Proceedings.

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

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Proceeding
Receivership (court-appointed)section 243(1) of the Bankruptcy and Insolvency Act and section 101 of the Courts of Justice Act
File
CV-25-00734870-00CL
Filings held54
Last activity30 Oct 2026
On the record629 days
Secured debtSubscribers
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 updates54 dated entries · 1 undated
#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.

Undated filings1 — no date appears on the document · show
—
Filing

Amended Notice of Motion - Returnable October 30, 2026 at 10:00 AM — Application filed

PDF · Subscribers

Outcome brief

Waterloo Innovation Network: the reverse vesting order, as signed

On October 30, Justice W.D. Black approved Hyperion Compute Corp.'s sealed-price subscription for the shares of 176 Columbia Street West's owner, vesting excluded liabilities in a new ResidualCo where released claims keep "the same nature and priority." The order grants provisional execution and provides that the principal's 2018 guarantee will not secure the debt the company keeps.

Case update

Waterloo Innovation Network: a motion against the lender's charges

The debtors' former COO and the property-management company that officer owns ask the court on October 30 to discharge the lender's $8 million and $15 million charges on 176 Columbia Street West and stay the reverse vesting motion. The receiver puts WIN2's balance owing at $40,017,360.97 and calls the lender the fulcrum creditor.

Case update

Waterloo Innovation Network: a 3.06% loan and a third of the buyer

Fuller Landau seeks approval on October 30 of a reverse vesting deal giving Hyperion Compute Corp. all the shares of 176 Columbia Street West's owner, keeping a 13 MW power application with that company. Ninepoint would leave part of its debt there at 3.06% for 36 months and, with associated entities, hold 33.33% of Hyperion.

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 Justice11 orders, Feb 2025 – Oct 2026198 cases on record
Justice ConwayOntario Superior Court of Justice5 orders, May 2025 – Apr 2026310 cases on record
Justice CavanaghOntario Superior Court of Justice5 orders, May 2025 – Jul 2025318 cases on record
Justice MyersOntario Superior Court of Justice4 orders, Sep 2025 – Feb 2026117 cases on record
Justice SteeleOntario Superior Court of Justice4 orders, Jun 2025 – Jan 2026245 cases on record

Counsel of record

PartyCounselFirst seenSource
ReceiverFuller LandauDickinson Wright LLP6 May 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
CreditorHIVE Digital Technologies IncGroia & Company Professional Corporation15 Jan 2026Order · 15 Jan 2026
Capital structureAs asserted in the filings
stated amounts, drawn to scale · for subscribers
#Priority classCreditorAmountSource
4SecuredWaygar 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
4Secured
4Secured
8Unsecured
8Unsecured
8Unsecured
8Unsecured

6 more claims in 2 classes The stack holds Secured and Unsecured claims.

Every creditor and every amount, drawn to scale.

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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.

Sale processAs stated in the filings

Sale approved — Court approved the Subscription Agreement with Hyperion Compute Corp. and the reverse vesting transaction; closing is pending delivery of the Receiver's Closing Certificate.Approval and Reverse Vesting Order · 30 Oct 2026

PurchaserPriceStatusSource
Hyperion Compute Corp.all issued and outstanding shares of the Debtor (Waterloo Innovation Network 2 Inc.) via the Purchased Shares, with Excluded Assets, Excluded Contracts and Excluded Liabilities vested in ResidualCo; Retained Assets (including the Real Property at 176 Columbia Street West, Waterloo) remain in the Debtor · share subscription · ResidualCo: a corporation to be incorporated (ResidualCo) · agreement 16 Sep 2026SubscribersApproved30 Oct 2026Approval and Reverse Vesting Order
Closing termsClosing occurs upon delivery of the Receiver's Closing Certificate to the Purchaser (the Closing Time), certifying that the Purchase Price has been satisfied, closing conditions under Article 7 of the Subscription Agreement have been satisfied or waived, and the Transaction has been completed to the Receiver's satisfaction; the Receiver may rely on written notice from the Purchaser on satisfaction or waiver of conditions.Approval and Reverse Vesting Order
RecoveriesAs stated in the filings

Ninepoint Canadian Senior Debt Master Fund LP: shortfall.EstimatedAmended Notice of Motion - Returnable October 30, 2026 at 10:00 AM

ClassCreditorClaimsRecoveryBasisSource
SecuredNinepoint Canadian Senior Debt Master Fund LP—shortfallEstimatedper the receiverAmended Notice of Motion - Returnable October 30, 2026 at 10:00 AM

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.

Fees and ratesAs stated in the filings

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

FirmPeriodHoursFeesRatesSource
Dickinson Wright LLPCounsel1 Apr – 31 May 2025—Motion Record of the Receiver - 19 JUN-2025 · 19 Jun 2025

2 blurred figures above

What the firm billed — each as the filing states it, with its source.

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Documents
54 filings
DateDocumentFile
Administrative Order
  • Counsel Dickinson Wright LLP
  • Presiding officer Justice W.D. Black
PDF · Subscribers
Approval and Reverse Vesting Order
  • Closing terms Closing occurs upon delivery of the Receiver's Closing Certificate to the Purchaser (the Closing Time), certifying that the Purchase Price has been satisfied, closing conditions under Article 7 of the Subscription Agreement have been satisfied or waived, and the Transaction has been completed to the Receiver's satisfaction; the Receiver may rely on written notice from the Purchaser on satisfaction or waiver of conditions.
  • Counsel Dickinson Wright LLP
  • Order date 30 October 2026
  • Presiding officer Justice W.D. Black
  • + 4 more extracted facts
PDF · Subscribers
Second Supplementary Motion Record 28.10.2026
  • Financial position · Secured creditors · Unsecured creditors Subscribers
PDF · Subscribers
Reply Motion Record of the Receiver (Supplement to Fifth Report) 27-OCT-2026
  • Financial position · Secured creditors · Unsecured creditors Subscribers
PDF · Subscribers
Responding Motion Record - Applicant - October 27 2026(70402209.2)PDF · Subscribers
Supplementary Responding Motion Record - Applicant (70412381.2PDF · Subscribers
Supplementary Motion Record - Arbour Parties 10.22.26
  • Financial position · Secured creditors · Unsecured creditors Subscribers
PDF · Subscribers
Arbour - Motion Record and Responding Record 10.19.26 - VOLUME 1 (1)PDF · Subscribers
Motion Record and Responding Record 10.19.26 - VOLUME 2 (2) (1)
  • Financial position · Secured creditors · Unsecured creditors Subscribers
PDF · Subscribers
Motion Record of the Receiver (Fifth Report) 07-OCT-2026
  • Financial position · Secured creditors · Unsecured creditors Subscribers
PDF · Subscribers
CV-25-00734870-00CL-Documents
  • Presiding officer Justice W.D. Black
PDF · Subscribers
CV-25-00734870-00CL WAYGAR CAPITAL INC v. WATERLOO INNOVATION NETWORK 2 INC. et al April 8 2026
  • Presiding officer Justice Conway
PDF · Subscribers
Endorsement
  • Presiding officer Justice F.L. Myers
PDF · Subscribers
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 · Subscribers
Order (Fourth Report)
  • Counsel Dickinson Wright LLP
  • Presiding officer Justice Steele
PDF · Subscribers
Order Waygar Capital Inc. v. Waterloo Innovation
  • Counsel Dickinson Wright LLP
  • Presiding officer Justice Steele
PDF · Subscribers
Redline - Order (Fourth Report)PDF · Subscribers
Supplement to the Fourth Report of the Receiver - January 16 2026
  • Financial position · Secured creditors · Unsecured creditors Subscribers
PDF · Subscribers
Endorsement – dated 2026-01-15
  • Presiding officer Justice F.L. Myers
PDF · Subscribers
Order
  • Counsel Groia & Company Professional Corporation
PDF · Subscribers
Book of Authorities of the Court-Appointed Receiver
  • Counsel Dickinson Wright LLP
PDF · Subscribers
Factum of the Court-Appointed Receiver
  • Counsel Dickinson Wright LLP
PDF · Subscribers
Motion Record of the Receiver (Fourth Report)PDF · Subscribers
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 · Subscribers
Waterloo Innovation et al v. Waygar Capital et al- CV-25-00739407-00CL- Endorsement - Dec 03-2025
  • Presiding officer Justice W.D. Black
PDF · Subscribers
Endorsement – dated 2025-09-16
  • Presiding officer Justice Myers
PDF · Subscribers
Order – dated 2025-09-16
  • Counsel Dickinson Wright LLP
  • Presiding officer Justice Myers
PDF · Subscribers
Supplemental Motion Record of the Receiver 11-SEP-2025 (Supplement to Third Report)
  • Counsel Dickinson Wright LLP
PDF · Subscribers
Motion RecordPDF · Subscribers
Endorsement – dated 2025-08-19
  • Presiding officer Justice W.D. Black
PDF · Subscribers
Order - CV-25-00734870-00CL - W.D. Black J - Jul 16-2025
  • Counsel Dickinson Wright LLP
  • Presiding officer Justice W. D. Black
PDF · Subscribers
Waygar Capital et al v. Waterloo Innovation et al- CV-25-00734870-00CL- Endorsement- Jul 16-2025
  • Presiding officer Justice W.D. Black
PDF · Subscribers
Endorsement – dated 2025-07-15
  • Presiding officer Justice Cavanagh
PDF · Subscribers
Motion Record of the Receiver - 19 JUN-2025
PDF · Subscribers
Endorsement – dated 2025-06-17
  • Presiding officer Justice Dietrich
PDF · Subscribers
Endorsement – dated 2025-06-09
  • Presiding officer Justice Cavanagh
PDF · Subscribers
Endorsement – dated 2025-06-03
  • Presiding officer Justice Steele
PDF · Subscribers
Endorsement – dated 2025-05-29
  • Presiding officer Justice Cavanagh
PDF · Subscribers
Endorsement – dated 2025-05-27
  • Presiding officer Justice P. Cavanagh
PDF · Subscribers
Order – dated 2025-05-27
  • Presiding officer Justice Cavanagh
PDF · Subscribers
Order (Dismissing Post-Filing Actions)
  • Counsel Dickinson Wright LLP
  • Presiding officer Justice Conway
PDF · Subscribers
Order (First Report)
  • Counsel Dickinson Wright LLP
  • Presiding officer Justice Conway
PDF · Subscribers
Stay Carve-out Order
  • Counsel Dickinson Wright LLP
  • Order date 6 May 2025
  • Presiding officer Justice Conway
PDF · Subscribers
Endorsement – dated 2025-05-05
  • Presiding officer Justice Conway
PDF · Subscribers
Motion Record of the ReceiverPDF · Subscribers
Notice of Motion
  • Counsel Dickinson Wright LLP
PDF · Subscribers
Endorsement – dated 2025-04-17
  • Presiding officer Justice W.D. Black
PDF · Subscribers
Endorsement – dated 2025-03-28
  • Presiding officer Justice W.D. Black
PDF · Subscribers
Endorsment of J. Osborne
  • Presiding officer Justice Osborne
PDF · Subscribers
Endorsement – dated 2025-02-14
  • Presiding officer Justice W.D. Black
PDF · Subscribers
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 · Subscribers
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
  • + 4 more extracted facts
PDF · Subscribers
Application Record - Volume 2
PDF · Subscribers
Amended Notice of Motion - Returnable October 30, 2026 at 10:00 AM
  • Counsel Dickinson Wright LLP
  • Recovery outcome Entries: per estimated · Table missing:
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., “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 4 November 2026, https://proceedings.ca/case/waterloo-innovation-network-3-inc-formerly-known-as-waterloo-innovation-network-

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.