Ontario · Receivership (court-appointed)
First Report of MNP Ltd. as Receiver of the Assets, Undertakings and Properties of the Respondents; Motion Returnable on
Court officer report · 7 August 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 filing24 verified
- secured creditorsnote: Applicant secured creditor whose application under BIA s.243(1) led to the Receivership Order; amount/nature of security not stated in the excerpted pages · page: 5 · debtor: AmerCan Corporation and 1000199992 Ontario Corp. · creditor: DUCA Financial Services Credit Union Ltd. · currency: CAD · security: Security described in the Bogdanovich Affidavit (not included in these pages)
- secured creditorsnote: Receiver's counsel has not completed a security review to confirm the validity and enforceability of this Charge; no balance amount stated in these pages · page: 8 · debtor: AmerCan Corporation · creditor: Sun Sharior (International) Ltd. · currency: CAD · security: $4,600,000 registered charge against Condo PINs 12173-0150 and 12173-0192, registered March 15, 2024 (registration/charge amount, not a confirmed balance)
- secured creditorsnote: DISCHARGED - NBC's first mortgage over the Condo was redeemed by OMHC on July 3, 2024 (the 'NBC Redemption Payment') and is no longer outstanding as current security. Earlier stated indebtedness (per NBC, as of May 23, 2024) was $372,093.37 plus accrued interest and costs. Receiver's counsel has not completed a security review to confirm validity/enforceability of the underlying Charge. · page: 11 · as of: 2024-07-03 · amount: 385820.92 · debtor: AmerCan Corporation · creditor: National Bank of Canada (NBC) · currency: CAD · security: First registered charge of $810,000 against Condo PINs 12173-0150 and 12173-0192, registered March 11, 2021 (registration amount, not balance); also holds a separate first mortgage over another AmerCan property (Baby Tar Island)
- secured creditorsnote: OMHC's parcel registration is a collateral mortgage; primary security is real property in Denver, Colorado (loan of $2,000,000 principal to Wynkoop Denver LLC and AmerCan). Stated amount is before additional interest and before deducting/adding the NBC Redemption Payment ($385,820.92) paid by OMHC on July 3, 2024 to redeem NBC's first mortgage. Receiver has not received an opinion on validity/enforceability of the Charges (at OMHC's request). · page: 12 · as of: 2024-06-20 · amount: 2031137.09 · debtor: AmerCan Corporation (owed jointly and severally, together with Wynkoop Denver LLC) · creditor: Owemanco Mortgage Holding Corporation (OMHC) · currency: CAD · security: $2,000,000 collateral charge against Condo PINs registered May 23, 2023; $2 charge registered June 22, 2023 referencing OMHC's earlier registration
- insolvency professionalMatthew Lem
- insolvency professionalMatthew Lem
- lawyerDomenico Magisano
- lawyerKhaled Gheddai
- lawyerDylan Chochla
- lawyerMitch Stephenson
- lawyerMontana Licari
- lawyerDomenico N. Magisano
- lawyerSpencer Jones
- lawyerDomenico Magisano
- lawyerKhaled Gheddai
- lawyerDylan Chochla
- lawyerMitch Stephenson
- lawyerMontana Licari
- lawyerDomenico N. Magisano
- lawyerSpencer Jones
- lawyerMitch Stephenson
- lawyerMontana Licari
- lawyerDomenico N. Magisano
- lawyerSpencer Jones