Saskatchewan · Receivership (court-appointed)
Affidavit of Ed Barrington
Affidavit · 4 June 2024
AI summary
A plain-English summary drawn only from this filing: what it is, why it matters, and the parties, amounts and dates it turns on.
What we verified from this filing1 verified
- secured creditorsnote: Total indebtedness of $16,604,619.79 (comprising $16,055,070.69 principal and $549,549.10 interest/fees) is a combined figure across 8 loan accounts held by Leon and Ram; one account (#0581-4600-146) is denominated in USD ($16,037.65 USD), so the stated CAD-equivalent total is described by BMO as 'about' this amount and 'slightly higher' once USD is converted. Debtors executed a Consent Receivership Order in favour of BMO under a March 1, 2024 Forbearance Agreement (expired April 30, 2024). Personal property registrations for equipment financiers not separately itemized in these pages. · page: 5 · as of: 2024-06-04 · amount: 16604619.79 · debtor: Leon Mfg. Company Inc. and Ram Industries Inc. · creditor: Bank of Montreal (BMO) · currency: CAD · security: Leon: General Security Agreement (2000) over all present/after-acquired personal property; Bank Act s.427 security (2014) over inventory; General Assignment of Debts (2000); real property mortgage (1986 Debenture, original principal $10,000,000, transferred to BMO 1998) over Leon Mortgaged Land. Ram: General Security Agreement (2009) over all present/after-acquired personal property; Bank Act s.427 security (2014) over inventory; General Assignment of Debts (2000); First Ram Mortgage (2009, original principal $6,000,000) and Second Ram Mortgage (2021, original principal $4,000,000) over Ram Mortgaged Lands. Cross-guarantees: Leon guaranteed Ram's obligations up to $5,000,000; Ram guaranteed Leon's obligations up to $15,000,000 (guarantee ceilings, not balances).