Liberty Place- La Chaumiere- and Beach Arms Retirement Residence

Liberty Place, La Chaumiere and Beach Arms Retirement Residence have been under court-appointed receivership since March 10, 2011, when the Ontario Superior Court of Justice (Commercial List) appointed Meyers Norris Penny Limited as receiver on the application of General Electric Canada Real Estate Financing Holding Company and General Electric Capital Canada Holdings Company, under section 243(1) of the Bankruptcy and Insolvency Act and section 101 of the Courts of Justice Act. The proceeding is filed as court file CV-11-0000-9135-00CL. A Statement of Affairs for 2008777 Ontario Inc. o/a La Chaumiere Retirement Residence, as at March 14, 2011, reports assets of $5,001,004.00 against liabilities of $9,348,167.85, a deficiency of $4,347,163.85 and no surplus. GE Canada Real Estate Financing Holding Company holds security valued at $5,001,002.00 over furniture, fixtures and equipment, leasehold improvements, prepaid expenses and the land and building at 1023 County Road 22 in Puce, with $4,073,865.00 of its claim unsecured. The receivership remains active.