Ontario · Receivership (court-appointed)
First Report of the Receiver dated December 4, 2023
Court officer report · 4 December 2023
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 filing6 verified
- secured creditorsnote: Charge registered securing $50 million is a registration ceiling, not a balance; approximately $17 million presently owing represents deposits released from escrow for phases one and two · page: 5 · as of: Receivership Order date (October 12, 2023) · amount: 17000000 · debtor: 1333 Weber Street Kitchener LP / 1776411 Ontario Ltd. · creditor: Westmount Guarantee Services Inc. · currency: CAD · security: Second-ranking mortgage/charge against Real Property securing condominium purchaser deposit insurance
- secured creditorsnote: Consistent between Report ('$2.7 million') and Endorsement ($2,698,140.29) as of Sept 13, 2023 · page: 5 · as of: 2023-09-13 · amount: 2698140.29 · debtor: 1333 Weber Street Kitchener LP / 1776411 Ontario Ltd. · creditor: CMLS Financial Ltd. / Computershare Trust Company of Canada (letter of credit facility) · currency: CAD · security: Letter of credit facility provided by Senior lenders (CMLS/Computershare)
- secured creditorsnote: Receiver's Report (p.5) states 'approximately $19.6 million'; exact figure per Endorsement of Justice Cavanagh is $19,598,404.91 (Junior Secured Loan Facility) as of Sept 13, 2023 · page: 5 · as of: 2023-09-13 · amount: 19598404.91 · debtor: 1333 Weber Street Kitchener LP / 1776411 Ontario Ltd. · creditor: Genesis Mortgage Investment Corp. (GMIC) · currency: CAD · security: Charge registered on title to Real Property (junior position in syndicate with CMLS/Computershare as senior secured lenders); general assignment of rents and leases and general security agreement dated Aug 17, 2021/Aug 13, 2021
- secured creditorsnote: COR received a $300,000 fee re the Commitment Letter (paid by CMLS); Receiver understands COR did not advance any funds to Gillam under this transaction, raising doubt as to the underlying debt secured by this charge · page: 6 · debtor: 1333 Weber Street Kitchener LP / 1776411 Ontario Ltd. · creditor: CORFinancial Corp. (COR) · currency: CAD · security: Charge registered against Real Property on May 8, 2023 in the principal amount of $3,500,000 (registered principal, not a confirmed balance)
- secured creditorsnote: Aggregate total stated by Receiver as 'approximately $17,664,878' as of the date of the Report; includes Dean-Lane Contractors Inc., whose lien (Instrument No. WR1518912) was registered July 7, 2023 in the amount of $2,157,415.95; Dean-Lane's statement of claim also asserts additional unsecured damages (Loss of Profit $3,006,160.01; Supplier Equipment Costs $636,585.50) not secured by the lien; underlying lien actions are stayed pursuant to the Receivership Order · page: 6 · as of: 2023-12-04 · amount: 17664878 · debtor: 1333 Weber Street Kitchener LP / 1776411 Ontario Ltd. · creditor: Construction lien claimants (15 suppliers, 22 registered liens) · currency: CAD · security: Construction liens registered against Real Property; 19 of 22 liens perfected via certificates of action under the Construction Act
- secured creditorsnote: Receiver's Report (p.5) states 'approximately $44.7 million'; exact figure per Endorsement of Justice Cavanagh is $42,055,404.91 (Senior Secured Loan Facility) as of Sept 13, 2023 - discrepancy between the two figures is on the face of the record · page: 37 · as of: 2023-09-13 · amount: 42055404.91 · debtor: 1333 Weber Street Kitchener LP / 1776411 Ontario Ltd. · creditor: CMLS Financial Ltd. / Computershare Trust Company of Canada · currency: CAD · security: Charge registered on title to Real Property (senior position in syndicate with GMIC as junior secured lender); general assignment of rents and leases and general security agreement dated Aug 17, 2021/Aug 13, 2021