP Allocation Payments". | The legal costs of individual mortgage lenders on enforcement and the credit bids, and whether those costs were added to the mortgage debts. | Fifteenth Report of the Monitor (Jul 21, 2026), s.9.0 paras 1 and 2(c) |
| The companies' financial advisor | The Monitor's list of professionals in the fees line does not name a financial advisor, although its pre-filing report refers to one. | Whether the financial advisor was paid from the estate, and how much. | Pre-Filing Report of the Proposed Monitor (Jan 2024); Fifteenth Report of the Monitor (Jul 21, 2026), s.9.0 para 2(c) |
| Cost of the investigation | The Monitor says its fees include a material amount of investigation time. | The cost of the investigation and the Fourth Report on its own. | Sixth Report of the Monitor (Jul 24, 2024), s.7.3; Seventh Report of the Monitor (Aug 23, 2024), s.7.0 para 4 |
| Replacement property manager | Paid 6% of rent collected plus per-home, per-lease and project fees, inside "Other" disbursements of $4.876M. | The total paid to the replacement manager. | Sixth Report of the Monitor (Jul 24, 2024), Appendix C; Fifteenth Report of the Monitor (Jul 21, 2026), s.9.2 |
| Sale prices and commissions | 67 of 74 listed properties sold for net proceeds of about $9.5M, after commissions, tax arrears and closing costs. | Gross sale prices and total commissions. | Fifteenth Report of the Monitor (Jul 21, 2026), s.4.0 para 3(e) |
| The $2.7M cost allocation | About $2.7M of costs is allocated against mortgaged property proceeds in the distribution analysis. | What the $2.7M is made up of. | Fifteenth Report of the Monitor (Jul 21, 2026), s.5.0 para 4(b) |
| Value of the credit bids | 333 properties, about 82% of the portfolio, went to secured lenders in exchange for their mortgage claims plus a cash allocation. | The total value of the properties transferred. | Thirteenth Report of the Monitor (Jul 21, 2025), s.3.1 paras 6 to 7 |
| The unsecured debt | The $54.2M figure was "initially provided by Ms. Drage". The Monitor says that, "as there have not been any funds available for distribution to Unsecured Lenders to date, a reconciliation of the total amount of the claims of Unsecured Lenders has not been completed". A claims process limited to principal opened on July 30, 2026 with a bar date of October 28, 2026. | The amount actually owed on the promissory notes. No claims results have been filed as of this page's date. | Third Report of the Monitor (Apr 2024), s.2.0; Twelfth Report of the Monitor (Apr 8, 2025), s.2.0; Claims Procedure Order, Jul 30, 2026 |
| Use of the Core Sale proceeds | The Monitor says it was "unable to prepare" a proper accounting of the 2022 sale proceeds. | An accounting of those proceeds by the Monitor. | Fourth Report of the Monitor, redacted (Jun 11, 2024), s.4.5 para 9 |
Monitor's report
The Monitor's cash table is unaudited and covers only the Monitor's own trust account.
What cuts the other way
- A Monitor is not required to report every one of these figures, and the court has approved the Monitor's reports and fees presented to it. Endorsement of Justice Osborne (Dec 6, 2024), para 37
- Until the properties were handed to a replacement manager in the second half of 2024, rent was collected by SID Management as property manager. The Monitor reported in June 2024 that the companies had declined to produce bank statements for SID Management and SID Renos. The companies' June 19, 2024 response states that SID Management bank statements were enclosed with it. Fourth Report of the Monitor, redacted (Jun 11, 2024), s.4.2 para 1; Fifth Report of the Monitor (Jun 17, 2024), s.4.0