Ontario · Receivership (court-appointed)
Second Supplementary Motion Record 28.10.2026
Application / notice of application · 28 October 2026
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 filing5 verified
- secured creditorsnote: Affidavit does not state a current outstanding balance. Disputed by the deponent: validity of the notices amending the charge is challenged (alleged violation of Land Titles Act; each notice stated $2.00 consideration; no appraisal obtained); allocation of repayments is disputed. Original loan $8,000,000 advanced September 2018 (Waygar kept it at $8,000,000 until February 1, 2023, then moved it into the later loan). First Amending Agreement facility $3,200,000, of which only $2,110,837.12 advanced. Third Amending Agreement only extended maturity to Feb 28, 2021. Fourth Amending Agreement dated March 31, 2021; Fifth dated as of March 31, 2023 extended the loan to October 31, 2023; Sixth dated August 20, 2024. Repayments per Waygar's affiant total $8,500,000 (last June 2022), including $5,000,000 on Nov 30, 2021; deponent says this excludes $3,819,393.03 of interest taken in advance ($1,000,000 Sept 2018; $787,043.03 March 2020; $2,032,350 April 2021). Deponent alleges interest on the original loan was added to principal from Oct 2019 to Dec 27, 2024 and compounded. Second charge on 156/176 Columbia St W described by FirstOntario as an 'Unauthorized second charge'. FirstOntario holds a prior mortgage on 156 and 176 Columbia Street West (approx. $21,750,000 per Aug 2018 email; amount not otherwise stated). Related El Mocambo loan (borrowers ElMo Realty Inc., El Mocambo Entertainment Inc., El Mocambo Productions Inc.) guaranteed by WIN 2 only, per deponent. · page: 8 · debtor: Waterloo Innovation Network 2 Inc. (WIN 2); originally also Waterloo Innovation Network 3 Inc. (formerly Waterloo Innovation Network Inc., 'WIN') · creditor: Waygar Capital Inc. (as agent for Ninepoint Canadian Senior Debt Master Fund LP) · currency: CAD · security: Charge on the Property (176 Columbia Street West, Waterloo) originally registered September 2018, increased by notices amending the charge to $11,200,000 (Instrument WR1201598), $13,000,000 (WR1249625) and $30,000,000 (WR1331454); further $15 million charge on the Property registered June 26, 2023 (Second WIN Charge), supporting WIN 2's $15 million guarantee of El Mocambo debt. Charge on 156 Columbia Street West discharged by Instrument WR1316017 registered February 4, 2021. The registered figures are registration/charge amounts, not outstanding balances.
- secured creditorsnote: Existence of prior mortgage is stated; no current balance given in these pages. An Aug 15, 2018 email by the deponent put First Ontario at approximately $21,750,000 at that time (an estimate from a borrower email, not a balance statement). In June 2019 FirstOntario advised it would not extend or renew its mortgage because of covenant breaches, including registration of Waygar's second mortgage; letter dated March 31, 2020. · page: 9 · debtor: WIN / WIN 2 · creditor: FirstOntario (prior mortgagee on 156 and 176 Columbia Street West) · currency: CAD · security: Mortgage on 156 and 176 Columbia Street West
- unsecured creditorsnote: Disputed: WIN 2's statement of defence dated August 26, 2022 denies the claim and does not state that WIN PM has been paid. WIN PM is controlled by the affiant (Mark Arbour); related party to the Debtors' group. Pre-judgment/post-judgment interest and costs also claimed. Unadjudicated claim. · page: 9 · as of: 2022-07-22 · basis: Statement of claim issued July 22, 2022 (Court File CV-22-00684454): $1,050,000.00 plus HST $136,500.00 for WIN 2's 15% contribution to Ford leasehold improvements at 176 Columbia Street West · amount: 1186500 · debtor: Waterloo Innovation Network 2 Inc. · creditor: Waterloo Innovation Network PM Inc. (WIN PM) · currency: CAD
- unsecured creditorsnote: Municipal property tax arrears; may rank as a preferred/statutory priority claim — the document does not say. Dated December 2020 (stated 'at December 2020'). · page: 10 · as of: 2020-12-31 · basis: WIN's monthly compliance schedules reported to Waygar, as stated by deponent · amount: 439781.61 · debtor: WIN (156 and 176 Columbia Street West) · creditor: Property tax arrears (municipal) on 156 and 176 Columbia Street West · currency: CAD
- unsecured creditorsnote: Stated as '$337,257.45 plus interest' at December 2022; interest amount not stated. Municipal property tax arrears; priority ranking not stated in the document. · page: 10 · as of: 2022-12-31 · basis: WIN's monthly compliance schedules reported to Waygar, as stated by deponent · amount: 337257.45 · debtor: Waterloo Innovation Network 2 Inc. · creditor: Property tax arrears (municipal) on the Property (176 Columbia Street West) · currency: CAD