British Columbia · CCAA
Second Report of the Monitor filed January 30, 2025
Court officer report · 30 January 2025
What we verified from this filing6 verified
- secured creditorsnote: First Lien Lenders' security is stated to rank in priority to all other PPSA registrations other than the RBC Registration, implying RBC holds a registered security interest ranking ahead of First Lien Lenders; amount of RBC's secured claim is not stated in these pages. · page: 4 · debtor: Felix Payment Systems Ltd. · creditor: Royal Bank of Canada (RBC) · currency: CAD · security: RBC Registration under the Personal Property Security Act at the BC Personal Property Registry
- secured creditorsnote: Amount stated in First Lien Loan Indebtedness Application as of Dec 17, 2024 (plus interest and fees continuing to accrue); underlying claim broken down as CA Mordy Legacy Trust $851,316 (Principal $639,000 + Accrued Interest $212,316), PEL Chartered Professional Accountants Inc. $390,654 (Principal $313,989 + Accrued Interest $76,665), Jake Boxer $2,827,108 (Principal $2,337,000 + Accrued Interest $490,108), per First Mordy Affidavit (page 9). Monitor's independent recalculation of accrued interest found total accrued interest of $774,272 (a $4,816 difference from the $779,088 claimed) - see page 11. Related parties: Doug Mordy, CA Mordy Legacy Trust, PEL, and Jake Boxer are also counterparties/stalking horse purchasers under the Stalking Horse Purchase Agreement (page 9, 12). · page: 4 · as of: 2024-12-17 · amount: 4069077.21 · debtor: Felix Payment Systems Ltd. · creditor: First Lien Lenders (CA Mordy Legacy Trust, PEL Chartered Professional Accountants Inc., and Jake Boxer) · currency: CAD · security: First Lien Charge over personal property of Felix, pursuant to promissory notes; ranks in priority to other PPSA registrations except the RBC Registration
- secured creditorsnote: This is the increased DIP facility principal/charge amount sought (increased from $2.35 million to $2.65 million); reflects post-filing DIP financing, not pre-filing debt, but included as it is a secured charge; the First Lien Lenders are also the DIP Lenders per Appendix A note 12. · page: 5 · as of: DIP Charge Application filing date (2025-01-29) · amount: 2650000 · debtor: Felix Payment Systems Ltd. · creditor: DIP Lender (First Lien Lenders, as DIP Lender under DIP Facility) · currency: CAD · security: DIP Lender's Charge, ranking in priority to all other charges except the Administration Charge
- purchaserMr. Jake Boxer, Mr. Doug Mordy, CA Mordy Legacy Trust and PEL Chartered Professional Accountants Inc.
- sale outcometext: SISP underway; Monitor expects to identify a Successful Bid by February 14, 2025 and an approval and vesting order application to be heard by February 21, 2025 · scope: whole_business · status: process_approved
- stalking horseMr. Jake Boxer, Mr. Doug Mordy, CA Mordy Legacy Trust and PEL Chartered Professional Accountants Inc.