Ontario · Receivership (court-appointed)
Supplemental Report to the Third Report of the Receiver dated November 3, 2026
Court officer report · 3 November 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 filing10 verified
- secured creditorsnote: Remaining secured debt as understood by the Receiver, approximately $41.3 million, exclusive of fees, costs and interest, after two distributions to RBC (CA$8,448,329 under the Jan 22, 2026 Ancillary Order, and a portion of the FedEx Reserve under Minutes of Settlement dated Sept 24, 2026). Per the Affidavit of Nick Hollard sworn Sept 11, 2026, the amount outstanding under the Capital Loan Facilities totals US$21,580,536.46, and the balance is owed under the operating loan. At the Receiver's appointment, RBC's secured debt was approximately $49.7 million (of which approx. $38.3 million / US$30 million under the Capital Loan Facilities), exclusive of fees, costs and interest. The Receiver expects RBC to suffer a substantial shortfall in recovery. · page: 5 · as of: date of this Supplemental Third Report (November 3, 2026) · amount: 41300000 · debtor: 5009013 Ontario Ltd. and the other Debtors (collectively) · creditor: Royal Bank of Canada · currency: CAD · security: Secured debt under the Capital Loan Facilities (commitment letter dated March 21, 2024) and an operating loan
- closing confirmedscope: the Ripskirt Transaction · outcome: completed · effective: 2026-05-04 · date basis: stated
- operational summaryThe receivership is in the distribution phase: the Ripskirt Transaction closed May 4, 2026, two distributions have been made to RBC, and the Receiver is seeking advice and directions on Elsasser Holding's possible entitlement to part of the Ripskirt sale proceeds. The Receiver expects RBC to suffer a substantial shortfall on its remaining secured debt.
- professional feesnote: Other professionals' fees reported: Dentons Canada LLP (Canadian counsel) CA$229,782.11 (including HST); Chipman Brown Cicero & Cole, LLP (U.S. counsel) US$46,488.95. The Receiver's fee figure is stated without any mention of tax treatment. · party: KPMG Inc. (the Receiver) · amount: 252346.48 · period: to date, in respect of the Ripskirt Transaction, the Ripskirt Approval and Vesting Order, and the Elsasser Holding Claim · currency: CAD
- purchaserprice: note: gross proceeds after post-closing working capital adjustments and release of an inventory holdback, exclusive of professional fees and costs; the Fourth Report previously reported US$2,397,170 · basis: cash · amount: 2380470.81 · sealed: false · currency: USD · scope: the Ripskirt Transaction (sale of the Ripskirt business/assets) · status: closed · name note: purchaser of the Ripskirt Transaction is not named in this report · structure: assets · name source: recital · relationship: unstated
- receipts cumulativenote: Reported as gross proceeds of the Ripskirt Transaction only (after post-closing working capital adjustments and release of an inventory holdback), exclusive of professional fees and costs; this is not the estate's total cumulative receipts. Revised down by US$16,699.19 from the US$2,397,170 reported in the earlier report. · since: closing of the Ripskirt Transaction on May 4, 2026 · amount: 2380470.81 · currency: USD
- recovery outcomeentries: basis: estimated · quote: The Receiver expects RBC to suffer a substantial shortfall in recovery of its remaining secured debt through the receivership proceeding. · pct of: unstated · outcome: shortfall · class key: secured · stated by: receiver · class label: RBC's remaining secured debt · claims amount: 41300000 · creditor name: Royal Bank of Canada · interim final: unstated · claims qualifier: estimated · stated on: 2026-11-03 · table missing:
- report date3 November 2026
- report noSupplemental Report to the Third Report
- sale outcometext: The Ripskirt Transaction closed on May 4, 2026, resulting in gross proceeds of US$2,380,470.81 after adjustments and holdback release; the Receiver is addressing Elsasser Holding's claimed entitlement to a portion of the proceeds. · scope: parcel · status: closed