Ontario · Receivership (court-appointed)
First Report of the Receiver dated May 28, 2024
Court officer report · 28 May 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 filing4 verified
- secured creditorsnote: Outstanding balance not stated; interest, fees and costs continue to accrue (per footnote). Original loan advanced was $12,000,000 under a commitment letter dated February 15, 2022, extended to April 1, 2024 via forbearance agreement. Guarantors under the Loan are the Accardis (individuals - directors/officers, personal guarantees) and Forge & Foster (related party, former property manager). Receiver's counsel (Bennett Jones) has provided a confirmed opinion that this security is valid and enforceable. · page: 3 · as of: 2024-04-19 · debtor: 111 Sherwood Investments Inc. · creditor: NHE Capital Corp. · currency: CAD · security: General security agreement registered under the PPSA (Ontario) on March 24, 2022; first charge (registered principal amount $14,400,000) over the Real Property; general assignment of leases and rents; general, first priority, site-specific security agreement over present and after-acquired personal property relating to the Real Property
- secured creditorsnote: Balance owing stated as 'approximately $5.9 million' per advice from Forge & Foster (property manager), not independently verified by the Receiver, which intends to review it in due course, if necessary. Receiver has not instructed counsel to prepare a security opinion for this charge. · page: 4 · amount: 5900000 · debtor: 111 Sherwood Investments Inc. · creditor: Olympia Trust Company · currency: CAD · security: Charge registered against the Real Property on October 19, 2022 in the registered amount of $7,965,000 (registered principal, not the balance)
- secured creditorsnote: Registered one day before the Receivership Order was granted. Receiver has received but is still reviewing the Minutes of Settlement and has not instructed counsel to prepare a security opinion for this charge. · page: 4 · as of: 2024-04-18 · amount: 500000 · debtor: 111 Sherwood Investments Inc. · creditor: Reif Financial Investments Inc., Fortunafi Asset Management LLC, Yuval Bavly, Benjamin Ames and Alison Ames (collectively "Reif") · currency: CAD · security: Charge registered against the Real Property on April 18, 2024 in the amount of $500,000, registered pursuant to Minutes of Settlement dated December 20, 2023 among the Company, Reif, the Accardis and several companies affiliated with Forge & Foster
- unsecured creditorsnote: Document names no individual unsecured creditors. The Receiver is not yet aware if the Canada Revenue Agency has a claim against the Company (unknown, not confirmed as zero). · page: 4 · basis: According to the Company's books and records · amount: 297000 · debtor: 111 Sherwood Investments Inc. · creditor: Unsecured creditors (aggregate as reported) · currency: CAD