Clearview: a second claims process for the Greenvalley companies

About 342 investors held undivided beneficial interests in a parcel of land at 4423 Highbury Avenue South in London, Ontario, registered in the name of Greenvalley Estates Inc. It was that company's only asset. On June 21, 2024 it was sold to Dancor Dundas Inc. for $9,900,000: roughly half in cash, the other $4,950,000 as a vendor take-back mortgage in Greenvalley's favour. According to a statement of claim the receiver filed on August 17, 2026, none of the sale proceeds or the mortgage proceeds were paid to or kept by Greenvalley, and the co-owners were not told of the sale, per the Seventh Report of the Receiver, Sept. 17, 2026, App. 45 (Statement of Claim), paras. 4, 25, 42–45, 53. Those are the receiver's allegations, untested in court, and no defendant has yet filed a defence.

Greenvalley came into this receivership on June 15, when the court extended it for the second time to the Greenvalley and Lyons Creek companies, the day before a different judge refused to set aside the Halton Park mortgage swap and gave the receiver judgment on the $7,800,000 note instead, as reported here on June 17; the Seventh Report records that the Second ARRO followed Representative Counsel's motion, per the Seventh Report of the Receiver, Sept. 17, 2026, paras. 1, 29. That report, dated September 17, 2026, is the receiver's first full account of what it has done with the new companies. It asks for three orders at a motion returnable September 28: a second claims process for the added entities, approval of a sale of Greenvalley Estates II's land, and approval of the receiver's reports and its and its counsel's fees, per the Seventh Report of the Receiver, Sept. 17, 2026, paras. 4–5.

The first claims process, nearly done

The first claims process closed on March 31, 2026. It ran in reverse: the receiver built each investor's holdings from the respondents' own books and sent them out, and investors wrote back only to correct them. As of August 18, 2026, 396 amendment requests and 555 proofs of claim had come in. Most amendment requests updated contact details; six sought to change a claim amount, and the receiver describes their value as not material. Of the proofs of claim, about 75% gave new contact information and about 10% changed nothing. The other 84 are set out by category, from 21 that combined two or more claims on one form to 16 still under review because the amount could not be reconciled, per the Seventh Report of the Receiver, Sept. 17, 2026, paras. 20–22.

The receiver calls its administration of that process substantially complete, in the context of more than 3,000 known investors, and says it is "encouraged by the limited number of Amendment Requests filed, given that the source of the information was the Respondents' books and records, the accuracy of which was uncertain," per the Seventh Report of the Receiver, Sept. 17, 2026, para. 23. Six nominee properties have been sold, and the receiver holds consolidated net sale proceeds and other funds of approximately $16.6 million. It intends to seek approval of a distribution methodology, and then interim distributions, once its reconciliation is complete, per the Seventh Report of the Receiver, Sept. 17, 2026, paras. 16, 24.

The second, for the companies added in June

The first process never reached the six companies brought in by the Second ARRO: Greenvalley Estates Inc., Greenvalley Estates II Inc., Lyons Creek Niagara Falls Park Inc., Greenvalley Estates Canada Inc., TSI International-Grandtag A2A GE II Inc. and TGP – Lyons Creek Niagara Falls Park Inc. They were in no receivership when it was ordered. The receiver says a process is needed now because it will, if the court approves, have sale proceeds from Greenvalley Estates II and is running litigation meant to produce more, and claims against those funds must be settled before a distribution motion, per the Seventh Report of the Receiver, Sept. 17, 2026, paras. 5(c), 27–28.

The design copies the first: within ten business days of the order the receiver delivers a notice to Representative Counsel for each known interest holder, and Representative Counsel has twenty business days to send them on; a notice to claimants and unknown interest holders goes to known claimants and into The Globe and Mail within five. An interest holder who agrees with the holdings shown and has received no redemption payments need do nothing. Everyone else has until 5:00 p.m. on January 26, 2027, the second claims bar date, and a claim not filed by then is barred, per the Seventh Report of the Receiver, Sept. 17, 2026, paras. 31–33, 36–39. A notice of revision or disallowance can be disputed within fourteen days.

Intercompany claims are excluded, and the receiver explains why: it wants to keep them open in case it finds improper transfers between the entities, because "the information available to the Receiver is fluid," new information arrives periodically, and its tracing exercise under the Second ARRO is still going. It does not propose a claims officer for now, and says it has lengthened the usual notice periods to allow for where the investors live, per the Seventh Report of the Receiver, Sept. 17, 2026, paras. 41, 43–44.

0 Dingman Drive

Greenvalley Estates II owns vacant land at 0 Dingman Drive in London. On February 7, 2025, before any receivership, it signed an agreement to sell the land to Copperstone Farms Inc.; Copperstone paid a deposit to the listing brokerage, Remax West Realty Inc., and, as the receiver understands it, terminated the agreement when it learned of the Hamilton Proceedings, per the Seventh Report of the Receiver, Sept. 17, 2026, para. 46.

When the receiver took over the property it asked Remax what had been done. Remax told it the land was listed on MLS for 130 days from about August 14, 2024; that it mailed about 120 letters to owners within one to two kilometres and marketed to a database of about 9,000 contacts, before and after the listing expired; that the Copperstone agreement was the only offer received since August 2024; and that interest was limited by "certain environmental and other factors" that narrow the pool of buyers. It still holds the deposit, and it considers the old price reasonable in today's market for vacant land, per the Seventh Report of the Receiver, Sept. 17, 2026, paras. 47–48. The receiver also consulted a JLL broker with recent London experience, concluded that remarketing would bring uncertainty about timing and net proceeds, and signed a new agreement with Copperstone on August 6, 2026, with receivership terms added, per the Seventh Report of the Receiver, Sept. 17, 2026, paras. 50–52.

The price and the deposit are redacted, and the receiver asks that the unredacted agreement stay sealed until closing, saying that publishing the deposit would let a reader infer the price. The sale is as is, where is; Copperstone indemnifies the receiver for environmental breaches after closing; closing follows the 30-day appeal period. The vesting order would delete four registrations from title: a $110,000,000 charge registered by 1001045239 Ontario Inc., a City of London tax certificate registered December 17, 2025, Representative Counsel's caution, and the registered Second ARRO. The receiver's grounds include the "current depressed market for raw land in London, Ontario," a "material non-refundable Deposit," a transaction it has already completed with Copperstone in these proceedings, and Representative Counsel's support, per the Seventh Report of the Receiver, Sept. 17, 2026, paras. 53–56.