2267 Industrial Street, Burlington, Ontario

3 May 2016

#Report

The officer filed report no. Second Report. The Property was sold (closing March 1, 2016) and the First Source mortgage repaid in full; the Receiver is completing final HST filings and seeking approval of its fees, distribution of remaining funds to the second mortgagee Dotzlaw (whose mortgage will not be fully repaid), and its discharge.

Source: Second Report of the Receiver dated May 3, 2016 - Part 1

3 May 2016

#Report

Second Report of the Receiver dated May 3, 2016 - Part 2 — Court officer report

26 Feb 2016

#Sale

The court granted an approval and vesting order for the sale to Bilnia Investments Limited. Closing terms, as extracted: Vesting occurs upon registration of a Transfer/Deed in favour of the Purchaser.

Source: Property Sale Approval and Vesting Order dated February 26, 2016

19 Feb 2016

#Filing

Book of Authorities of the Receiver dated February 19, 2016 — Application / notice of application

18 Feb 2016

#Filing

Factum of the Receiver dated February 18, 2016 — Factum / brief

16 Feb 2016

#Report

The officer filed report no. First Report. The Receiver is collecting rents from the 6 of 10 units that are tenanted and has accepted Bilnia's offer for the Property, seeking court approval of the sale. It is also dealing with a roof leak and preparing an interim distribution to First Source.

Source: First Report of the Receiver dated February 16, 2016

16 Feb 2016

#Filing

Motion Record of the Receiver dated February 16, 2016 — Application / notice of application

20 Nov 2015

#Claims

Notice and Statement of Receiver dated November 20, 2015 — Notice to creditors

12 Nov 2015

#Order

The court made the receivership order on 2015-11-12, appointing Collins Barrow Toronto Limited as receiver and manager.

Source: Receivership and Appointment Order dated November 12, 2015

Parties

Debtor

2267 Industrial Street, Burlington, Ontario

Receiver

Collins Barrow

Bench and counselPer the orders and service lists on the record

Counsel of record

Party	Counsel	First seen	Source
Applicant	Burstein & Greenglass LLP	12 Nov 2015	Order · 12 Nov 2015

Capital structureAs asserted in the filings

#	Priority class	Creditor	Amount	Source
4	Secured	First Source Mortgage Corporation · in 3 casesMortgage — Amount owed to creditor appearing to hold a security interest against the Property, as at November 13, 2015 — debtor: 2267 Industrial Street Investments Ltd. · as of 13 Nov 2015	$509K	Notice and Statement of Receiver dated November 20, 2015
8	Unsecured
8	Unsecured
8	Unsecured
8	Unsecured
8	Unsecured
8	Unsecured
8	Unsecured

7 more claims in 1 class The stack holds Secured and Unsecured claims.

Every creditor and every amount.

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Sale processAs stated in the filings

2 transactions · 2 closed — The sale of the Property closed on March 1, 2016.Second Report of the Receiver dated May 3, 2016 - Part 1 · 3 May 2016

Purchaser	Price	Status	Source
Bilnia Investments Limited2267 Industrial Street, Burlington, Ontario (the "Property") · real property · nominee/assignee: a company to be named · agreement 3 Feb 2016	Subscribers	Closed1 Mar 2016	Second Report of the Receiver dated May 3, 2016…
2296355 Ontario Inc.the Property · real property	not stated	Closed1 Mar 2016	Second Report of the Receiver dated May 3, 2016…

AdvisorsDTZ Canada Inc. (listing broker)Second Report of the Receiver dated May 3, 2016 - Part 1

Closing termsVesting occurs upon registration of a Transfer/Deed in favour of the PurchaserProperty Sale Approval and Vesting Order dated February 26, 2016

Sealed materialsAppendices E, G, and H to the First ReportProperty Sale Approval and Vesting Order dated February 26, 2016

RecoveriesAs declared or paid

Secured creditors: shortfall.EstimatedBook of Authorities of the Receiver · 19 Feb 2016

Class	Creditor	Claims	Recovery	Basis	Source
Secured	secured creditors (CCFL and the Royal Bank of Canada)	—	short by	Estimated	Book of Authorities of the Receiver · 19 Feb 2016
Secured	First Source Mortgage Corporation	—	paid in full	Finalper the receiver	Second Report of the Receiver dated May 3, 2016 - Part 2 · 3 May 2016

Each row is one filing's statement, copied as it reads and never computed. "Estimated" is the officer's forecast; "Under the plan" is the plan's or proposal's own term; "Final" is a declared or paid distribution; a row with no chip states no footing. A range is the two numbers stated; "of proven claims" is the document's own denominator.

1 blurred figure above

The claims and what each class or creditor recovers — each as the filing states it, with its source.

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Motion Record of the Receiver · 4 May 2016

Fees and ratesAs stated in the filings

7 engagements · 2 firms — latest: Collins Barrow Toronto Limited, 13 Feb – 2 May 2016, passedMotion Record of the Receiver · 4 May 2016

Firm

Period

Hours

Fees

Rates

Source

Collins Barrow Toronto LimitedReceiverperiod 4 of 4

13 Feb – 2 May 2016Passed

Collins Barrow Toronto LimitedReceiverperiod 4 of 4

13 Nov 2015 – 2 May 2016

5 people

Motion Record of the Receiver · 4 May 2016

5 people — Collins Barrow Toronto Limited, 13 Nov 2015 – 2 May 2016 · 18 blurred figures

Name	Title	Hours	Rate	Fees
Bryan A. Tannenbaum	President
Daniel R. Weisz	Senior Vice President
Arif N. Dhanani	Vice President
Jeffrey K. Berger	Senior Analyst
Talib M. Contractor	Senior Analyst
Sandra Pereira/Cindy Baeta	Estate Administrator

Collins Barrow Toronto LimitedReceiverperiod 4 of 4

to 2 May 2016

5 people

Second Report of the Receiver dated May 3, 2016 - Part 2 · 3 May 2016

5 people — Collins Barrow Toronto Limited, to 2 May 2016 · 18 blurred figures

Name	Title	Hours	Rate	Fees
Bryan A. Tannenbaum	President
Daniel R. Weisz	Senior Vice President
Arif N. Dhanani	Vice President
Jeffrey K. Berger	Senior Analyst
Talib M. Contractor	Senior Analyst
Sandra Pereira/Cindy Baeta	Estate Administrator

Collins Barrow Toronto LimitedReceiverperiod 1 of 4

12 Nov 2015 – 12 Feb 2016Sought

7 people

First Report of the Receiver · 16 Feb 2016

7 people — Collins Barrow Toronto Limited, 12 Nov 2015 – 12 Feb 2016 · 21 blurred figures

Name	Title	Hours	Rate	Fees
Bryan A. Tannenbaum	President
Daniel R. Weisz	Senior Vice President
Arif N. Dhanani	Vice President
Brenda Wong	Senior Manager
Talib M. Contractor	Senior Analyst
Donna Nishimura	Estate Administrator
Sandra Pereira	Estate Administrator

Paliare Roland Rosenberg Rothstein LLPCounsel to the receiverperiod 3 of 3

to 15 Feb 2016Sought

—

2 people

Motion Record of the Receiver · 4 May 2016

2 people — Paliare Roland Rosenberg Rothstein LLP, to 15 Feb 2016 · 6 blurred figures

Name	Title	Hours	Rate	Fees
Jeffrey Larry	Partner
Shoshana Israel	Law Clerk

Paliare Roland Rosenberg Rothstein LLPCounsel to the receiverperiod 1 of 3

12 Nov 2015 – 12 Feb 2016

—

Motion Record of the Receiver · 16 Feb 2016

Paliare Roland Rosenberg Rothstein LLPCounsel to the receiverperiod 1 of 3

—

not stated

Second Report of the Receiver dated May 3, 2016 - Part 2 · 3 May 2016

79 blurred figures above

What each firm billed, and each person’s hours and rate — each as the filing states it, with its source.

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Estate financialsReported figures — never derived

Total assets at filing

As at ·

Cumulative receipts

$786K

As at 3 May 2016Second Report of the Receiver dated May 3, 2016 - Part 1

Cumulative disbursements

As at

Cash on hand

As at

Professional fees

As at

3 more reported figures, and the total the debtor stated at filing

Each one as the filing states it, with its source.

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