Ontario · Receivership (court-appointed)
Titan Holdings - Second Report of the Receiver - dated Nov 15, 2024 (with appendices)
Court officer report · 15 November 2024
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
- cash on handnote: Approximately $600,000 held in the Debtors' RBC bank and investment accounts, frozen by RBC (as stated at the time of the First Report). The Second Report later refers to approximately $300,000 of RBC funds requested by the Receiver and expected to be held in its trust account. The Receiver's counsel also holds $2 million of Refinancing Funds in escrow ($1.7M Ridorwin Funds plus $300,000 Titan Funds). · amount: 600000 · currency: CAD · qualifier: approximately
- operational summaryThe Receiver has not taken possession of the Properties because of the proposed refinancing and has no information on the status of the Debtors' sports complex and security businesses. The Debtors are pursuing a refinancing through an assignment of the BMO debt to Ridorwin Holdings Ltd., and the Receiver recommends discharge once that is completed.
- professional feesnote: Receiver's fees and disbursements of $26,752.50 plus HST of $3,477.83, totalling $30,230.33. Receiver's counsel Harrison Pensa: $24,824.50 plus HST of $3,227.19, totalling $28,051.69. Estimated additional fees and disbursements to completion (Fee Accruals) not to exceed $40,000 plus HST. · party: The Fuller Landau Group Inc. (Receiver) · amount: 26752.5 · period: September 10, 2024 to November 12, 2024 · currency: CAD
- report date15 November 2024
- report noSecond Report