Ontario · Receivership (court-appointed)
Motion Record of the Receiver returnable April 7, 2022
Application / notice of application · 7 April 2022
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What we verified from this filing2 verified
- counselAird & Berlis LLP
- recovery outcomeentries: basis: estimated · quote: Upon closing of the St. Catharines Transaction, the Receiver recommends that it be directed and authorized to make distributions from the St. Catharines Transaction sale proceeds to Meridian Credit Union Limited ('Meridian') and Reciprocal Opportunities Incorporated ('ROI'), in full satisfaction of each of their secured claims against Go-To Glendale. · pct of: unstated · outcome: paid_in_full · class key: secured · stated by: receiver · class label: Meridian Credit Union Limited · claims amount: 1150000 · creditor name: Meridian Credit Union Limited · interim final: unstated · conditional on: subject to receipt of satisfactory payout statements · claims qualifier: estimated; basis: estimated · quote: Upon closing of the St. Catharines Transaction, the Receiver recommends that it be directed and authorized to make distributions from the St. Catharines Transaction sale proceeds to Meridian Credit Union Limited ('Meridian') and Reciprocal Opportunities Incorporated ('ROI'), in full satisfaction of each of their secured claims against Go-To Glendale. · pct of: unstated · outcome: paid_in_full · class key: secured · stated by: receiver · class label: Reciprocal Opportunities Incorporated · claims amount: 2140000 · creditor name: Reciprocal Opportunities Incorporated · interim final: unstated · conditional on: subject to receipt of satisfactory payout statements · claims qualifier: estimated; basis: unstated · quote: Subject to completion of the Claims Procedure, as discussed below, the purchase price also appears to be sufficient to: a) pay in full all other creditor claims against Go-To Glendale; and b) return in full the capital invested by the Glendale Investors in Go-To Glendale Avenue LP, which is the entity through which Glendale Investors invested. · pct of: unstated · outcome: paid_in_full · class key: unsecured · stated by: receiver · class label: all other creditor claims against Go-To Glendale · interim final: unstated · conditional on: subject to completion of the Claims Procedure; if claims exceed those reflected on books and records, creditors may not be repaid in full · claims qualifier: unstated; basis: estimated · quote: Based on the value of the Glendale Offer and the books and records of Glendale, it appears that the purchase price of the Glendale Offer is sufficient to pay in full all creditor claims against Glendale and the capital invested by the Glendale Investors in Glendale. · pct of: unstated · outcome: paid_in_full · stated by: receiver · class label: creditor claims against Glendale · interim final: unstated · conditional on: if claims against Glendale exceed those reflected on Glendale's books and records, creditors may not be repaid in full · claims qualifier: unstated · stated on: 2022-03-29 · table missing: