Ontario · Receivership (court-appointed)
Fourth Report of the Receiver dated June 3, 2022
Court officer report · 3 June 2022
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 filing18 verified
- secured creditorsnote: Approximately $18 million per Go-To Adelaide's books and records as of December 31, 2021, plus interest and costs which continue to accrue. Security opinion from A&B concludes valid and enforceable/perfected security interests (p. 22). Adelaide sale proceeds stated to be sufficient to repay the second mortgagee (p. 21). · page: 21 · as of: 2021-12-31 · amount: 18000000 · debtor: Go-To Spadina Adelaide Square LP and Go-To Spadina Adelaide Square Inc. (jointly, Go-To Adelaide) · creditor: Northridge Maroak Developments Inc. · currency: CAD · security: Second mortgage registered on title to the Adelaide Real Property (355 Adelaide Street West, 46 Charlotte Street and 16 Oxley Street, Toronto)
- secured creditorsnote: Approximately $56 million per Go-To Adelaide's books and records as of December 31, 2021, plus interest and costs which continue to accrue. Security opinion from Receiver's counsel (A&B) concludes valid and enforceable/perfected security interests (p. 22). Receiver aware of no other claims ranking in priority other than property taxes, the commission payable to Colliers and the Receiver's Charge (p. 22). · page: 21 · as of: 2021-12-31 · amount: 56000000 · debtor: Go-To Spadina Adelaide Square LP and Go-To Spadina Adelaide Square Inc. (jointly, Go-To Adelaide) · creditor: Cameron Stephens Mortgage Capital Ltd. · currency: CAD · security: First mortgage registered on title to the Adelaide Real Property (355 Adelaide Street West, 46 Charlotte Street and 16 Oxley Street, Toronto)
- unsecured creditorsnote: Deposit amounts not stated in the provided pages. · page: 22 · basis: Go-To Eagle Valley pre-sold 94 condominiums prior to the date of the Receivership Order (the Eagle Valley Pre-Sales); the Eagle Valley Purchaser is not assuming the agreements and the Receiver intends to terminate them subsequent to closing and implement a protocol with Trisura and Tarion for the purchasers to receive a return of their deposits (p. 24). · debtor: Go-To Niagara Falls Eagle Valley LP and Go-To Niagara Falls Eagle Valley Inc. (jointly, Go-To Eagle Valley) · creditor: Eagle Valley pre-construction condominium purchasers (94 purchase agreements) · currency: CAD
- secured creditorsnote: Outstanding balance not stated; charges not yet reviewed by the Receiver (p. 23). The Receiver intends to implement a protocol with Trisura and Tarion for return of the Eagle Valley pre-construction purchasers' deposits (p. 24). · page: 23 · debtor: Go-To Niagara Falls Eagle Valley LP and Go-To Niagara Falls Eagle Valley Inc. (jointly, Go-To Eagle Valley) · creditor: Trisura Guarantee Insurance Company · currency: CAD · security: Charge registered November 16, 2017 against the Eagle Valley Real Property; principal registered amount $2,650,000 (a registered amount, not a stated balance).
- secured creditorsnote: Individual chargee as registered on title. Outstanding balance not stated; charges not yet reviewed by the Receiver (p. 23). · page: 23 · debtor: Go-To Niagara Falls Eagle Valley LP and Go-To Niagara Falls Eagle Valley Inc. (jointly, Go-To Eagle Valley) · creditor: Peter Lesdow · currency: CAD · security: Charge registered December 3, 2020 against the Eagle Valley Real Property; principal registered amount $200,000 (a registered amount, not a stated balance).
- secured creditorsnote: Lien materials not yet reviewed by the Receiver; to be addressed as part of the Claims Procedure (p. 23). · page: 23 · debtor: Go-To Niagara Falls Eagle Valley LP and Go-To Niagara Falls Eagle Valley Inc. (jointly, Go-To Eagle Valley) · creditor: HK United Construction Ltd. · currency: CAD · security: Construction lien registered December 10, 2021 against the Eagle Valley Real Property; principal registered amount $432,000 (a registered amount, not a stated balance).
- secured creditorsnote: Project and construction manager. Lien materials not yet reviewed by the Receiver; to be addressed as part of the Claims Procedure (p. 23). · page: 23 · debtor: Go-To Niagara Falls Eagle Valley LP and Go-To Niagara Falls Eagle Valley Inc. (jointly, Go-To Eagle Valley) · creditor: Capital Build Construction Management Corp. · currency: CAD · security: Two construction liens registered against the Eagle Valley Real Property: December 17, 2021, principal registered amount $1,184,000; and March 16, 2022, principal registered amount $719,000 (registered amounts, not stated balances; not summed).
- secured creditorsnote: Lien materials not yet reviewed by the Receiver; to be addressed as part of the Claims Procedure (p. 23). · page: 23 · debtor: Go-To Niagara Falls Eagle Valley LP and Go-To Niagara Falls Eagle Valley Inc. (jointly, Go-To Eagle Valley) · creditor: Soil-Mat Engineers & Consultants Ltd. · currency: CAD · security: Construction lien registered January 25, 2022 against the Eagle Valley Real Property; principal registered amount $30,000 (a registered amount, not a stated balance).
- secured creditorsnote: Lien materials not yet reviewed by the Receiver; to be addressed as part of the Claims Procedure (p. 23). · page: 23 · debtor: Go-To Niagara Falls Eagle Valley LP and Go-To Niagara Falls Eagle Valley Inc. (jointly, Go-To Eagle Valley) · creditor: HC Matcon Inc. · currency: CAD · security: Construction lien registered January 28, 2022 against the Eagle Valley Real Property; principal registered amount $626,000 (a registered amount, not a stated balance).
- secured creditorsnote: Outstanding balance not stated. Tokuc's offer was stated to be sufficient to repay Queen Properties (p. 24). Receiver's review of Queen Properties' loan and security documents is ongoing; Receiver has not completed its review of the materials supporting the charges (pp. 23, 26-27). · page: 23 · debtor: Go-To Niagara Falls Eagle Valley LP and Go-To Niagara Falls Eagle Valley Inc. (jointly, Go-To Eagle Valley) · creditor: Queen Properties Inc. · currency: CAD · security: Charge registered June 22, 2017 against the Eagle Valley Real Property (2334 St. Paul Avenue, Niagara Falls); principal registered amount $2,500,000 (a registered amount, not a stated balance). First mortgagee. Understood to be a vendor take-back mortgage originally granted by 2557815 Ontario Inc., which purchased the property from Queen Properties on June 22, 2017 for $3.7 million; the property was transferred a second time the same day to Go-To Eagle Valley for a purchase price appearing on title of $5.1 million (p. 26).
- secured creditorsnote: Outstanding balance not stated. Tokuc's offer was not sufficient to fully repay Imperio (p. 24); Imperio declined to consent and the Eagle Valley Purchaser (Bryce Coates, in trust) subsequently acquired the property; Mr. Coates is CEO of TriLend Inc., which was involved in structuring Imperio's second mortgage (p. 24). Charges not yet reviewed by the Receiver (p. 23). · page: 23 · debtor: Go-To Niagara Falls Eagle Valley LP and Go-To Niagara Falls Eagle Valley Inc. (jointly, Go-To Eagle Valley) · creditor: Gabriele Fischer and Imperio SA Holdings Inc. (together, Imperio) · currency: CAD · security: Charge by Partnership registered May 30, 2018 against the Eagle Valley Real Property; principal registered amount $1,442,000 "(and subsequently amended thereafter)" (a registered amount, not a stated balance). Second mortgagee.
- secured creditorsnote: Lien materials not yet reviewed by the Receiver. Sale proceeds after repaying Green Leaf stated to be sufficient to repay the lien in full, if determined to be valid (p. 27). · page: 27 · debtor: Go-To Niagara Falls Chippawa LP and Go-To Niagara Falls Chippawa Inc. (jointly, Go-To Chippawa) · creditor: Capital Build Construction Management Corp. · currency: CAD · security: Construction lien registered January 20, 2022 against the Chippawa Real Property; principal registered amount $301,000 (a registered amount, not a stated balance).
- unsecured creditorsnote: Document names no individual creditors. Estimate is subject to completion of the Claims Procedure (Claims Bar Date June 2, 2022). Sale proceeds also stated to appear sufficient to return a substantial portion of the capital invested by investors in Go-To Niagara Falls Chippawa LP (investor amounts not stated). · page: 30 · basis: "all other creditor claims against Go-To Chippawa (estimated to be approximately $400,000 based on Go-To Chippawa's books and records, excluding the lien from Capital Build)" · amount: 400000 · debtor: Go-To Niagara Falls Chippawa LP and Go-To Niagara Falls Chippawa Inc. (jointly, Go-To Chippawa) · creditor: Other creditor claims against Go-To Chippawa (aggregate as estimated) · currency: CAD
- secured creditorsnote: Approximately $1.8 million per Go-To Chippawa's books and records as of December 31, 2021, plus interest and costs which continue to accrue (p. 31). A&B opinion concludes the real property security is valid and enforceable (p. 31). Receiver aware of no other claims ranking in priority other than property taxes, the commission payable to CBRE and the Receiver's Charge (p. 31). · page: 31 · as of: 2021-12-31 · amount: 1800000 · debtor: Go-To Niagara Falls Chippawa LP and Go-To Niagara Falls Chippawa Inc. (jointly, Go-To Chippawa) · creditor: Green Leaf Financial Limited · currency: CAD · security: Charge by Partnership registered November 16, 2021 against the Chippawa Real Property (4210 and 4248 Lyons Creek Road, Niagara Falls); principal registered amount $2,425,000 (a registered amount, not the balance). Only registered mortgagee on title (p. 30).
- secured creditorsnote: No amount stated. Amounts distributable to Imperio in respect of its collateral mortgage will depend on the results of the Claims Procedure and the recovery on Imperio's mortgage on the Eagle Valley Real Property (p. 35). · page: 35 · debtor: Go-To St. Catharines Beard LP and Go-To St. Catharines Beard Inc. (jointly, Go-To Beard) · creditor: Gabriele Fischer and Imperio SA Holdings Inc. (together, Imperio) · currency: CAD · security: Collateral mortgage on the Beard Real Property (the Beard registered-charges table, Section 9.1, is not among the provided pages; the collateral mortgage is referenced on p. 35).
- secured creditorsnote: Approximately $800,000 per Go-To Beard's books and records (no as-at date stated), plus interest and costs which continue to accrue. A&B opinion concludes the real property security is valid and enforceable (p. 35). Receiver aware of no other claims ranking in priority other than property taxes, a commission payable to CBRE and the Receiver's Charge (p. 35). · page: 35 · amount: 800000 · debtor: Go-To St. Catharines Beard LP and Go-To St. Catharines Beard Inc. (jointly, Go-To Beard) · creditor: Prudential Property Management Inc. · currency: CAD · security: First mortgage registered on title to the Beard Real Property (19 Beard Place, St. Catharines)
- secured creditorsnote: Hillmount held the Aurora Mortgage at the commencement of the receivership and assigned its interest to 1000086921 Ontario Inc., a company the Receiver understands is owned or controlled by Mr. Brouwer, owner of the adjacent parcels. No amount stated. Stated in the Third Report attached as Appendix K to this Report. · page: 167 · creditor: 1000086921 Ontario Inc. (as assignee of Hillmount Capital Mortgage Holdings Inc.) · currency: CAD · security: First mortgage (the Aurora Mortgage) over the Aurora Assembly; per the Receivership Respondents' books and records it is the only mortgage on the Aurora Property (Aurora Project, 4951 Aurora Road, Stouffville).
- unsecured creditorsnote: Disputed and stayed: the Receiver is not prepared to consent to lifting the stay and will seek to vest off the April 19 caution; any entitlement is to be determined through the Claims Procedure (Claims Bar Date June 2, 2022). No amount stated. · page: 231 · basis: Statement of claim purportedly issued March 2, 2022; ex parte motion record dated March 14, 2022 seeking a certificate of pending litigation against the Spadina Adelaide Real Property; caution registered on title April 19, 2022 (letter from Receiver's counsel dated May 3, 2022, Appendix P). · debtor: Go-To Spadina Adelaide Square Inc., Go-To Spadina Adelaide Square LP and Go-To Developments Holdings Inc. (claim also names Oscar Furtado and Hans Jain, who are not Receivership Respondents) · creditor: Emilio Regina · currency: CAD