Original Traders Energy: the yacht nets about US$195,552

KPMG Inc., the monitor of the OTE Group, understands that the Cayman Islands Shipping Registry had the mortgage on the Cuz We Can, a seventy-foot yacht from the Italian shipbuilder Azimut Benetti, registered in favour of "CPMC Holdings International Inc.", when the registration should have referred to GPMC Holdings International Inc. Glenn Page's counsel had told the monitor that GPMC was the yacht's registered owner immediately before CWC International, Inc., and that GPMC had entered into a loan agreement with CWC to fund CWC's purchase of it. Because of the error, the monitor's Seventeenth Report says, there was no authorized signatory to discharge the mortgage. The monitor retained counsel in the Cayman Islands and was told that, absent a recognition order, the Ontario court's approval and vesting order would not be sufficient to discharge the registration. Page, in his capacity as a director of both CWC and GPMC, ultimately swore affidavits and signed documents confirming the error and consenting to the discharge on behalf of both companies, the report says, and the mortgage was discharged once the monitor's Cayman counsel submitted them to the registry, per the Seventeenth Report of the Monitor, Oct. 15, 2026, paras. 8, 23–24.

That order, made by Justice FL Myers on May 22, 2026, had directed the buyer, Second Act II LLC, to pay the rest of the price, less its deposit, by May 29, per the Approval and Vesting Order, May 22, 2026, para. 4, in Seventeenth Report of the Monitor, App. C. Because of the time the registration issues took, the monitor says, the closing date was repeatedly extended, and after multiple extensions the buyer threatened to refuse to close and asked for a significant discount to the US$1,300,000 price. After negotiations conducted with the broker's help, the monitor agreed to apply a US$75,000 credit to the price at closing rather than incur the costs and risks of re-marketing the yacht. It did so in consultation with the Mareva Respondents (Page, Mandy Cox and 2658658 Ontario Inc., or 265, whom a March 2023 injunction restrained from dealing with the yacht) and with CWC's consent. The sale closed with the delivery of the monitor's certificate on August 31. After the third-party expenses, approximately US$899,448 by the closing, and the broker's approved commission, the monitor holds approximately US$195,552; on October 15, the report says, Page's counsel confirmed that Page intends to assert an interest in it, per the Seventeenth Report of the Monitor, Oct. 15, 2026, paras. 8, 22, 25–27, 29.

The sale was reported here on September 1. The May 22 order has the monitor hold the net proceeds in trust pending a further order of the court, per the Approval and Vesting Order, May 22, 2026, para. 9, in Seventeenth Report of the Monitor, App. C.

Three years at Loggerhead Marina

At April 30, 2026, after more than three years in which the yacht was docked at Loggerhead Marina in Florida, apart from a brief period of nearby dry-docking, the expenses incurred on it totalled approximately US$846,215. The registration issues and the delayed closing, the monitor says, required it to incur additional external expenses. Its tally of third-party expenses at the closing is approximately US$899,448: repairs, approximately US$451,773; insurance, approximately US$218,762; dockage and electricity, approximately US$147,716; U.S. marine counsel and Cayman counsel legal fees, duties and related fees, approximately US$56,926; and captain fees, approximately US$24,272, per the Seventeenth Report of the Monitor, Oct. 15, 2026, paras. 21, 26. The group's reported disbursements for March 30 to October 11, 2026 show operating expenses of C$216,720 against C$140,365 forecast. The overrun, the monitor says, relates "primarily to the Italian Yacht, including increased repairs and maintenance costs resulting from a longer than anticipated holding period prior to the closing of a transaction," per the Seventeenth Report of the Monitor, Oct. 15, 2026, paras. 44, 46(iii).

The May 22 order authorized and directed the monitor to pay out of the sale proceeds the broker's commission, the Reimbursable Costs (those of moving, insuring, maintaining and storing the yacht), the costs of marine counsel, all applicable taxes and all other costs it incurred in the sale process. For the purposes of determining the nature and priority of claims, the net proceeds after those costs stand in the place and stead of the vessel, and all claims and encumbrances attach to them with the same priority they had against the yacht immediately before the sale, per the Approval and Vesting Order, May 22, 2026, paras. 6–7, in Seventeenth Report of the Monitor, App. C and the Seventeenth Report of the Monitor, Oct. 15, 2026, para. 27.

Who claims the US$195,552

In the endorsement approving the sale, Justice Myers wrote that "The only party who has claimed an interest in the yacht consents to the sale provided that the proceeds remain held in trust by the Monitor pending determination of the parties' respective claims to entitlement," and later that "With the consent of Mr. Page, no one can be prejudiced by proceeding with the sale," per the Endorsement of Justice FL Myers, May 22, 2026, paras. 1, 5, in Seventeenth Report of the Monitor, App. D.

On October 2, the monitor says, its counsel contacted counsel to the Mareva Respondents with a detailed summary of all the costs incurred and information on the proceeds, and confirmed that the monitor, on behalf of the OTE Group, intends to assert an interest in them. It asked whether any of their clients intended to do the same, so that a motion for the court's determination could be scheduled in the near term. Page's answer came from his counsel on October 15, after follow-up. If the parties cannot agree a timetable, the monitor intends to seek a case conference to schedule the motion, per the Seventeenth Report of the Monitor, Oct. 15, 2026, paras. 28–29.

The monitor has proposed the same treatment for two trucks. It understands that two 2021 Chevrolet Silverado trucks which, on Ministry of Transportation of Ontario searches, appear to be owned by 265 remain on Six Nations property the OTE Group previously leased. 265 asserts an ownership interest in both, and in its proof of claim says the OTE Group leased them and that amounts are owing in connection with them. The monitor says 265 has produced no lease agreements and that it is aware of none, and on its review of the group's books and records it is of the view that one of the trucks was paid for using OTE Group funds. Its counsel asked whether Page would consent to a sale of one or both, as is, with the proceeds held in trust "consistent with the Yacht Proceeds." On October 15, the report says, Page's counsel indicated that Page is of the view that the monitor is not entitled to sell the trucks. The monitor intends to discuss it further and, if no consensual resolution is reached in the near term, may return to court for direction, per the Seventeenth Report of the Monitor, Oct. 15, 2026, paras. 38–39.