Ontario · Bankruptcy
Trustee Preliminary Report
Court officer report · 16 December 2024
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What we verified from this filing9 verified
- appointeeB. Riley Farber Inc.
- appointee roleLicensed Trustee of the bankruptcy estate
- commencement date25 November 2024
- proceeding typebia_bankruptcy
- provinceOntario
- financial positionnote: Total liabilities per Statement of Affairs comprise secured $107,325.00, preferred NIL, unsecured $27,120,641.54, contingent NIL, totaling $27,227,966.54; separately, total claims filed with Trustee were $23,292,708.53 (secured $23,286,690.30, unsecured $6,018.23). All Property encumbered in favour of Secured Lenders; shortfall anticipated; no surplus expected for preferred or unsecured creditors. · page: 2 · basis: Statement of Affairs; books and records not audited by Trustee, no opinion expressed on validity, exactness or reliability · scope: entity - Slang Worldwide Inc. (bankrupt estate) · currency: CAD · total assets: 107325 · total liabilities: 27227966.54
- secured creditorsnote: Per Statement of Affairs the secured claim was $107,325.00 (limited to realizable Property value); amount reflects claims filed with Trustee as of date of bankruptcy. Legal opinion on validity of security pending; shortfall anticipated to Secured Lenders. · page: 2 · as of: date of bankruptcy (filed with Trustee) · amount: 23286690.3 · debtor: Slang Worldwide Inc. · creditor: Secured Lenders (Pura Vida Master Fund, Ltd.; Pura Vida Pro Special Opportunity Master Fund, Ltd.; Irv Kessler; Joad Investments, LLC; 12th Street Holdings, LLC; Eric Frank; Seventh Avenue Investments, LLC; Trulieve Cannabis Corp.), with Seventh Avenue Investments LLC as Administrative Agent and Collateral Agent · currency: CAD · security: All Property of the Company encumbered in favour of the Secured Lenders; security registered under PPSA (Ontario) by Seventh Avenue Investments, LLC (only registrant against the Company)
- unsecured creditorsnote: Document names no individual unsecured creditors. Amount actually filed with Trustee as unsecured was $6,018.23 (proofs of claim filed figure), materially lower than the Statement of Affairs amount. · page: 2 · as of: date of bankruptcy (Statement of Affairs) · basis: Statement of Affairs as reported · amount: 27120641.54 · debtor: Slang Worldwide Inc. · creditor: Unsecured creditors (aggregate as reported) · currency: CAD
- recovery outcomeentries: basis: estimated · quote: Subject to the receipt of a legal opinion regarding the validity of the security, it is anticipated that the Secured Lenders will suffer a shortfall. · pct of: unstated · outcome: shortfall · class key: secured · stated by: trustee · class label: Secured Lenders · creditor name: Secured Lenders · interim final: unstated · conditional on: Subject to the receipt of a legal opinion regarding the validity of the security · claims qualifier: unstated; basis: estimated · quote: Accordingly, no surplus funds are expected to be available for distribution to preferred or unsecured creditors. · pct of: unstated · outcome: nil · class key: preferred · stated by: trustee · class label: preferred or unsecured creditors · interim final: unstated · claims qualifier: unstated; basis: estimated · quote: As noted above, the Property of the Company is encumbered in favour of the Secured Lenders. Accordingly, at this time it is not expected that any surplus funds will be available for distribution to preferred or unsecured creditors. · pct of: unstated · outcome: nil · class key: preferred · stated by: trustee · class label: preferred or unsecured creditors · interim final: unstated · conditional on: at this time · claims qualifier: unstated · table missing: