Ontario · Receivership (court-appointed)
Affidavit of Kenneth Albert
Affidavit · 30 March 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 filing3 verified
- secured creditorsnote: Related party - controlled by Howard Ganz; entity is itself an Applicant in this proceeding. Described as one of two 'Senior Lenders' (together with AlbertCo2) subject to a priority agreement governing a waterfall of payments. The First Report (p.30) restates this balance in prose as 'approximately $9.7 million plus accrued interest and other related enforcement costs' as at Dec 31, 2024 - the exact figure here is from the Kenneth Albert affidavit. · page: 3 · as of: 2024-12-31 · amount: 9715000 · debtor: The Canadian Group o/a TCG Toys · creditor: 816877 Ontario Limited ("GanzCo2") · currency: CAD · security: General security agreement(s) dated March 8, 2013 (one of "a pair of general security agreements" held collectively by the Applicants, 816877 Ontario Limited and S.H. Ganz Holdings Inc.)
- secured creditorsnote: Related party - controlled by Michael Albert (financial/business adviser affiant is his brother). Classified here as secured/priority per the document's own characterization as a 'Senior Lender' party to a priority agreement over distributions, though the underlying security instrument is not identified on these pages. · page: 3 · as of: 2024-12-31 · amount: 5133000 · debtor: The Canadian Group o/a TCG Toys · creditor: 1552021 Ontario Corp. ("AlbertCo2") · currency: CAD · security: Not specified in these pages; described as a "Senior Lender" under a priority agreement with GanzCo2 governing a waterfall of payments (first $300,000 of recoveries reduces AlbertCo2's balance)
- financial positionnote: Stated total of $3,172,000 explicitly excludes 'amounts due to secured creditors and related parties'; of this, $2,893,000 is overdue (>90 days). No single total-assets figure is stated in the report; assets are reported only as individual line items (funds on deposit $15,000; accounts receivable net book value $684,000; inventory at 3PL book value $235,000; other assets net book value $1,011,000) which are not summed by the document itself. · page: 28 · as at: 2025-05-16 · basis: unaudited, book value information provided by TCG management/books and records · scope: The Canadian Group o/a TCG Toys (entity level, general partnership) · currency: CAD · total liabilities: 3172000