Ontario · Receivership (court-appointed)
Second Report 1828700 Ontario Inc.
Court officer report · 1 October 2018
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 filing17 verified
- secured creditorsnote: Stated as 'approximately $15,000,000.00' in First Report of Liquidator dated August 20, 2018. Personally guaranteed by Salvatore Galati, Nick Marino and Vince Teti (shareholders/related parties). Separately, per report re: L. Galati's negotiations, Meridian is owed interest arrears of approximately $300,000 from 182 Ontario (distinct from the principal balance shown). · page: 41 · as of: 2018-08-20 · amount: 15000000 · debtor: 1828700 Ontario Inc. · creditor: Meridian Credit Union · currency: CAD · security: First Mortgage on the Property
- secured creditorsnote: Stated as 'approximately $3.5 million' owed by 187 Ontario to Meridian. Original advance was $5,000,000 (November 2012, for tenant improvements). Personally guaranteed by Salvatore Galati and Antonia Bianchi (related parties/shareholders of 187 Ontario). 187 Ontario also owes Meridian interest arrears of approximately $80,000 (separate from principal). Liquidator had not yet reviewed the security documentation for this mortgage. · page: 42 · as of: 2018-08-20 · amount: 3500000 · debtor: 1878351 Ontario Limited (187 Ontario) · creditor: Meridian Credit Union · currency: CAD · security: Second collateral mortgage registered against the Property (the '187 Mortgage')
- unsecured creditorsnote: Related party (shareholder, 30.84%). · page: 43 · as of: 2018-08-20 · basis: Shareholder loan amount per last draft financial statements prepared by the company · amount: 1888000 · debtor: 1828700 Ontario Inc. · creditor: Vince Teti · currency: CAD
- unsecured creditorsnote: Related party (shareholder, 30.84%). Marino and Teti dispute Galati's loan advances, alleging they include $900,000.00 of unapproved management fees. · page: 43 · as of: 2018-08-20 · basis: Shareholder loan amount per last draft financial statements prepared by the company · amount: 3868274.9 · debtor: 1828700 Ontario Inc. · creditor: Salvatore Galati · currency: CAD
- unsecured creditorsnote: Related party (shareholder, 30.84%). · page: 43 · as of: 2018-08-20 · basis: Shareholder loan amount per last draft financial statements prepared by the company · amount: 1533985 · debtor: 1828700 Ontario Inc. · creditor: Nick Marino · currency: CAD
- unsecured creditorsnote: Related party (shareholder, 7.84%). Galati disputes the accuracy of this amount and asserts her shares have been pledged to a third party. · page: 43 · as of: 2018-08-20 · basis: Shareholder loan amount per last draft financial statements prepared by the company · amount: 480851.87 · debtor: 1828700 Ontario Inc. · creditor: Evelyn Bieri · currency: CAD
- secured creditorsnote: Third party supplier to the company. · page: 44 · as of: 2018-08-20 · amount: 841512 · debtor: 1828700 Ontario Inc. · creditor: Goldomme Electrical Contractors Inc. · currency: CAD · security: Construction lien registered against title to the Property
- secured creditorsnote: Fifty percent owned by Vince Teti (related party/shareholder). · page: 44 · as of: 2018-08-20 · amount: 1671725 · debtor: 1828700 Ontario Inc. · creditor: Network Mechanical Inc. · currency: CAD · security: Construction lien registered against title to the Property
- secured creditorsnote: Owned by the Galati family (related party). · page: 44 · as of: 2018-08-20 · amount: 903806 · debtor: 1828700 Ontario Inc. · creditor: G & G General Supply Ltd. · currency: CAD · security: Construction lien registered against title to the Property
- secured creditorsnote: Owned by the Galati family (related party). · page: 44 · as of: 2018-08-20 · amount: 137652 · debtor: 1828700 Ontario Inc. · creditor: 1762550 Ontario Inc. o/a G & G Contracting · currency: CAD · security: Construction lien registered against title to the Property
- secured creditorsnote: Owned by the Galati family (related party). · page: 44 · as of: 2018-08-20 · amount: 85852 · debtor: 1828700 Ontario Inc. · creditor: Energy Corp. · currency: CAD · security: Construction lien registered against title to the Property
- unsecured creditorsnote: Document names no individual creditors for this aggregate figure. · page: 44 · as of: 2018-08-20 · basis: Stated as 'approximately $1,800,000.00' owed to other miscellaneous suppliers, per First Report of Liquidator · amount: 1800000 · debtor: 1828700 Ontario Inc. · creditor: Unsecured creditors (aggregate as reported - miscellaneous suppliers) · currency: CAD
- secured creditorsnote: Regulatory/municipal tax claim. Warrant issued October 18, 2017; enforcement stayed by appointment of the Liquidator. By the date of the First Report (August 20, 2018), the company's property tax indebtedness was described in prose as 'over $2,000,000.00' (a floor/approximation for the same tax debt, grown since the Warrant date). · page: 45 · as of: 2017-10-18 · amount: 666919.1 · debtor: 1828700 Ontario Inc. · creditor: City of Toronto · currency: CAD · security: Warrant of Distrain for Property Taxes
- unsecured creditorsnote: Disputed/unadjudicated litigation claim, not a proven debt. · page: 45 · as of: 2018-08-20 · basis: Amount claimed in pending lawsuit, per First Report of Liquidator · amount: 6000000 · debtor: 1828700 Ontario Inc. · creditor: Access Self Storage · currency: CAD
- unsecured creditorsnote: Disputed/unadjudicated litigation claim, not a proven debt. · page: 45 · as of: 2018-08-20 · basis: Amount claimed in pending lawsuit, per First Report of Liquidator · amount: 350000 · debtor: 1828700 Ontario Inc. · creditor: CP Rail · currency: CAD
- unsecured creditorsnote: Disputed/unadjudicated litigation claim, not a proven debt. · page: 45 · as of: 2018-08-20 · basis: Amount claimed in statement of claim issued by supplier, per First Report of Liquidator · amount: 442000 · debtor: 1828700 Ontario Inc. · creditor: United Drywall · currency: CAD
- unsecured creditorsnote: No amount stated in the document; Galati has not taken steps since his failed motion for an injunction. · page: 45 · as of: 2018-08-20 · basis: Oppression claim brought against Teti, Marino and the company · debtor: 1828700 Ontario Inc. · creditor: Salvator Galati (oppression claim) · currency: CAD