Ontario · Receivership (court-appointed)
Fourth Report of the Receiver
Court officer report · 2 October 2024
What we verified from this filing1 verified
- recovery outcomeentries: basis: estimated · quote: the Stalking Horse Agreement affords certainty that all mortgagees will be paid in full and at the same time leaves open the prospect of higher recovery for the benefit of unsecured creditors or equity holders. · pct of: unstated · outcome: paid_in_full · class key: secured · stated by: receiver · class label: mortgagees · interim final: unstated · claims qualifier: unstated; basis: actual · quote: the seventh creditor on the list, the City of Markham, was owed property tax arrears which were paid in full upon the closing of the Transaction · pct of: unstated · outcome: paid_in_full · stated by: receiver · class label: City of Markham (property tax arrears) · creditor name: City of Markham · interim final: unstated · claims qualifier: unstated; basis: estimated · quote: However, the disputed amounts do not materially alter Downing Street Financial Inc.'s (' Downing ') risk of suffering a shortfall under its security, as the third mortgagee of 9 Cedar. · pct of: unstated · outcome: shortfall · class key: secured · stated by: receiver · class label: Downing Street Financial Inc. (third mortgagee of 9 Cedar) · creditor name: Downing Street Financial Inc. · interim final: unstated · claims qualifier: unstated; basis: estimated · quote: If the Transaction is lost, Downing risks suffering a potentially significant shortfall under its third mortgage over 9 Cedar · pct of: unstated · outcome: shortfall · class key: secured · stated by: receiver · class label: Downing (third mortgage over 9 Cedar) · creditor name: Downing Street Financial Inc. · interim final: unstated · conditional on: If the Transaction is lost · claims qualifier: unstated · stated on: 2024-10-02 · table missing: