Shaw-Almex: the Jaén plant came back; the rest of the Shaw settlement waits

Timothy Shaw's parents opened a small car-repair business in Parry Sound, Ontario, in 1957. In the 1960s it received the right to use patents from Alm Experimental, the source of the "Shaw Almex" name, and turned to equipment for the conveyor-belt industry; in early 2008 their son bought out his parents and siblings and became chief executive, he says in a November 2025 affidavit Affidavit of Timothy Glen Shaw, Nov. 20, 2025, paras. 3, 6. By 2025 Shaw-Almex Industries Limited headed a group of about 500 employees in some 15 locations, selling conveyor-belt vulcanizing equipment to customers in 123 countries Pre-Filing Report, May 11, 2025, paras. 10, 12.

Management told FTI Consulting Canada Inc., then proposal trustee, of challenges that included difficulty replacing a rubber supplier that a competitor bought in or around 2022, and currency hedges that brought monthly margin calls of almost C$3 million at their peak. Royal Bank of Canada, owed C$15,589,239.09 and US$523,779.53 in principal, demanded payment on March 19, 2025, Business Development Bank of Canada followed on March 28, and SAIL filed a notice of intention on March 29 Pre-Filing Report, May 11, 2025, paras. 9, 13–15, 17. On May 13 Justice J. Dietrich continued the proceeding under the CCAA, added the Georgia subsidiary Shaw Almex Fusion, LLC, and appointed FTI monitor with enhanced powers Endorsement, July 18, 2025, para. 7. RBC, as DIP lender, required those powers in part because of allegations that Mr. Shaw, SAIL's only director and chief executive, had removed company property and would not return it, the monitor reported; SAIL terminated him that day First Report, May 27, 2025, paras. 28, 31–32, 34.

The company is now SAIL RemainCo Inc., with no business or employees, and the monitor expects SAIL to abandon most of its subsidiaries. On August 10, 2026, FTI asked the court to extend the stay from August 31 to November 27, 2026, in part to "conclude matters related to the Minutes of Settlement" that SAIL signed on December 4, 2025 with RBC, Mr. Shaw, his wife Pamela Shaw, Shaw Almex Global Holdings Limited and Shaw-Almex Overseas Ltd. The report lists one of the five steps it tracks under those minutes as complete, and one as partly done Eighth Report, Aug. 10, 2026, paras. 11–12, 20, 23, 25, 27, 35, 40.

The presses in Building 4

Much of the monitor's early account of the property dispute came from employees. Its First Report set out concerns that Mr. Shaw may have obtained two hard drives of engineering and marketing data and told staff he planned a competing business, and said he had changed the locks at SAIL's premises on Isabella Street in Parry Sound. In Atlanta, it reported, he had Fusion's employees move property from its rented plant in Decatur, Georgia, to an adjacent building, Building 4, owned by Shaw DeKalb Properties, LLC, whose membership U.S. court records limit to Mr. Shaw and/or Mrs. Shaw: first about 20 presses, 80% to 90% complete for customers and worth about C$1 million at retail, then, when the building proved too small, trailers of Fusion's property. At some point, the report says, he directed that the security cameras be turned off. The monitor said it had not investigated every aspect First Report, May 27, 2025, paras. 36, 41, 53–58, 60. Mr. Shaw's reply to the first demand letter: "All other matters are not agreed to by Mrs Shaw & Myself as alleged in the attached letter however we will comply with the those requests." First Report, May 27, 2025, para. 38

On May 30 Justice Dietrich's Property Preservation Order gave Mr. Shaw five business days to deliver the company's vehicles, hard drives, devices and in-progress machinery, "including but not limited to presses in the process of being manufactured by Fusion," and barred him, until the CCAA ends, from its buildings and from soliciting its employees Property Preservation Order, May 30, 2025, paras. 3, 5, 9–10, 12. On June 18 the monitor moved to have him declared in contempt and imprisoned. By the deadline, its notice says, he had returned some hard drives and vehicles but not most of the property; on June 12 its representative got into Building 4 at about 1 p.m., saw the presses and "electric wires ripped from the building's walls in what appeared to be an in-progress burglary," and left on police advice without collecting any of the property Notice of Motion (Contempt), June 18, 2025, paras. 1(d)–(e), 23, 27–31.

On July 18 counsel told the court the motion was substantially settled Endorsement, July 21, 2025, para. 2. The monitor's costs submissions, seeking C$60,845.16, say Mr. Shaw "brought himself largely into compliance" one business day before the hearing, and that "the Court did not decide whether Mr. Shaw was, in fact, in contempt of court" Fourth Report, Sept. 9, 2025, App. "A", paras. 1, 8, 19. No ruling on those costs is in the record read for this piece.

The business went to Almex Canada, Limited, part of the German-based Rema Tip Top group; about 147 prospective purchasers had been approached Third Report, July 16, 2025, paras. 25, 33. Approving the sale on July 18, 2025, Justice Dietrich wrote that the price was "superior to the other bids," sealed the unredacted agreement and the monitor's confidential supplement on the bids, and, at the buyer's request and with no opposition from Mr. Shaw's counsel, declared that neither Timothy nor Pamela Shaw has any interest in the company's intellectual property Endorsement, July 18, 2025, paras. 15, 20, 22–24. The sale closed on August 27, 2025 Seventh Report, Apr. 30, 2026, para. 22, and the agreement is still sealed Eighth Report, Aug. 10, 2026, paras. 29–33.

A plant in Jaén

The other fight was over Spain. Fonmar, a Spanish maker of conveyor-belt vulcanizers that SAIL bought in or about 2012, operates from a factory in Jaén owned by Fonmar S.A., whose controlling shareholder is Shaw Almex Spain Real Holdings, S.L. Affidavit of Timothy Glen Shaw, Nov. 20, 2025, paras. 10–13, 16. On December 31, 2021, SAIL sold Real Holdings' 2,400,600 shares to Shaw Almex Global Holdings Limited, whose sole director and controlling shareholder was Mr. Shaw, for €2,400,600, payable in 20 annual instalments of €120,030 Fifth Report, Sept. 27, 2025, paras. 3, 25, 47. By June 2025, the monitor told the court, the property had been "identified as an important asset by the potential purchasers" of the business Aide Mémoire of the Monitor, June 18, 2025, para. 7.

The monitor's motion under s. 96 of the BIA valued the shares at about €2,520,600.65 on a 2017 appraisal and said the unsecured, interest-free 20-year term eroded the price further: at an illustrative 8% discount rate the instalments were worth €1,178,472, or 49% of face. It found no evidence that Global Holdings ever transferred any cash to SAIL. The price was booked as a debt and set off against rent SAIL owed Global Holdings for its Stoney Creek head office and money SAIL received on Global Holdings' behalf, including C$2.68 million in September 2024 in connection with the sale of that building Fifth Report, Sept. 27, 2025, paras. 10, 55, 57, 61, 64–66, 84, 86–90.

Mr. Shaw's affidavit describes preparation for a sale. After 2017 talks with Semperit, an Austrian company that wanted the business but not its real estate, SAIL's leadership set out to separate the two. Global Holdings had no bank account, the 20-year schedule was never the plan, and "SAIL was paid the entire Purchase Price within just three years." RBC (then HSBC) and BDC Capital Inc. were told of the transfer before the end of 2021, he deposes, and in December 2024 he mortgaged his homes in Stoney Creek and Atlanta to fund SAIL Affidavit of Timothy Glen Shaw, Nov. 20, 2025, paras. 18, 25–26, 38, 40–42. His factum put the price at 4.7% below the monitor's own valuation and "not conspicuously under value" Responding Factum of Timothy Shaw, Dec. 2, 2025, para. 3.