Proceedings.

Waterloo Innovation Network 3 Inc. (formerly known as Waterloo Innovation Network Inc.) and Waterloo Innovation Network 2 Inc.

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Active
Proceeding
Receivership (court-appointed)section 243(1) of the Bankruptcy and Insolvency Act and section 101 of the Courts of Justice Act
Court
Ontario Superior Court of Justice
File
CV-25-00734870-00CL
Filings held43
Last activity8 Sep 2026
On the record584 days
Secured debt$47.2M
OverviewSummary updated

Waterloo Innovation Network 3 Inc. (formerly Waterloo Innovation Network Inc.) and Waterloo Innovation Network 2 Inc. remain in an active court-appointed receivership under BIA s. 243 and provincial Judicature Act authority, commenced February 14, 2025, with an order dated May 6, 2025. Waygar Capital Inc., as agent for Ninepoint Canadian Senior Debt Master Fund LP, holds general security agreements dated September 7, 2018 from both companies and a charge against 176 Columbia Street West, Waterloo, registered in 2018 for $8,000,000 and later increased to a $30,000,000 registration ceiling. A demand letter dated December 27, 2024 put the WIN Debtors' joint and several balance at $32,193,111.56. WIN2 separately granted a $15,000,000 charge on the same property in June 2023 securing a guarantee, capped at $15,000,000, of the Elmo Debtors' facility, whose balance stood at $55,362,203.98. Formal demand was made for $47,193,111.56.

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Case updates44 dated entries
#Order

A receivership order was granted, on the application of Waygar Capital Inc., as agent for Ninepoint Canadian Senior Debt Master Fund LP. Court file CV-25-00734870-00CL.

Source: Order – dated 2025-02-14

#Order

Waterloo Innovation Network 3 Inc. (formerly known as Waterloo Innovation Network Inc.) and Waterloo Innovation Network 2 Inc. — Receivership filed, Ontario.

AnalysisAll insights⁠

Case update

Waterloo Innovation Network: a data centre unsold, and no report ordered

On September 8, Justice W.D. Black declined to order the receiver of 176 Columbia Street West, the Waterloo office and data centre securing a debt the lender put at $32,193,111.56, to report on why the building has not sold; the receiver, which refunded HIVE Digital $4,036,742.49 in deposit and interest after HIVE declined to waive the condition in its 2025 purchase agreement, told the court a firm deal may be in hand soon and its terms are confidential.

Parties

Debtor

Waterloo Innovation Network 3 Inc. (formerly known as Waterloo Innovation Network Inc.) and Waterloo Innovation Network 2 Inc.

Applicant

Waygar Capital Inc.

Receiver

Fuller Landau

Bench and counselPer the orders and service lists on the record

Bench

JudgeCourtOn this docketCases on record
Justice BlackOntario Superior Court of Justice9 orders, Feb 2025 – Sep 2026176 cases on record
Justice CavanaghOntario Superior Court of Justice5 orders, May 2025 – Jul 2025288 cases on record
Justice ConwayOntario Superior Court of Justice4 orders, May 2025 – Apr 2026285 cases on record
Justice MyersOntario Superior Court of Justice4 orders, Sep 2025 – Feb 2026103 cases on record
Justice SteeleOntario Superior Court of Justice4 orders, Jun 2025 – Jan 2026220 cases on record

Counsel of record

PartyCounselFirst seenSource
ReceiverFuller LandauDickinson Wright LLP11 Sep 2025Application · 11 Sep 2025
ApplicantWaygar Capital Inc.Aird & Berlis LLP14 Feb 2025Order · 14 Feb 2025
CreditorFuller Landau Group IncDickinson Wright LLP29 Apr 2025Application · 29 Apr 2025
Capital structureAs asserted in the filings
stated amounts, drawn to scale · 1 named without a figure
Priority classCreditorAmountSource
SecuredWaygar Capital Inc., as agent for Ninepoint Canadian Senior Debt Master Fund LP · in 2 casesGeneral security agreement (Sept 7, 2018) from WIN2; First WIN Charge (Instrument WR1137400, registered principal ceiling increased to $30,000,000) on Real Property; Second WIN Charge (Instrument WR1515962, registered principal $15,000,000, June 26, 2023) securing WIN2's limited Elmo Guarantee; Notices of Assignment of Rents (WR1137401 and WR1515963) — Amount owing for principal and interest under the WIN Credit Agreement and the Elmo Guarantee combined, as of Demand Letter date Dec 27, 2024, plus accruing costs/expenses/interest; Elmo Guarantee limited to $15 million — debtor: Waterloo Innova · as of 27 Dec 2024$47.2MApplication Record - Volume 1
SecuredWaygar Capital Inc., as agent for Ninepoint Canadian Senior Debt Master Fund LP · in 2 casesGeneral security agreement (Sept 7, 2018) from WIN; charge/mortgage (Instrument WR1137400) originally registered Sept 7, 2018 for principal $8,000,000, increased by successive amendments to a registered principal ceiling of $30,000,000 (First WIN Charge) granted by WIN2 on 176 Columbia Street West, Waterloo; Notice of Assignment of Rents (Instrument WR1137401) — Amount is principal, interest and certain fees owing under the WIN Credit Agreement as demanded in the Demand Letter of Dec 27, 2024, plus accruing costs/expenses/interest; NOI (BIA s.244) accompanied demand — debtor: Waterloo Innovati · as of 27 Dec 2024$32.2MApplication Record - Volume 1
SecuredWags Investments IncorporatedPPSA registration against all collateral (other than consumer goods) — Second (subsequent) PPSA registrant against both Debtors; Lender (Waygar/Ninepoint) is first registrant against all collateral classifications other than consumer goods; no intercreditor agreement in place; balance not stated — debtor: Waterloo Innovation Network 2 Inc. and Waterloo Innovation Network 3 Inc.—Application Record - Volume 1

“not stated” means the record names the claim without a figure; “—” means not in the extracted record.

This 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.

Fees and ratesAs stated in the filings

1 engagement · 1 firm — Dickinson Wright LLP, 1 Apr – 31 May 2025, $73,132.50 incl. taxMotion Record of the Receiver - 19 JUN-2025 · 19 Jun 2025

FirmPeriodHoursFeesRatesSource
Dickinson Wright LLPCounsel1 Apr – 31 May 2025—$73,132.50incl. tax$788.23stated averageMotion Record of the Receiver - 19 JUN-2025 · 19 Jun 2025
Documents
43 filings
DateDocumentFile
CV-25-00734870-00CL-Documents
  • Presiding officer Justice W.D. Black
PDF
CV-25-00734870-00CL WAYGAR CAPITAL INC v. WATERLOO INNOVATION NETWORK 2 INC. et al April 8 2026
  • Presiding officer Justice Conway
PDF
Endorsement
  • Presiding officer Justice F.L. Myers
PDF
ENDORSEMENT - WAYGAR CAPITAL INC. AGENT FOR NINEPOINT CANADIAN SENIOR DEBT MASTER FUND LP v. WATERLOO INNOVATION NETWORK 2 INC. et al. - CV-25-00734870-00CL - 19
  • Presiding officer Justice Steele
PDF
Order (Fourth Report)
  • Presiding officer Justice Steele
PDF
Order Waygar Capital Inc. v. Waterloo Innovation
  • Presiding officer Justice Steele
PDF
Redline - Order (Fourth Report)PDF
Supplement to the Fourth Report of the Receiver - January 16 2026PDF
Endorsement – dated 2026-01-15
  • Presiding officer Justice F.L. Myers
PDF
OrderPDF
Book of Authorities of the Court-Appointed ReceiverPDF
Factum of the Court-Appointed Receiver
  • Counsel Dickinson Wright LLP
PDF
Motion Record of the Receiver (Fourth Report)PDF
WAYGAR CAPITAL INC., AS AGENT FOR NINEPOINT CANADIAN SENIOR DEBT MASTER FUND LP v. WATERLOO INNOVATION NETWORK 2 INC. et al-CV-25-00734870-00CL-EndorsementPDF
Waterloo Innovation et al v. Waygar Capital et al- CV-25-00739407-00CL- Endorsement - Dec 03-2025
  • Presiding officer Justice W.D. Black
PDF
Endorsement – dated 2025-09-16
  • Presiding officer Justice Myers
PDF
Order – dated 2025-09-16
  • Presiding officer Justice Myers
PDF
Supplemental Motion Record of the Receiver 11-SEP-2025 (Supplement to Third Report)
  • Counsel Dickinson Wright LLP
PDF
Motion RecordPDF
Endorsement – dated 2025-08-19
  • Presiding officer Justice W.D. Black
PDF
Order - CV-25-00734870-00CL - W.D. Black J - Jul 16-2025
  • Presiding officer Justice W. D. Black
PDF
Waygar Capital et al v. Waterloo Innovation et al- CV-25-00734870-00CL- Endorsement- Jul 16-2025
  • Presiding officer Justice W.D. Black
PDF
Endorsement – dated 2025-07-15
  • Presiding officer Justice Cavanagh
PDF
Motion Record of the Receiver - 19 JUN-2025
  • Fee schedule Engagements: Form: rate_chart · Rows: · Money: Total: $73.1K · Quote: The fees and disbursements charged by DW in representing the Receiver during the period of April 1, 2025 to and including May 31, 2025 were $73,132.50, including HST. · includes tax · includes disbursements · Approximate: false · Period: End: 2025-05-31 · Kind: invoice · Quote: The fees and disbursements charged by DW in representing the Receiver during the period of April 1, 2025 to and including May 31, 2025 were $73,132.50, including HST. · Start: 2025-04-01 · Approval: State: unstated · Averages: — · Currency: · Invoices: · Firm text: Dickinson Wright LLP · Firm quote: DICKINSON WRIGHT LLP · Context quote: I am a partner with the law firm of Dickinson Wright LLP ('DW'). · Context unverified: true
PDF
Endorsement – dated 2025-06-17
  • Presiding officer Justice Dietrich
PDF
Endorsement – dated 2025-06-09
  • Presiding officer Justice Cavanagh
PDF
Endorsement – dated 2025-06-03
  • Presiding officer Justice Steele
PDF
Endorsement – dated 2025-05-29
  • Presiding officer Justice Cavanagh
PDF
Endorsement – dated 2025-05-27
  • Presiding officer Justice P. Cavanagh
PDF
Order – dated 2025-05-27
  • Presiding officer Justice Cavanagh
PDF
Order (Dismissing Post-Filing Actions)
  • Presiding officer Justice Conway
PDF
Order (First Report)
  • Presiding officer Justice Conway
PDF
Stay Carve-out Order
  • Order date 6 May 2025
  • Presiding officer Justice Conway
PDF
Endorsement – dated 2025-05-05PDF
Motion Record of the ReceiverPDF
Notice of Motion
  • Counsel Dickinson Wright LLP
PDF
Endorsement – dated 2025-04-17
  • Presiding officer Justice W.D. Black
PDF
Endorsement – dated 2025-03-28
  • Presiding officer Justice W.D. Black
PDF
Endorsment of J. Osborne
  • Presiding officer Justice Osborne
PDF
Endorsement – dated 2025-02-14
  • Presiding officer Justice W.D. Black
PDF
Order – dated 2025-02-14
  • Applicant Waygar Capital Inc., as agent for Ninepoint Canadian Senior Debt Master Fund LP
  • Appointee role receiver
  • Commencement date 14 February 2025
  • Counsel Aird & Berlis LLP
  • + 5 more extracted facts
PDF
Application Record - Volume 1
  • Applicant Waygar Capital Inc., as agent for Ninepoint Canadian Senior Debt Master Fund LP
  • Commencement date 14 January 2025
  • Court SUPERIOR COURT OF JUSTICE
  • Court file no CV-25-00734870-00CL
  • + 3 more extracted facts
PDF
Application Record - Volume 2
  • Secured creditors $32.2M · Note: Amount is outstanding balance per demand letter dated Dec 27, 2024 ($31,915,740.09 principal + $277,371.47 accrued interest). WIN Debtors' obligations also personally guaranteed by Michael Wekerle (Exhibit P, not detailed on available pages). Demand letter's formal demand of $47,193,111.56 combines this WIN balance with WIN2's guarantee exposure (capped at $15,000,000) for the Elmo Debtors' facility, not a sum of both full facility balances. · Page: 238 · As of: 2024-12-27 · Debtor: Waterloo Innovation Network 3 Inc. (formerly Waterloo Innovation Network Inc.) and Waterloo Innovation Network 2 Inc. (jointly and severally, the "WIN Debtors") · Creditor: Waygar Capital Inc., as agent for Ninepoint Canadian Senior Debt Master Fund LP · Security: General security agreements dated September 7, 2018 from WIN2 and WIN over all property, assets and undertakings; Charge/Mortgage registered September 7, 2018 as WR1137400 with original principal of $8,000,000, subsequently amended and increased to a $30,000,000 registration ceiling (per notice of third agreement amending charge, WR1331454, April 13, 2021) against 176 Columbia Street West, Waterloo; Notice of Assignment of Rents registered as WR1137401
PDF

Filing titles, dates, and extracted key facts are public.

CiteProceedings., “Waterloo Innovation Network 3 Inc. (formerly known as Waterloo Innovation Network Inc.) and Waterloo Innovation Network 2 Inc.” (Receivership (court-appointed)), Ontario Superior Court of Justice. Retrieved 20 September 2026, https://proceedings.ca/case/waterloo-innovation-network-3-inc-formerly-known-as-waterloo-innovation-network-

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Sources last checked · summary updated 7 August 2026 · Report a correction · Printed from proceedings.ca/case/waterloo-innovation-network-3-inc-formerly-known-as-waterloo-innovation-network-

Facts and summaries are extracted automatically from the court filings linked on each page; the filings remain the authoritative record. Suggested corrections are reviewed against the source filings.