Ontario · Receivership (court-appointed)
Affidavit of K Pikula (Part 1), dated December 21, 2022
Affidavit · 21 December 2022
A plain-language read of this filing opens with a subscription.
What we verified from this filing4 verified
- secured creditorsnote: Approximate amount per affidavit ("in the amount of approximately $2,000,000"). Alleged by 273 to be without merit and fraudulent; claimant Capital Build made an assignment in bankruptcy on/around Oct 14, 2022; claim disputed and unresolved as of affidavit date. · page: 4 · as of: 2022-04-29 · amount: 2000000 · debtor: Rosehill (2735447 Ontario Inc.) · creditor: Capital Build Construction Management Corp. (Construction Lien claimant) · currency: CAD · security: Construction Lien registered against title to the Lands
- secured creditorsnote: Disputed claim amount. 273's revised calculation dated Oct 18, 2022 was $7,047,395.23 inclusive of interest and fees, excluding costs. Receiver's competing calculation was $6,389,204 (per Nov 18, 2022 letter) and later $6,398,898 (per Nov 30, 2022 letter, reconfirmed Dec 3, 2022). On Dec 3, 2022 the Receiver agreed to accept $7,047,395.23 only for the limited purpose of 273's credit bid, not as a final determination of the claim. Seaside holds beneficial interest under Bare Trust Agreement; related-party structure among applicants. · page: 8 · as of: 2022-10-18 · amount: 7047395.23 · debtor: Rosehill (2735447 Ontario Inc.) · creditor: 2735440 Ontario Inc. ("273") / beneficial owner Seaside Corporation (Bare Trust) · currency: CAD · security: Second Mortgage ("273 Mortgage")
- secured creditorsnote: Individual lien amount not stated in these pages; combined value of Capital Build and KNYMH Construction Lien Claims described as approximately $2,300,000 (para 70). Applicants dispute validity/amount of this lien as improper. · page: 18 · as of: 2022-08-18 · debtor: Rosehill (2735447 Ontario Inc.) · creditor: KNYMH Incorporated (project architect, Construction Lien claimant) · currency: CAD · security: Construction Lien registered against title to the Lands (perfected Oct 25, 2022)
- secured creditorsnote: Described as first-ranking secured creditor, fully secured; interest accruing at rate in excess of 16% (para 80). No stated balance in these pages. · page: 20 · debtor: Rosehill (2735447 Ontario Inc.) · creditor: Trez (first-ranking secured lender / First Mortgage) · currency: CAD · security: First Mortgage