Ontario · Receivership (court-appointed)
Motion Record and Responding Record 10.19.26 - VOLUME 2 (2) (1)
Application / notice of application · 19 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 filing6 verified
- unsecured creditorsnote: $1,050,000 plus HST $136,500 (= $25/sq ft, 15% of leasehold improvement costs). Interest claimed at 11% from last draw invoice: approx. $914,000 as of Oct 19, 2026, total claimed approx. $2,100,500 (affiant's calculation). Claim is disputed/unadjudicated; Arbour asserts it ranks with other proven unsecured claims from any surplus. · page: 11 · as of: 2026-10-19 · basis: Claim asserted by Arbour in his own affidavit; action commenced July 2022 (Statement of Claim, Exhibit L) · amount: 1186500 · debtor: Waterloo Innovation Network 2 Inc. · creditor: Waterloo Innovation Network PM Inc. (WIN PM) – Ford leasehold improvement allowance · currency: CAD
- unsecured creditorsnote: Related party to the Arbour Parties. $1,848,897.93 total owing (including $500,000 and $648,897.93 components); with 11% interest for 5 years from 2022 (~$1,016,894) approx. $2,865,792 per affiant. Debtor is Wekerle/Wekerloo, not clearly WIN 2; included because Arbour seeks payment from the estate surplus. Disputed/unadjudicated. · page: 12 · as of: 2022 · basis: Claim asserted by Arbour under the Dec 2016 Participation Agreement · amount: 1848897.93 · debtor: Wekerle / Wekerloo Developments Inc. (not stated to be WIN 2) · creditor: Mark Arbour – Participation Agreement balance · currency: CAD
- unsecured creditorsnote: Debtor is El Mocambo / Wekerloo, not WIN 2; recorded as part of the Arbour Parties' claims described in the affidavit. Also, Wekerle owes Wekerloo $6,488,979.25 for funds advanced by WIN PM (posted to Wekerle's shareholder account). · page: 12 · as of: 2021 · basis: Loans asserted by Arbour; stated as not repaid since the end of COVID · amount: 1500000 · debtor: El Mocambo (owned by Wekerloo) · creditor: Waterloo Innovation Network PM Inc. – El Mocambo temporary loans · currency: CAD
- secured creditorsnote: DISCHARGED: balance of $11,749,268.16 paid April 2021 from the Fourth Amending Agreement advance and charge discharged April 15, 2021 (per Arbour affidavit). Not a current secured claim. · page: 14 · debtor: WIN 2 / WIN · creditor: FirstOntario Credit Union Limited (first mortgagee) · currency: CAD · security: First mortgage over 156 and 176 Columbia Street West
- secured creditorsnote: WIN 2 guarantee limited to $15,000,000 (Guarantee Cap). Amount owing under the guarantee not stated. Arbour Parties seek discharge of the $15M charge; in the El Mocambo receivership an Approval and Vesting Order (Osborne J., Aug 5, 2025) discharged Waygar's mortgage on the El Mocambo property. · page: 152 · debtor: Waterloo Innovation Network 2 Inc. (as limited guarantor of the Elmo Debtors: 2446928 Ontario Inc., El Mocambo Entertainment Inc., El Mocambo Productions Inc.) · creditor: Waygar Capital Inc., as agent for Ninepoint (Elmo guarantee security) · currency: CAD · security: Second charge/mortgage Instrument WR1515962 registered June 26, 2023 in the principal sum of $15,000,000 (registered ceiling/guarantee cap, not a balance) on 176 Columbia Street West; Notice of Assignment of Rents WR1515963; WIN 2 GSA amended to cover the guarantee with recourse limited to collateral at 176 Columbia St W.
- secured creditorsnote: Amount is the demand figure stated in the Dec 27, 2024 demand letter for the WIN/Elmo credit agreements ($47,193,111.56 plus accruing interest and costs). Validity, priority and amount are DISPUTED by the Arbour Parties (Arbour asserts the Sept 2018 mortgage was paid by ~$8.39M received and should be discharged; at least $4,433,943.66 of increases went to Wekerle/Wekerloo/other companies, not WIN 2). Arbour's own estimate: with a further 22 months of interest at 11.75% (~$7,696,717) the claim is ~$54,889,828 as of Oct 27, 2026 (affiant's estimate, not a stated balance). Interest accrues at 11.75% compounded monthly; Waygar's Fifth Amending Agreement recites no payment since Dec 2021. An earlier affidavit recites $26,393,499 owing as at April 30, 2023 per the Fifth Amending Agreement. Separately the demand letter lists $55,362,203.98 (principal $54,885,164.84 + interest $477,039.14) as owing by the Elmo Debtors as of Dec 27, 2024. Arbour says the amount claimed is not divided between WIN 2 and Wekerle/unrelated parties. · page: 153 · as of: 2024-12-27 · amount: 47193111.56 · debtor: Waterloo Innovation Network 2 Inc. (WIN 2) (with Waterloo Innovation Network Inc. as joint borrower under the WIN Credit Agreement) · creditor: Waygar Capital Inc., as agent for Ninepoint Canadian Senior Debt Master Fund LP · currency: CAD · security: Charge/mortgage Instrument WR1137400 registered Sept 7, 2018, original principal $8,000,000 (registered principal/ceiling, not a balance), amended to $11.2M (Aug 2019), $13M (Mar 2020) and $30M (Apr 2021); GSAs from WIN 2 and WIN; Notice of Assignment of Rents WR1137401. Fifth Amending Agreement dated March 31, 2023 recorded.