The yacht is a 2022 Azimut S7 with three Volvo Penta engines, per the Order Re: Yacht Sale Process and AirSprint Proceeds, July 17, 2023, Sch. A. The purchase contract with Pride Marine Group, dated September 20, 2020 and signed by Glenn Page, put the price at US$3,300,000 before tax. The seller's bank records, as the monitor summarized them, show wires from OTE Group accounts totalling US$3,218,500 toward it and US$100,000 from 2658658 Ontario Inc., per the Second Report of the Monitor, Mar. 13, 2023, paras. 14–15. It was named Cuz We Can. The May 2026 sale papers list it as HOMESOUTH, 70 feet, flagged in the Cayman Islands, per the Supplemental Sixteenth Report of the Monitor, May 21, 2026, App. B.
On August 31, 2026, at 1:30 p.m. in Toronto, KPMG Inc., as monitor of the OTE Group, delivered the certificate that completes the yacht's sale: Second Act II LLC had paid the remaining purchase price, and the conditions to closing had been satisfied or waived, per the Monitor's Certificate, Aug. 31, 2026, paras. 1–2. The price was US$1.3 million. Apart from a period of dry-docking nearby, the yacht had sat at Loggerhead Marina in Hollywood, Florida, for more than three years, per the Sixteenth Report of the Monitor, May 14, 2026, para. 38. Who is entitled to the money is undecided; a 2023 order has the monitor hold the net proceeds in trust until the court decides, per the Order Re: Yacht Sale Process and AirSprint Proceeds, July 17, 2023, para. 3(m).
A fuel wholesaler, and a yacht at sea
The OTE Group is Original Traders Energy Ltd., 2496750 Ontario Inc. and two limited partnerships, Original Traders Energy LP and OTE Logistics LP; its business, as Justice Kimmel described it, was wholesale fuel supply, mainly to First Nations petroleum stations and communities across Ontario. The largest creditors are the Canada Revenue Agency and Ontario's Ministry of Finance, whose notices of assessment were estimated at more than C$310 million, per the Mareva Injunction Endorsement, Jan. 16, 2024, paras. 2, 10. Justice Osborne granted CCAA protection on January 30, 2023 and gave KPMG investigative powers because the applicants could not locate all their books and records, "said to be as a result of alleged misconduct of certain former executives, including Mr. Glenn Page," per the Injunctive Order Endorsement, Mar. 21, 2023, para. 3. The group no longer has a business or employees; the monitor assigned the two partnerships into bankruptcy on December 30, 2024, and the CCAA stay now runs to October 25, 2026, per the Sixteenth Report of the Monitor, May 14, 2026, paras. 13, 16–17.
Six weeks in, the OTE Group moved to freeze the yacht, against Page, his spouse Mandy Cox, and 2658658 Ontario Inc. (265), a company the two of them own or control. At the hearing on March 15, 2023, the OTE Group's counsel told Justice Osborne the yacht had left port at Hollywood after the motion was served and was believed bound for the Bahamas; the respondents' counsel said it was at sea. The OTE Group's evidence, the judge wrote, was "to the effect that the Respondents transferred funds or permitted and authorized the transfer of funds from OTE accounts, inappropriately and without the right to do so, and used those funds to purchase the Yacht," and it appeared they had "further fraudulently executed and forged signatures on documents to Essex, the party that provided financing for the Yacht." They filed no evidence on two days' notice; their counsel argued the transfers could be said to be distributions of profits to which they were entitled, which the judge could not accept "in the complete absence of any evidence to corroborate the suggestion," per the Injunctive Order Endorsement, Mar. 21, 2023, paras. 4–5, 14–15, 33–35.
He found a strong prima facie case, noted that the yacht had been delisted from Canadian registries and renamed and that its GPS locator, "whether intentionally disabled or simply malfunctioning," was not active, froze it, and directed its return to Florida, per the Injunctive Order Endorsement, Mar. 21, 2023, paras. 38, 46, 59. The next day the monitor's counsel was told it was in Bahamian waters. After a further hearing on March 28 the court ordered it moved to the marina at Hollywood, and it arrived at Loggerhead Marina on March 30, 2023, per the Sixteenth Report of the Monitor, May 14, 2026, para. 22.
Two transfers in October 2022
In July 2023, Page's counsel told the monitor that 265 had transferred title to the yacht on October 20, 2022 to GPMC Holdings International Inc., a St. Lucia-based company, for US$3,150,000, and that the next day GPMC International transferred it to CWC International, Inc. for US$3,000,000. In that second transaction, the monitor wrote, GPMC International "purportedly loaned CWC the amount of USD$2,700,000 to facilitate the purchase of the Italian Yacht." The loan agreement was signed by Page for GPMC International and by Cox for CWC, a Cayman Islands company, and the monitor said it understood both companies to be owned by or not at arm's length to them, per the Sixth Report of the Monitor, Nov. 8, 2023, para. 61, Apps. A–B. When the monitor later sought a worldwide freeze, Justice Kimmel listed among the grounds for it "transfers of the Yacht to two different offshore companies owned by Page five months prior to the Yacht Mareva Order that were not disclosed by them at the time of that order," per the Mareva Injunction Endorsement, Jan. 16, 2024, para. 5. CWC remained the registered owner, and in 2026 it signed the sale agreement as a seller beside the monitor because "the entitlement to the Italian Yacht is disputed between the Monitor, on behalf of the OTE Group, and Page," per the Sixteenth Report of the Monitor, May 14, 2026, para. 35(i).
A sale process nobody opposed
On July 17, 2023, Justice Kimmel made an order setting a sale process for the yacht on the consent of the OTE Group, the Mareva Respondents and AirSprint. "All parties recognize that there is some urgency to selling the Yacht as there may be a problem obtaining insurance for it when the current insurance expires in August," she wrote, per the Order Endorsement, July 17, 2023, paras. 12–13 and the Order Re: Yacht Sale Process and AirSprint Proceeds, July 17, 2023, p. 3. A Florida broker would market it; the OTE Group, the Mareva Respondents, GPMC International and CWC could object to the broker and to any sale within five business days, and if they agreed in writing, or nobody objected, a sale could proceed "without further Court approval." The net proceeds, after the broker's commission and reimbursable costs, would be held by the monitor in trust "pending judicial determination of the claims, liens, and entitlements to such proceeds as between the OTE Group entities, the Monitor, the Mareva Respondents, and the Related Companies or any of them," per the Order Re: Yacht Sale Process and AirSprint Proceeds, July 17, 2023, p. 3, paras. 3(a)–(m). The same order sent to the monitor, in trust pending a determination of entitlement, the US$5,482,779.85 that AirSprint Inc. held from the sale of aircraft interests bought or financed with funds OTE Group entities sent it, per the Order Re: Yacht Sale Process and AirSprint Proceeds, July 17, 2023, para. 4 and the AirSprint Funds Order, Apr. 22, 2024, para. 6.
The aircraft money was conceded
On January 16, 2024, on the monitor's motion, Justice Kimmel granted a worldwide Mareva injunction against Page and 265, finding a strong prima facie case against them for misrepresentation, fraud, breach of fiduciary duty and unjust enrichment. She found no strong prima facie case against Cox directly, declined the injunction against her, and ordered her only to deliver a statement of her worldwide assets. The yacht, the judge noted, was "undergoing a sales process which is expected to recover up to USD$3.2 million." The same endorsement records that AirSprint fractional interests bought in 265's name "using an estimated CAD$9 million transferred from OTE," which 265 had been asserting it owned, were acknowledged in the course of the motion to be "owned by (and held in trust for) OTE," per the Mareva Injunction Endorsement, Jan. 16, 2024, paras. 7, 9, 38, 99, 114. On April 22, 2024, Justice Kimmel approved a settlement under which AirSprint was to remit a further US$535,000, and declared that sum and the US$5,482,779.85, with interest, the property of the OTE Group, per the AirSprint Funds Order, Apr. 22, 2024, paras. 3–6.
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