Ontario · Receivership (court-appointed)
Application Record - Volume 2
Application / notice of application · 3 February 2025
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What we verified from this filing2 verified
- secured creditorsnote: Amount is outstanding balance per demand letter dated Dec 27, 2024 ($31,915,740.09 principal + $277,371.47 accrued interest). WIN Debtors' obligations also personally guaranteed by Michael Wekerle (Exhibit P, not detailed on available pages). Demand letter's formal demand of $47,193,111.56 combines this WIN balance with WIN2's guarantee exposure (capped at $15,000,000) for the Elmo Debtors' facility, not a sum of both full facility balances. · page: 238 · as of: 2024-12-27 · amount: 32193111.56 · debtor: Waterloo Innovation Network 3 Inc. (formerly Waterloo Innovation Network Inc.) and Waterloo Innovation Network 2 Inc. (jointly and severally, the "WIN Debtors") · creditor: Waygar Capital Inc., as agent for Ninepoint Canadian Senior Debt Master Fund LP · currency: CAD · security: General security agreements dated September 7, 2018 from WIN2 and WIN over all property, assets and undertakings; Charge/Mortgage registered September 7, 2018 as WR1137400 with original principal of $8,000,000, subsequently amended and increased to a $30,000,000 registration ceiling (per notice of third agreement amending charge, WR1331454, April 13, 2021) against 176 Columbia Street West, Waterloo; Notice of Assignment of Rents registered as WR1137401
- secured creditorsnote: Amount is outstanding balance per demand letter dated Dec 27, 2024 ($54,885,164.84 principal + $477,039.14 accrued interest). Elmo Debtors' obligations also guaranteed by Chieftain Holdings LP, Downsouth Limited and Wekerloo Developments Inc. (corporate guarantors) and personally by Michael Wekerle (President of the Elmo Debtors/guarantor entities) - see Fourth Amending Agreement. WIN2's guarantee liability is contractually capped at $15,000,000 notwithstanding the much larger Elmo balance. · page: 239 · as of: 2024-12-27 · amount: 55362203.98 · debtor: 2446928 Ontario Inc. (formerly Elmorealty Inc.), El Mocambo Entertainment Inc. and El Mocambo Productions Inc. (jointly and severally, the "Elmo Debtors") · creditor: Waygar Capital Inc., as agent for Ninepoint Canadian Senior Debt Master Fund LP · currency: CAD · security: Charge/Mortgage registered June 26, 2023 as WR1515962, principal sum $15,000,000, granted by Waterloo Innovation Network 2 Inc. (WIN2) against 176 Columbia Street West, Waterloo, securing WIN2's limited guarantee; Notice of Assignment of Rents registered as WR1515963; Guarantee Agreement dated June 23, 2023 from WIN2 (related party - also a co-borrower/guarantor under the separate WIN facility) capped at $15,000,000 (the "Guarantee Cap")