Audible Capital Corp.

Audible Capital Corp. has been in court-appointed receivership since May 7, 2020, when the Ontario Superior Court of Justice (Commercial List) appointed KSV Kofman Inc. as Receiver on the application of Bridging Finance Inc. as agent, under section 243(1) of the Bankruptcy and Insolvency Act and section 101 of the Courts of Justice Act, in Court File No. CV-20-00640212-00CL. Bridging, the senior secured creditor, holds a charge on substantially all assets of the Companies, including the shares and assets of PWH, and was owed $20.5 million as at the date of the Receivership Order; that balance has since been reduced by the distribution of approximately $5.7 million received from the Lausanne Transaction. Audible's books record unsecured obligations of approximately $1 million, with the three largest unsecured creditors accounting for roughly 75% of that total, plus a $4 million contingent litigation claim asserted by the brother of the Companies' ultimate owner, William Gallacher. Other registrations against the Companies include Travelers Finance Ltd.'s Ontario PPSA claim over a 1998 Sikorsky aircraft owned by 1892244 Alberta Ltd. and Ford Credit Canada Leasing's equipment financing against a 2018 Ford Escape; nothing is owing to Bank of Montreal on its Alberta PPSA registration. The receivership remains active.