Ontario · Receivership (court-appointed)
Supplementary Motion Record - Arbour Parties 10.22.26
Application / notice of application · 22 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 filing2 verified
- financial positionnote: No balance sheet is stated on these pages. Known liabilities other than the Lender's debt are said to be in the Receiver's Cash Flow Forecast (not reproduced here). Realty tax arrears of $2,729,107.46 and a Priority Payment Amount estimated at $3,560,892 (including amounts under the Receiver's Charge and Receiver's Borrowings Charge) are cited in the Arbour Parties' request (item 28), quoted from the Receiver's materials. The Arbour Parties allege the Receiver has not paid property taxes since its appointment in February 2025. · page: 17 · as at: 2026-09-30 · basis: Receiver's stated figures as quoted in correspondence: Notice of Motion states net funds on hand of $2,250,255.74; the Arbour Parties note the Fifth Report (para 77) and Statement of Receipts and Disbursements show cash on hand of $2,520,255.74. The Receiver states it 'has not run a claims process and has not quantified WIN2's liabilities'. · scope: WIN2 estate (Waterloo Innovation Network 2 Inc.) in receivership; no consolidated balance sheet or statement of assets and liabilities stated. · currency: CAD
- secured creditorsnote: Amount is the Lender's claimed indebtedness 'stated as $47,193,111.56 on December 27, 2024' (as quoted in item 14 of the Receiver's Schedule A); accrued interest since then is additional and not quantified by the Receiver. Disputed by the Arbour Parties, who allege Ninepoint made advances when WIN2 was insolvent, that Land Titles Act registrations are 'improper and fraudulent', that most amending-agreement advances were not made to WIN2, and that the advances are preferential. The Receiver states it is not aware of any unsecured portion of the Lender's debt; the Arbour Parties dispute this and ask for the secured/unsecured split. The Receiver's counsel states Ninepoint is the 'fulcrum creditor' and that the Arbour Parties would have no economic interest if the price were payable in cash. A $500,000 deposit is said to have been paid by Ninepoint (per the Arbour Parties), not the Purchaser. · page: 24 · as of: 2024-12-27 · amount: 47193111.56 · debtor: Waterloo Innovation Network 2 Inc. (WIN2) · creditor: Waygar Capital Inc., as agent for Ninepoint Canadian Senior Debt Master Fund LP (Ninepoint / the Lender) · currency: CAD · security: Security registered against the Property (176 Columbia Street West, Waterloo) and advances under amending agreements; Ninepoint also holds guarantees, including from Michael Wekerle; under the proposed ARVO a 'Retained Ninepoint Debt' would remain with WIN2 and the balance would be channelled to Residual Co.