Ontario · Proposal
Motion Record (re Proposal Approval)
Application / notice of application · 7 July 2026
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What we verified from this filing9 verified
- appointeePricewaterhouseCoopers Inc.
- appointee roleProposal Trustee
- commencement date7 July 2026
- courtSUPERIOR COURT OF JUSTICE
- court file noBK-26-03384090-0033
- provinceONTARIO
- financial positionnote: Deficiency of $22,359,512.00 stated on Statement of Affairs. Assets comprised primarily of SkyCap Loans receivable ($11,960,671) and federal tax refunds ($586,092 for 2025, $250,000 estimated for 2026). As at the Bondholders' Meeting (June 25, 2026), liabilities were reported at lower amounts ($12,099,232.45 secured + $20,660,482.70 unsecured) because not all Bondholders had submitted claims by that date. · page: 33 · as at: 2026-06-09 · basis: Statement of Affairs (Form 78) as stated and estimated by debtor, sworn by Jeremy Wilson, President, June 9, 2026 (Filing Date); consistent with Proposal Trustee's opinion of estimated/realizable asset values in Report on Proposal · scope: Limestone Loan Capital Corporation (entity-level, not consolidated) · currency: CAD · total assets: 12796763 · total liabilities: 35156275
- secured creditorsnote: Per Statement of Affairs (Form 78), secured creditors line = $12,796,763.00, being the assessed value of Secured Bondholder Claims as at Filing Date; total claim (incl. unsecured portion) was $35,156,275.00. Per Proposal Trustee's Report, updated 'as at Bondholders' Meeting' figure for secured claims was $12,099,232.45 (not all Bondholders had submitted proofs at that date). Bonds total outstanding as of June 12, 2026 stated as $27,600,000 excluding accrued interest / $35,200,000 including accrued interest. · page: 33 · as of: Filing Date (June 9, 2026) · amount: 12796763 · debtor: Limestone Loan Capital Corporation · creditor: Olympia Trust Company, as Indenture Trustee for Bondholders (secured under GSA/Trust Indenture) · currency: CAD · security: General Security Agreement over LLCC's assets, financing statement registered in Ontario PPSA; secures Secured Bondholder Claims (Bonds tranches totaling $33,335,000 initial principal / $27,683,043 principal outstanding, $35,164,852 total incl. accrued interest per bond tranche table)
- unsecured creditorsnote: Document names no individual creditors (bondholder identities confidential per Form 78 List of Liabilities). Updated 'as at Bondholders' Meeting' (June 25, 2026) figure was $20,660,482.70 (not all Bondholders had submitted proofs at that date, per Trustee's Report note). Bonds issued in tranches totaling $33,335,000 initial principal, with total outstanding (secured+unsecured, incl. accrued interest) of $35,164,852/$35,156,275. · page: 33 · as of: Filing Date (June 9, 2026) · basis: Statement of Affairs (Form 78) as sworn by President, June 9, 2026 · amount: 22359512 · debtor: Limestone Loan Capital Corporation · creditor: Bondholders (unsecured portion of claims) - aggregate as reported · currency: CAD