Laurentian receives $4.725M legal bill from insolvency monitor
A court hearing next week will seek approval for a $4.725 million legal bill from the legal firms helping Laurentian University emerge from insolvency.
The bill is from the monitor of the process, Ernst & Young, and firms it contracted to provide additional services between January and July of this year.
Under the Companies' Creditor Arrangement Act (CCAA), the monitor in insolvency provides oversight of the restructuring process, acting as an independent observer and providing opinions to the court.
Services include working with creditors and other parties to the process to come to agreements on outstanding issues. In Laurentian's case, that included groups such as the former federated universities, outstanding union grievances, dealing with major lenders and creditors, among many other services.
The $4.725 million bill comes from three firms: Ernst & Young, which charged 3,787 hours at an average hourly billing rate of $606; accounting professionals at E&Y (referred to as 'EY FAAS') charged for an additional 780.7 hours at an average hourly billing rate of $562; and, Stikeman Elliott LLP charged for 2,146.5 professional hours at an average hourly rate of $928.
"It is the monitor’s view that its fees and disbursements and the fees and disbursements of EY FAAS and Stikeman are reasonable and appropriate in the circumstances having regard to the scope of activity undertaken by the monitor in the CCAA proceeding and the positive strides made in the applicant’s complex and comprehensive restructuring thus far," Ernst & Young said in its court filing.
"The efforts of the Monitor and its counsel … facilitated and assisted LU in successfully reaching significant achievements in its restructuring, with resulting benefits to its general body of creditors and other stakeholders."
The application to have the fees approved will be heard at a hearing Oct. 12. Laurentian has agreed on a plan to deal with its creditors and aims to emerge from insolvency in November.
Read the full document here.
CTVNews.ca Top Stories
New Norad commander calls Canada's defence policy update 'very encouraging'
American troops will be spending more time training in the Far North, the new commander of Norad says, a strategy that fits 'hand-in-glove' with Canada's renewed focus on Arctic defence.
opinion The special relationship between King Charles and the Princess of Wales
Royal commentator Afua Hagan writes that when King Charles recently admitted Catherine to the Order of the Companions of Honour, it not only made history, but it reinforced the strong bond between the King and his beloved daughter-in-law.
$70M Lotto Max winners kept prize a secret from family for 2 months
During a special winner celebration near their hometown, Doug and Enid shared the story of how they discovered they were holding a Lotto Max ticket worth $70 million and how they kept this huge secret for so long.
Expert warns of food consumption habits amid rising prices
A new survey by Dalhousie University's Agri-Food Analytics Lab asked Canadians about their food consumption habits amid rising prices.
Charlie Woods, son of Tiger, shoots 81 in U.S. Open qualifier
Charlie Woods failed to advance in a U.S. Open local qualifying event Thursday, shooting a 9-over 81 at Legacy Golf & Tennis Club.
Improve balance and build core strength with this exercise
When it comes to cardiovascular fitness, you may tend to focus on activities that move you forward, such as walking, running and cycling.
Documents reveal Ottawa's efforts to get Loblaw, Walmart on board with grocery code
It was evident to the federal government as early as last fall that Loblaw and Walmart might be holdouts to the grocery code of conduct, jeopardizing the project's success.
B.C. tenants evicted for landlord's use after refusing large rent increase to take over neighbouring suite
Ashley Dickey and her mother rented part of the same Coquitlam duplex in three different decades under three different landlords.
Madonna says her kids' 'enthusiasm' kept her going while on tour after 'near death' hospitalization
As Madonna approaches her 80th show on her 'Celebration' tour, she took a moment to appreciate how much her six children have helped her get to this point after being hospitalized last year before the tour began.