Ontario · Receivership (court-appointed)
First Report of the Receiver dated December 5, 2024
Court officer report · 5 December 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 filing2 verified
- financial positionnote: Book value of the Loans as at December 31, 2023 was approximately $286 million; this is a book-value asset figure, not a full balance sheet with liabilities. Statement of Claim alleges Santor misappropriated at least approximately $44.4 million (a floor, per document's own wording 'at least'); Receiver notes actual fraud may significantly exceed this. Cash on hand as at Receivership Order date was approximately US$275,000. · page: 4 · as at: 2023-12-31 · basis: Audited financial statements of PMIF for year ended December 31, 2023 (issued June 19, 2024); book value · scope: PMIF (Productivity Media Income Fund I LP) - portfolio of loans (the Loans) · currency: CAD
- secured creditorsnote: To the Receiver's knowledge, Two Shores is the Debtors' only secured creditor; amount stated as approximate, with interest, fees and expenses continuing to accrue. · page: 5 · as of: 2024-10-24 · amount: 2640000 · debtor: Productivity Media Income Fund I LP (borrower); Productivity Media Inc. and Productivity Media Lending Corp. I (guarantors) · creditor: Two Shores Capital Corp. · currency: USD · security: Loan Agreement dated July 25, 2024