Ontario · Receivership (court-appointed)
Supplement to the Seventh Report of the Receiver dated September 1, 2023
Court officer report · 1 September 2023
A plain-language read of this filing opens with a subscription.
What we verified from this filing6 verified
- closing confirmedscope: the Glendale Real Property · outcome: completed · purchaser: Midroc Holdings Group Inc. · date basis: unstated · approval order date: 2022-04-07; scope: the Major Mackenzie Real Property · outcome: completed · effective: 2022-12-05 · date basis: stated; scope: the Aurora Real Property · outcome: completed · effective: 2023-01-31 · date basis: stated
- process resultsndas: 32 · note: signed CAs received for the Vaughan Real Property as reported in the CBRE Vaughan Report; a further 14 CAs received after re-listing per Second CBRE Vaughan Report · as of: 2022-12-07
- purchaserMidroc Holdings Group Inc.; price: basis: credit_bid · sealed: false · scope: the Major Mackenzie Real Property · status: closed · name note: second ranking mortgagee of Go-To Major Mackenzie, acquired via credit bid · structure: real_property · name source: recital · relationship: secured_lender_credit_bid; price: basis: credit_bid · sealed: false · scope: the Aurora Real Property · status: closed · name note: purchaser of the Aurora Real Property, a mortgagee · structure: real_property · name source: recital · relationship: secured_lender_credit_bid; price: note: purchase price stated to be less than indebtedness owing to Dorr; amount not given · sealed: false · scope: the Vaughan Real Property · status: proposed · name note: Vaughan Purchaser, understood to be controlled by Marcus Gillam · structure: real_property · name source: recital · relationship: unstated
- recovery outcomeentries: basis: actual · quote: All creditors of Go-To Glendale have been paid in full, except for two disputed claims (the 'Glendale Disputed Claims'), as discussed further below. · pct of: unstated · outcome: paid_in_full · class key: unsecured · stated by: receiver · class label: creditors of Go-To Glendale · interim final: unstated · claims qualifier: unstated; basis: actual · quote: All other valid creditor claims for these three Projects were paid in full pursuant to the November 23 rd Order. · pct of: unstated · outcome: paid_in_full · class key: unsecured · stated by: receiver · class label: valid creditor claims for Go-To Glendale, Go-To Chippawa and Go-To Stoney Creek · interim final: unstated · claims qualifier: unstated; basis: actual · quote: The proceeds from the sale of the Glendale Real Property were also sufficient to repay, in full, the original capital invested by the limited partners of Go-To Glendale. · pct of: unstated · outcome: paid_in_full · class key: equity · stated by: receiver · class label: Go-To Glendale limited partners' original capital · interim final: unstated · claims qualifier: unstated; basis: actual · quote: The Receiver has made an interim distribution of 30% of the original capital owing to Go-To Chippawa's limited partners and 20% of the original capital owing to Go-To Stoney Creek's limited partners. · pct of: unstated · outcome: distribution · pct low: 30 · pct high: 30 · class key: equity · stated by: receiver · class label: Go-To Chippawa's limited partners · interim final: interim · claims qualifier: unstated; basis: actual · quote: The Receiver has made an interim distribution of 30% of the original capital owing to Go-To Chippawa's limited partners and 20% of the original capital owing to Go-To Stoney Creek's limited partners. · pct of: unstated · outcome: distribution · pct low: 20 · pct high: 20 · class key: equity · stated by: receiver · class label: Go-To Stoney Creek's limited partners · interim final: interim · claims qualifier: unstated; basis: actual · quote: HK United: $43,194; · pct of: unstated · outcome: distribution · class key: pmsi_lessor · stated by: receiver · amount low: 43194 · amount high: 43194 · class label: HK United · creditor name: HK United · interim final: unstated · claims qualifier: unstated; basis: actual · quote: HC Matcon: $25,902; · pct of: unstated · outcome: distribution · class key: pmsi_lessor · stated by: receiver · amount low: 25902 · amount high: 25902 · class label: HC Matcon · creditor name: HC Matcon · interim final: unstated · claims qualifier: unstated; basis: actual · quote: Soil-Mat: $30,244; and · pct of: unstated · outcome: distribution · class key: pmsi_lessor · stated by: receiver · amount low: 30244 · amount high: 30244 · class label: Soil-Mat · creditor name: Soil-Mat · interim final: unstated · claims qualifier: unstated; basis: actual · quote: To date, Imperio has recovered approximately $2.956 million. This is less than the indebtedness owing to Imperio, being approximately $3.4 million plus interest and costs, which continue to accrue. · pct of: unstated · outcome: shortfall · class key: secured · stated by: receiver · cumulative: true · class label: Imperio · claims amount: 3400000 · creditor name: Imperio · interim final: unstated · claims qualifier: estimated; basis: estimated · quote: Accordingly, no distributions are expected to be made to Go-To Eagle Valley's other creditors. · pct of: unstated · outcome: nil · class key: unsecured · stated by: receiver · class label: Go-To Eagle Valley's other creditors · interim final: unstated · claims qualifier: unstated; basis: estimated · quote: As discussed in the Prior Reports, the realizations from the sale of the Real Property owned by Go-To Beard, Go-To Major Mackenzie, Go-To Aurora, and, as set out in Section 6.0 below, Go-To Vaughan, are not projected to be sufficient to make any distributions to unsecured creditors and investors. · pct of: unstated · outcome: nil · class key: unsecured · stated by: receiver · class label: unsecured creditors and investors of Go-To Beard, Go-To Major Mackenzie, Go-To Aurora and Go-To Vaughan · interim final: unstated · claims qualifier: unstated; basis: actual · quote: immediately following closing of the Adelaide Transaction (as defined in the Sixth Report), distributions were made to Cameron Stephens Mortgage Capital Ltd. ('Cameron Stephens') and Northridge Maroak Developments Inc. to fully repay their mortgages on the Adelaide Real Property (being approximately $55.6 million and $18.0 million, respectively), as authorized and directed by the Court. · pct of: unstated · outcome: paid_in_full · class key: secured · stated by: receiver · class label: Cameron Stephens Mortgage Capital Ltd. · creditor name: Cameron Stephens Mortgage Capital Ltd. · interim final: unstated · claims qualifier: unstated; basis: actual · quote: immediately following closing of the Adelaide Transaction (as defined in the Sixth Report), distributions were made to Cameron Stephens Mortgage Capital Ltd. ('Cameron Stephens') and Northridge Maroak Developments Inc. to fully repay their mortgages on the Adelaide Real Property (being approximately $55.6 million and $18.0 million, respectively), as authorized and directed by the Court. · pct of: unstated · outcome: paid_in_full · class key: secured · stated by: receiver · class label: Northridge Maroak Developments Inc. · creditor name: Northridge Maroak Developments Inc. · interim final: unstated · claims qualifier: unstated · stated on: 2023-09-01 · table missing:
- sale advisorColliers Macaulay Nicolls Inc.; CBRE Limited
- sale outcometext: all of the Real Property has been sold, except for the Vaughan Real Property, which the Receiver is seeking approval to sell · scope: whole_business · status: pending_approval