#Distribution
Approval and Distribution Order of Justice Dietrich dated June 12, 2019 — Distribution order
Skymark Properties 1 Corporation
ActiveFollow
- Proceeding
- Receivership (court-appointed)section 243(1) of the Bankruptcy and Insolvency Act, R.S.C. 1985, c. B-3, as amended, and section 101 of the Courts of Justice Act, R.S.O. 1990, c. C.43, as amended
- File
- CV-18-593698-00CL
- Industry
- Real estate
OverviewSummary updated
Skymark Properties 1 Corporation is the respondent to a receivership application filed March 9, 2018 in the Ontario Superior Court of Justice (Commercial List), court file CV-18-593698-00CL, under section 243 of the Bankruptcy and Insolvency Act, R.S.C. 1985, c. B-3 and section 101 of the Courts of Justice Act, R.S.O. 1990, c. C.43. The applicants are eight mortgagees led by B. & M. Handelman Investments Limited, who together hold a first mortgage, a general assignment of rents and a general security agreement over a $3.3 million advance made under a commitment letter dated November 6, 2014; their January 24, 2018 demand letter put approximately $2,855,972.83 outstanding. The City of Toronto held a $376,256.73 realty tax lien as at January 19, 2018.
Proceedings AIOpen Proceedings AI
Case updates10 dated entries
#Order
Approval of Vesting Order of Justice Dunphy dated June 27, 2018 was filed.
Source: Approval of Vesting Order of Justice Dunphy dated June 27, 2018
#Order
The court approved a sale and investment solicitation process.
Source: Order of the Honourable Justice McEwen dated March 19, 2018 (sales process and sealing Order)
#Order
The court appointed Rosen Goldberg Inc. as receiver and manager, on the application of B. & M. HANDELMAN INVESTMENTS LIMITED, E. MANSON INVESTMENTS LIMITED, BAMBURGH HOLDINGS LIMITED, 4055845 CANADA INC., JEFFREY GERTNER, 5K INVESTMENTS INC., 558678 ONTARIO LIMITED and PAUL HERBERT PROFESSIONAL CORPORATION INC.. Court file CV-18-593698-00CL.
Source: Order of the Honourable Justice McEwan Appointing Receiver
#Filing
Eight mortgagees applied on March 9, 2018 to place Skymark Properties 1 Corporation in receivership over the property securing their $3.3 million advance.
Parties
Debtor
Skymark Properties 1 Corporation
Receiver
Rosen Goldberg
Bench and counselPer the orders and service lists on the record
Bench
| Judge | Court | On this docket | Cases on record |
|---|---|---|---|
| Justice Dietrich | Ontario Superior Court of Justice | 2 orders, Jun 2019 | 94 cases on record |
| Justice Dunphy | Ontario Superior Court of Justice | 2 orders, Jun 2018 | 93 cases on record |
| Justice McEwen | Ontario Superior Court of Justice | 2 orders, Mar 2018 | 143 cases on record |
Counsel of record
| Party | Counsel | First seen | Source |
|---|---|---|---|
| ReceiverRosen Goldberg | Blaney McMurtry LLP | 12 Jun 2019 | Order · 12 Jun 2019 |
| Applicant | Chaitons LLP | 19 Mar 2018 | Order · 19 Mar 2018 |
Capital structureAs asserted in the filings
| Priority class | Creditor | Amount | Source |
|---|---|---|---|
| Secured | B. & M. Handelman Investments Limited, E. Manson Investments Limited, Bamburgh Holdings Limited, 4055845 Canada Inc., Jeffrey Gertner, 5K Investments Inc., 558678 Ontario Limited and Paul Herbert ProfFirst mortgage, general assignment of rents, and general security agreement against Skymark; original loan advance of $3.3 million pursuant to Commitment Letter dated November 6, 2014 — Applicants collectively hold first mortgage and GSA; approximate total owed under the Loan as of demand letter date — debtor: Skymark Properties I Corporation · as of 24 Jan 2018 | $2.86M | Application Record Returnable March 19, 2018 |
| Secured | |||
| Secured |
2 more claims in 1 class The stack holds Secured claims.
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See all plansThis proceeding was commenced by a secured creditor. The record does not include the debtor’s own statement of assets and liabilities — that ceiling is the record’s, not this page’s.
Sale processAs stated in the filings
Sale approved — APS approved, sealed pending completionApproval of Vesting Order of Justice Dunphy dated June 27, 2018 · 27 Jun 2018
| Purchaser | Price | Status | Source |
|---|---|---|---|
| purchaser under the APS not named in operative textthe Real Property, and the remaining assets and undertaking of the Debtor acquired for or used in relation to the Real Property · real property | Sealed | Approved27 Jun 2018 | Approval of Vesting Order of Justice Dunphy… |
Closing termsUpon completion of the transaction, net proceeds distributed to first mortgagees in full satisfaction of their loanApproval of Vesting Order of Justice Dunphy dated June 27, 2018
Sealed materialsthe APS and the appraisal by Lebow, Hicks Appraisal Inc. of the Real Property; the lease of the sole current tenant at the Real PropertyApproval of Vesting Order of Justice Dunphy dated June 27, 2018
Documents
10 filings
| Date | Document | File |
|---|---|---|
Approval and Distribution Order of Justice Dietrich dated June 12, 2019
| PDF · Subscribers | |
Endorsement of Justice Dietrich dated JUne 12, 2019
| PDF · Subscribers | |
| Receiver's Motion Returnable May 2, 2019 | PDF · Subscribers | |
Approval of Vesting Order of Justice Dunphy dated June 27, 2018
| PDF · Subscribers | |
Endorsement of the Honourable Mr. Justice Dunphy dated June 27, 2018
| PDF · Subscribers | |
Motion Record of Receiver Returnable June 22, 2018
| PDF · Subscribers | |
Endorsement of the Honourable Justice McEwen dated March 19, 2018
| PDF · Subscribers | |
Order of the Honourable Justice McEwan Appointing Receiver
| PDF · Subscribers | |
Order of the Honourable Justice McEwen dated March 19, 2018 (sales process and sealing Order)
| PDF · Subscribers | |
Application Record Returnable March 19, 2018
| PDF · Subscribers | |
Filing titles and dates are public, and so is each filing's own page. The figures read from them are for subscribers.
CiteProceedings., “Skymark Properties 1 Corporation” (Receivership (court-appointed)), Ontario Superior Court of Justice. Retrieved 4 November 2026, https://proceedings.ca/case/skymark-properties-1-corporation