Ontario · CCAA
Fifteenth Report of the Monitor dated July 21, 2026
Court officer report · 21 July 2026
A plain-language read of this filing opens with a subscription.
What we verified from this filing12 verified
- secured creditorsnote: No aggregate mortgage balance is stated. For its Distribution Analysis the Monitor used only the principal portion of each first mortgagee's balance, sourced from mortgage documents and/or title registration documents, with no amounts for interest, fees, penalties or costs; no independent legal opinion was obtained on the validity of the 64 first mortgages. Estimated proceeds are insufficient to satisfy the applicable first-mortgage principal on all but two properties (surpluses of approximately $36,000 and $9,000). Approximately $2.97 million of Mortgaged Property Proceeds is expected to be available for distribution to Mortgagees (p. 18). None of the mortgagees are traditional lenders; the vast majority are individuals (p. 25). · page: 19 · 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: Mortgagees — holders of registered mortgages on the Liquidation Portfolio Properties (64 first mortgages of record) · currency: CAD · security: Mortgages/charges registered on title to the 74 Liquidation Portfolio Properties; ten of the 74 properties have no traditional mortgages registered on title
- unsecured creditorsnote: FLOOR, not a stated balance — operative word 'exceed', and 'may be substantially more'. Principal only: under the proposed Claims Procedure, promissory note and mortgage/charge claims are limited to the principal amount owing, with interest, fees, penalties, charges and costs disallowed for claim-valuation purposes. Includes the promissory note claims of Lion's Share. The document ties no as-at date to this figure; Claims are Pre-Filing Claims in existence on the Filing Date (January 23, 2024). Only approximately $800,000 is projected to be available for distribution to these claimants beyond the Mortgaged Property Proceeds (pp. 22, 25). · page: 25 · basis: Monitor's stated expectation: '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) · currency: CAD
- secured creditorsnote: No amount stated. Lion's Share is itself in receivership and bankruptcy proceedings (The Fuller Landau Group Inc. as receiver and trustee). The Monitor, with counsel, considered BIA ss. 137 and 140.1 and does not believe they would disentitle or postpone Lion's Share's claims; the Monitor notes the mortgages and promissory notes were funded to Lion's Share by individual investors, so the true beneficial interest resides with those investors rather than Lion's Share or its principal. · page: 29 · debtor: The Applicants · creditor: The Lion's Share Group Inc. · currency: CAD · security: Mortgages granted by the Applicants (Lion's Share's claims against the Applicants are both mortgage claims and promissory note claims)
- secured creditorsnote: Seven mortgagees named on the charge per the title parcel register (p. 68): LIFT Capital Incorporated, PS Advanced Consulting Inc., Anthony Damiano, Delaney Ramos, Ehab Sadik, Kenneth Szekely and Sangeeta Chopra-Charron. LIFT indicated that not all named mortgagees remain active holders of an interest, without confirming which; the Monitor obtained consent to the Toke Street sale from only two of the seven. Net sale proceeds are insufficient to repay even the first registered mortgage on that property. · page: 31 · debtor: Interlude Inc. · creditor: LIFT Capital Incorporated second-mortgage syndicate (seven named mortgagees) · currency: CAD · security: Second mortgage/charge on 430 Toke Street, Timmins — charge CB176280 registered 2022-06-03; stated principal amount of the second mortgage is $1,200,000 (registered principal, not a stated outstanding balance), which the Monitor believes to be a blanket mortgage across several properties (p. 31, footnote 6)
- secured creditorsnote: The Report states the first mortgagee on the Toke Street Property is expected to incur a shortfall of approximately $56,500 on the proposed $209,000 sale, subject to the Distribution Analysis assumptions (p. 31). The first mortgagee consented to the proposed transaction. · page: 67 · debtor: Interlude Inc. · creditor: Michele Renzone · currency: CAD · security: First mortgage/charge on 430 Toke Street, Timmins, Ontario — charge CB165622 registered 2021-07-06 with registered principal of $128,000 (registration amount, not a stated outstanding balance), per the title parcel register at pp. 67-68
- closing confirmedscope: 323 credit bid transactions (316 closed) · outcome: completed · effective: 2024-12-17 · date basis: stated · approval order date: 2024-12-06; scope: two credit bid transactions · outcome: not_completed · date basis: unstated; scope: five additional Credit Bid APAs (one closed March 4, 2025; four closed April 1, 2025) · outcome: completed · effective: 2025-03-04 · date basis: stated_partial · approval order date: 2025-02-27; scope: Secondary Credit Bids (12 credit bids) · outcome: completed · effective: 2025-05-09 · date basis: stated · approval order date: 2025-02-27; scope: Liquidation Portfolio Properties · outcome: completed · date basis: unstated
- fee scheduleengagements: form: report_table · rows: · money: approximate: false · period: kind: unstated · label: the Period · quote: the Monitor's average hourly rate for the Period was $674.46 · 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: AlixPartners Restructuring, Inc. ('AlixPartners') · context quote: AlixPartners Restructuring, Inc. ('AlixPartners') 1 was appointed monitor of the Applicants (in such capacity, the 'Monitor').; form: report_table · rows: · money: total: quote: Cassels incurred fees and disbursements, including Harmonized Sales Tax ('HST'), in the amount of $91,891.07 · amount: 91891.07 · includes tax: true · includes disbursements: true · approximate: false · period: end: 2026-06-30 · kind: unstated · quote: During the period from January 1, 2026 to June 30, 2026, Cassels incurred fees and disbursements · start: 2026-01-01 · approval: state: unstated · averages: rate: 793.97 · quote: The average hourly rate charged by Cassels was $793.97. · scope: Cassels · currency: · invoices: · firm text: Cassels Brock & Blackwell LLP · firm quote: Calculation of Average Hourly Billing Rates of Cassels Brock & Blackwell LLP for the period January 1,2026 to June 30,2026 · context quote: Cassels incurred fees and disbursements, including Harmonized Sales Tax ('HST')
- process resultslois: 12 · note: 12 LOIs contemplated third-party sales/refinancing; Monitor determined not to pursue any of them; 323 credit bids were received under the Restructuring Term Sheet process · as of: 2026-07-21 · qualified bids: 323
- purchaserprice: note: accepted offer subject to obtaining requisite lender consents · basis: cash · amount: 209000 · sealed: false · currency: CAD · scope: Interlude Inc.'s property at 430 Toke Street, Timmins, Ontario · status: approved · name note: unnamed purchaser of the Toke Street Property · structure: real_property · name source: recital · relationship: unstated
- 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:
- sale advisorHowards Capital Corp.; CBRE Limited
- sale outcometext: 67 of 74 Liquidation Portfolio Properties sold; 7 remaining; SISP concluded with no acceptable third-party bids; 333 credit bid transactions completed · scope: liquidation · status: liquidation_in_progress