Ontario · CCAA
Motion Record of the Monitor dated July 21, 2026
Application / notice of application · 21 July 2026
What we verified from this filing7 verified
- secured creditorsnote: No aggregate or per-mortgagee balances are stated. For the Distribution Analysis the Monitor sourced mortgage balances from mortgage documents and/or property title registration documents and used only the principal portion of each first mortgagee's balance; estimated proceeds are insufficient to satisfy the applicable first-mortgage principal on all but two properties, which show estimated surpluses of approximately $36,000 and $9,000 over first-mortgage principal (page 49). Approximately $2.97 million of Mortgaged Property Proceeds is projected to be available for distribution to the Mortgagees once all Liquidation Portfolio Properties are sold (page 48). The Monitor did not obtain an independent legal opinion on the validity of each of the 64 first mortgages (page 50). · page: 49 · debtor: The Applicants (Balboa Inc., DSPLN Inc., Happy Gilmore Inc., Interlude Inc., Multiville Inc., The Pink Flamingo Inc., Hometown Housing Inc., The Mulligan Inc., Horses In The Back Inc., Neat Nests Inc. and Joint Captain Real Estate Inc.) · creditor: First mortgagees on the Liquidation Portfolio Properties (64 registered first mortgages; individual mortgagees not named in the document) · currency: CAD · security: Registered first mortgages against 64 of the 74 Liquidation Portfolio Properties; ten Liquidation Portfolio Properties have no traditional mortgages registered on title (page 49)
- unsecured creditorsnote: FLOOR, not a stated balance — operative words "exceed $50 million (and may be substantially more)". Principal amounts only: the proposed Claims Procedure limits promissory note and mortgage/charge claims to the principal owing, with no interest, fees, penalties, charges or costs eligible. Claims are to be determined through a negative-notice/general Claims Procedure (proposed Claims Bar Date October 28, 2026); only approximately $800,000 (beyond the Mortgaged Property Proceeds) is projected to be available for distribution to these claimants (page 52). The document names no individual noteholders. · page: 55 · as of: Fifteenth Report of the Monitor dated July 21, 2026 · basis: Monitor's expectation in the Fifteenth Report: the Monitor "expects that the principal amount of Claims on account of just the promissory notes and mortgage/charge deficiencies to exceed $50 million (and may be substantially more)" · amount: 50000000 · debtor: The Applicants · creditor: Promissory noteholders and mortgage/charge deficiency claimants (aggregate; individual creditors not named) · currency: CAD
- secured creditorsnote: Stated in a distinct capacity from its promissory note claims. Lion's Share is itself in receivership and bankruptcy proceedings; The Fuller Landau Group Inc. is receiver and trustee (the Lion's Share Representative). The Monitor states the principal amounts of the Lion's Share mortgages were funded to the Applicants, that they were in turn funded to Lion's Share by individual investors, and that it does not believe BIA ss. 137 or 140.1 would disentitle or postpone these claims (pages 59-60). Amount not stated. · page: 59 · debtor: The Applicants · creditor: The Lion's Share Group Inc. · currency: CAD · security: Mortgage claims against the Applicants (mortgaged properties not itemized in this document)
- unsecured creditorsnote: Stated in a distinct capacity from its mortgage claims (also recorded). Lion's Share is in receivership and bankruptcy (Fuller Landau as the Lion's Share Representative); the notes were funded to Lion's Share by individual investors, in whom the Monitor considers the true beneficial interest to reside; the Monitor does not believe BIA ss. 137 or 140.1 would disentitle or postpone these claims (pages 59-60). Amount not stated. · page: 59 · basis: Promissory note claims against the Applicants, as described in the Monitor's Fifteenth Report · debtor: The Applicants · creditor: The Lion's Share Group Inc. · currency: CAD
- secured creditorsnote: The Monitor obtained consent to the proposed $209,000 sale from only two of the seven mortgagees named on the second mortgage; LIFT Capital indicated that not all named mortgagees remain active holders of an interest, without confirming which. The first mortgagee on the property is expected to incur a shortfall of approximately $56,500, so no proceeds are expected to reach this second mortgage. · page: 61 · debtor: Interlude Inc. · creditor: Seven mortgagees under a LIFT Capital Incorporated mortgage (second mortgage on 430 Toke Street, Timmins) · currency: CAD · security: Second registered mortgage on 430 Toke Street, Timmins; the principal amount of this second mortgage is $1,200,000 (registered principal, not stated as an outstanding balance), which the Monitor believes to be a blanket mortgage across several properties
- fee scheduleengagements: form: prose · rows: · money: approximate: false · period: kind: unstated · approval: state: unstated · averages: rate: 674.46 · quote: The average hourly rates for the Monitor and Cassels for the referenced billing period were $674.46 and $793.97, respectively. · scope: Monitor · currency: · invoices: · firm text: AlixPartners Restructuring, Inc. · firm quote: Lawyers for the Monitor, AlixPartners Restructuring, Inc. · context quote: AlixPartners was appointed as the Monitor in the CCAA proceedings.; form: prose · rows: · money: approximate: false · period: kind: unstated · approval: state: unstated · averages: rate: 793.97 · quote: The average hourly rates for the Monitor and Cassels for the referenced billing period were $674.46 and $793.97, respectively. · scope: Cassels · currency: · invoices: · firm text: Cassels Brock & Blackwell LLP · firm quote: CASSELS BROCK & BLACKWELL LLP · context quote: Lawyers for the Monitor, AlixPartners Restructuring, Inc.
- recovery outcomeentries: basis: estimated · quote: Subject to Court approval of the Proposed Distributions, the Monitor intends to make an initial distribution of 50% of the Mortgaged Property Proceeds (approximately $1.5 million in total) to the first Mortgagees as set out in the Distribution Analysis. · pct of: unstated · outcome: distribution · pct low: 50 · pct high: 50 · class key: secured · stated by: monitor · amount low: 1500000 · cumulative: false · amount high: 1500000 · class label: First Mortgagees · interim final: interim · conditional on: Subject to Court approval of the Proposed Distributions · claims qualifier: unstated; basis: estimated · quote: The first mortgagee is expected to incur a shortfall of approximately $56,500, as shown in the Distribution Analysis, subject to its underlying assumptions. · pct of: unstated · outcome: shortfall · class key: secured · stated by: monitor · class label: First mortgagee (Toke Street Property) · interim final: unstated · claims qualifier: unstated · shortfall amount: 56500; basis: estimated · quote: the Monitor estimates (and the Distribution Analysis reflects) approximately $800,000 will be available for distribution to unsecured creditors with proven claims under the Claims Procedure Order to be administered by the Monitor. · pct of: unstated · outcome: distribution · class key: unsecured · stated by: monitor · amount low: 800000 · amount high: 800000 · class label: unsecured creditors with proven claims · interim final: unstated · claims qualifier: unstated · stated on: 2026-07-21 · table missing: