Ontario · NOI
First Report of the Proposal Trustee dated September 13, 2018
Court officer report · 13 September 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 filing8 verified
- secured creditorsnote: Table figure is the original mortgage amount, not a current balance; all mortgages continue to accrue interest and costs (fn.3). HMIC issued a s.244 BIA notice of intention to enforce security and a notice of sale under mortgage on April 25, 2018; no sale process commenced as of report date. · page: 6 · debtor: 2301132 Ontario Inc. and 2309840 Ontario Inc. · creditor: Harbouredge Mortgage Investment Corporation ("HMIC") · currency: CAD · security: First mortgage over 13764 Hwy 7 (2301) and Dayfoot (2309); original mortgage amount $1,925,000 per Proposal Trustee's table
- secured creditorsnote: Derek Martin was personal guarantor of the Home Trust mortgage loan (see separate entry re assigned 13758 Hwy 7 mortgage). Proposal Trustee did not distinguish between the two entities (fn.2). Interest/costs continue to accrue (fn.3). · page: 6 · debtor: 2301132 Ontario Inc. · creditor: 2413349 Ontario Inc. and Derek Martin ("Martin/2413") · currency: CAD · security: First mortgage over 8 Lindsay; original mortgage amount $350,000 per Proposal Trustee's table
- secured creditorsnote: Mr. Tilley (controlling individual of the Companies) has personally guaranteed this mortgage and has a business relationship with Stasis - related-party guarantee. Stasis has consented that the proposed $450,000 Administration Charge rank ahead of its mortgage on its property. · page: 6 · debtor: 2309840 Ontario Inc. · creditor: Stasis Group Inc. and 2561388 ("Stasis") · currency: CAD · security: First mortgage over 10 Lindsay; original mortgage amount $2,697,655 per Proposal Trustee's table
- secured creditorsnote: Stated as aggregate approximate amount of $14,000,000 across multiple BDMC mortgages; document does not itemize individual mortgage amounts, so no breakdown is reported. Priority table provided for information purposes only and subject to change based on counsel's review. · page: 7 · as of: 2018-09-13 · amount: 14000000 · debtor: 2301132 Ontario Inc. and 2309840 Ontario Inc. · creditor: Building & Development Mortgages Canada Inc. ("BDMC") · currency: CAD · security: Multiple subsequent-ranking mortgages over all of the Real Property (subordinate to JYR mortgage, subject to potential 8 Lindsay priority issue)
- secured creditorsnote: Document does not name the judgment creditor(s) holding the Writs. Proposal Trustee believes the Writs are subordinate to all mortgages on the Real Property pursuant to the BIA. · page: 7 · as of: 2018-09-13 · amount: 703649 · debtor: 2301132 Ontario Inc. · creditor: Unnamed judgment creditor(s) (Writs of execution) · currency: CAD · security: Writs registered against the 2301 Properties (13764 Hwy 7 and 8 Lindsay)
- secured creditorsnote: Amount stated as "approximately" $2,368,000. Proposal Trustee believes JYR may be subordinate to some or all BDMC mortgages in respect of 8 Lindsay (priority under review by counsel, subject to change). · page: 7 · as of: 2018-09-13 · amount: 2368000 · debtor: 2301132 Ontario Inc. and 2309840 Ontario Inc. · creditor: JYR Real Capital Mortgage Investment Corporation ("JYR") · currency: CAD · security: Subsequent-ranking mortgage over all of the Real Property (subordinate to the First Mortgages)
- secured creditorsnote: Home Trust issued a notice of sale under mortgage on January 30, 2018; the mortgage was subsequently paid out by guarantor 2413349 Ontario Inc./Derek Martin, who took an assignment of it from Home Trust (see Martin/2413 entry) — Home Trust no longer holds this security. · page: 7 · debtor: 2309840 Ontario Inc. · creditor: Home Trust Company ("Home Trust") · currency: CAD · security: First mortgage over 13758 Hwy 7; original mortgage amount $412,000 per Proposal Trustee's table
- secured creditorsnote: Martin/2413, as guarantor, paid out the Home Trust mortgage and took an assignment of it from Home Trust after Home Trust's January 30, 2018 notice of sale. · page: 7 · debtor: 2309840 Ontario Inc. · creditor: 2413349 Ontario Inc. and Derek Martin ("Martin/2413") - as assignee of Home Trust mortgage · currency: CAD · security: First mortgage over 13758 Hwy 7, originally held by Home Trust Company; original mortgage amount $412,000