Alberta · Receivership (court-appointed)
Affidavit of Wesley Roitman - March 31 2020
Affidavit · 31 March 2020
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What we verified from this filing1 verified
- secured creditorsnote: Statement of Indebtedness dated March 26, 2020 (Exhibit G) states amount owing pursuant to the Alberta Mortgages and Alberta Guarantees as USD $96,760,975.69, with interest continuing to accrue at USD $44,384.00 per diem thereafter. An earlier Demand and Notice of Intention to Enforce Security dated October 11, 2019 stated the amount owing under the Loan Agreement as USD $87,865,453.79 (superseded by the later dated Statement of Indebtedness). GP and Eco-Industrial were independently in breach of the Alberta Mortgages for unpaid property taxes totalling approximately CDN $800,000.00 (approximate, undated). White is a personal guarantor (individual) via General Security Agreement and Alberta Guarantee dated April 17, 2018. A prior Acquisition Loan (CAD $35,479,831.72 outstanding as of April 17, 2018, secured by a 2013 mortgage registered as Instrument No. 132335491) was repaid in full from proceeds of the Loan at closing and its security instruments discharged/released; not a current secured claim. · as of: 2020-03-26 · amount: 96760975.69 · debtor: 3443 Zen Garden Limited Partnership (Texas borrower); Lot 11 GP Ltd., Lot 11 Limited Partnership, Eco-Industrial Business Park Inc., Absolute Energy Resources Inc., Absolute Environmental Waste Management Inc. and Daniel Alexander White (Alberta guarantors/mortgagors) · creditor: Romspen Mortgage Limited Partnership and Romspen Investment Corporation (collectively "Romspen") · currency: USD · security: Alberta Mortgages from GP (in its own capacity and as GP for LP) dated April 17, 2018 registered principal USD $40,000,000.00, and from Eco-Industrial dated April 17, 2018 registered principal USD $40,000,000.00; Assignments of Leases and Rents; General Security Agreements from GP, LP, Eco-Industrial, Absolute Energy, Absolute Environmental and White; Alberta Guarantees from GP, LP, Eco-Industrial, Absolute Energy, Absolute Environmental and White; Texas Security instruments and Texas Guaranty from Eightfold Development LLC; underlying Loan Agreement dated April 27, 2018 with Maximum Loan Principal Amount (facility limit) of USD $125,000,000.00