Ontario · Receivership (court-appointed)
Application Record
Application / notice of application · 16 May 2025
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 filing10 verified · 1 withheld
- applicantROMSPEN INVESTMENT CORPORATION
- commencement date16 May 2025
- courtSUPERIOR COURT OF JUSTICE
- court file noCV-25-00743351-00CL
- provinceONTARIO
- appointeeROSEN GOLDBERG INC.
- appointee roleProposed Receiver
- secured creditorsnote: Figures shown ($8,500,000) are registered/charged principal amounts, not a stated outstanding balance; no balance disclosed in the record. Security is subordinated (postponed) to Romspen's Mortgage. · page: 11 · debtor: 485 Logan Developments Inc. · creditor: Westmount Guarantee Services Inc. · currency: CAD · security: Charge registered 2019-10-31 (Instrument AT5277548), registered principal $8,500,000, postponed in priority to Romspen's Mortgage by Instrument AT5947498 registered 2021-12-23; also a charge registered 2024-03-04 (Instrument AT6524710) against units 305, 308, 24A and 25A, same $8,500,000 registered principal
- secured creditorsnote: DISCHARGED/satisfied prior to this application: on 2025-04-29, Romspen made a protective payment of $66,077.34 (per Statement of Arrears) to the Condocorp's solicitors in full satisfaction of the outstanding arrears following a demand letter and Notice of Sale Under Lien dated 2025-03-17. Not an outstanding secured claim as of the application. · page: 45 · debtor: 485 Logan Developments Inc. · creditor: Toronto Standard Condominium Corporation No. 3023 · currency: CAD · security: Condo Lien registered 2024-12-31 (Instrument AT6727579), registered amount $19,123, also registered against units 305, 308, 24A, 25A
- secured creditorsnote: Exact dated balance per Loan Statement effective 2025-05-01 (statement date 2025-04-29); matches figure stated in Notice of Application as of same date. Total principal actually advanced under the Loan was $29,971,593.36 (14 advances, see p.47). Balance includes Maturity Grace Period Fee, accrued interest, a Protective Advance of $961,414.73 (funded a condo lien payoff), and legal/statement fees. David Martino, sole officer/director of the Debtor, is also owner of collateral property securing this Loan (personal guarantor-type role via collateral charge). · page: 366 · as of: 2025-05-01 · amount: 14118249.31 · debtor: 485 Logan Developments Inc. · creditor: Romspen Investment Corporation · currency: CAD · security: Mortgage/Charge registered 2021-12-23 (Instrument AT5947488, registered principal $30,620,000); collateral charge registered 2024-03-04 (Instrument AT5654709) against townhouse units 305, 308 and combined parking/locker units 24A, 25A, same $30,620,000 registered principal; General Assignment of Rents registered 2021-12-23 (Instrument AT5947489); Assignment of Insurance Proceeds dated 2021-12-20; Assignment of Agreements of Purchase and Sale dated 2021-12-20; General Security Agreement over personal property dated 2022-05-16; also a collateral mortgage over David Martino's personal property at 667 Nashville Road, Kleinburg (same $30,620,000 principal, collateral security to the Charge)
1 extracted value is withheld: either a trap-shaped field where models produce confident wrong numbers, or an identity value whose quotation could not be found in the document. Withheld values are shown to no one.