Ontario · Receivership (court-appointed)
Motion Record Returnable February 21, 2020
Application / notice of application · 21 February 2020
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What we verified from this filing10 verified · 1 withheld
- applicantDodick Landau Inc.
- commencement date19 February 2020
- courtSUPERIOR COURT OF JUSTICE
- court file no31-458838
- provinceONTARIO
- appointeeDodick Landau Inc.
- appointee roleReceiver
- secured creditorsnote: Equipment lessor with a PPSA-registered but subordinate-ranked security interest; the document does not state an amount owing to DECL. · page: 21 · debtor: Waves E-Gaming Inc. · creditor: DECL Limited · currency: CAD · security: PPSA registration in respect of security interest(s) granted by Waves to DECL Limited, an equipment lessor; registration made subordinate in priority to the RBC registration (subsequently assigned to Amuka).
- secured creditorsnote: First Report (Feb 19, 2020) states in prose that the Secured Creditor 'is owed in excess of $370,000' - this approximation is superseded here by the exact dated balance of $348,800 as at December 9, 2019, stated in Amuka's demand letter (Facility #1 Fixed Rate Facility, interest at 6.00%) and repeated as the 'total amount of indebtedness secured by the security' in the accompanying Notice of Intention to Enforce Security (Form 86) dated December 9, 2019. The underlying facility (originally RBC, now assigned to Amuka) was supported by personal guarantees from company principals (named individuals appear in the underlying loan/security documents). · page: 50 · as of: 2019-12-09 · amount: 348800 · debtor: Waves E-Gaming Inc. · creditor: Amuka Ventures Inc. · currency: CAD · security: General Security Agreement over all present and after-acquired personal property and undertaking of Waves (Updated GSA dated December 1, 2019; original agreement assigned to Amuka, originally granted to RBC dated May 29, 2018 as a Facility #1 variable rate term facility with original principal of $321,300); Amuka holds first ranking secured creditor priority (registration originally made by RBC, subsequently assigned to Amuka).
- recovery outcomeentries: basis: estimated · quote: The Secured Creditor is owed in excess of $370,000 which far exceeds the value of the remaining assets of Waves, and it is not anticipated that there will be any distribution to unsecured creditors. · pct of: unstated · outcome: nil · class key: unsecured · stated by: receiver · class label: unsecured creditors · interim final: unstated · claims qualifier: unstated; basis: estimated · quote: The Secured Creditor has first registered priority with respect to the property being sold by the Receiver, and the sale proceeds available under the Transaction sought to be approved by the Receiver are not sufficient to pay any creditor other than to make partial repayment of the Indebtedness owing to the Secured Creditor. · pct of: unstated · outcome: shortfall · class key: secured · stated by: receiver · class label: Secured Creditor · creditor name: Amuka Ventures Inc. · interim final: unstated · claims qualifier: unstated · table missing:
1 extracted value is withheld: either a trap-shaped field where models produce confident wrong numbers, or an identity value whose quotation could not be found in the document. Withheld values are shown to no one.