Paramount Equity Financial Corporation et al.

PARAMOUNT EQUITY FINANCIAL CORPORATION, SILVERFERN SECURED MORTGAGE FUND, SILVERFERN SECURED MORTGAGE LIMITED PARTNERSHIP, GTA PRIVATE CAPITAL INCOME FUND, GTA PRIVATE CAPITAL INCOME LIMITED PARTNERSHIP, SILVERFERN GP INC., PARAMOUNT EQUITY INVESTMENTS INC., PARAMOUNT ALTERNATIVE CAPITAL CORPORATION, PACC AINSLIE CORPORATION, PACC CRYSTALLINA CORPORATION, PACC DACEY CORPORATION, PACC GOULAIS CORPORATION, PACC HARRIET CORPORATION, PACC MAJOR MACK CORPORATION, PACC MAPLE CORPORATION, PACC MULCASTER CORPORATION, PACC SCUGOG CORPORATION, PACC SHAVER CORPORATION, PACC SIMCOE CORPORATION, PACC WILSON CORPORATION and NIAGARA FALLS FACILITY INC.


Back to Creditor Updates

Important information for creditors and stakeholders:


RECEIVER'S CONTACT INFORMATION


INTERIM RECEIVERSHIP PROCEEDINGS


On June 7, 2017, the Ontario Superior Court of Justice (Commercial List) (the “Court”) issued an order (the “Interim Receivership Order”) appointing Grant Thornton Limited (“GTL”) as the Interim Receiver of Paramount Equity Financial Corporation and related entities (the “Paramount Group”).


RECEIVERSHIP PROCEEDINGS


On August 2, 2017, the Court issued an order (the “Receivership Order”) appointing GTL as the receiver (the “Receiver”) of the Paramount Group entities listed in the title of this webpage.  In support of the Receivership Order, GTL, in its capacity as interim receiver, filed a report on July 23, 2017 (the “IR Report”).


A copy of the Interim Receivership Order, the IR Report and the Receivership Order, along with all future materials and investor correspondence from the Receiver in respect of these proceedings will be made available below.


UPCOMING MOTION


On November 17, 2017, the Receiver will bring a motion for, among other things,


  • Authority to enter into an agreement with Richardson Law Professional Corporation (the “Richardson Law”) pursuant to which the Receiver will retain Richardson Law as agent and administrator of the DMI Residential Mortgage portfolio (the “Servicing Agency Agreement”);
  • Authority to distribute net sale proceeds from the Calgary Duplex Properties (as defined in the Second Report) to the investors named in the DMI Mortgage registered against these properties; and
  • Approval of the Scugog Agreement and vesting title in the Purchased Interest in the Purchaser (each as defined in the Second Report) free and clear of all encumbrances on closing except for permitted encumbrances.

 In support of this motion, the Receiver filed a report (the “Second Report”), which provides information in respect of the relief outlined above. A copy of the Second Report may be accessed below.


CLAIMS PROCEDURE


In accordance with the Claims Procedure Order, on October 20, 2017, the Receiver mailed to all known investors of Silverfern Fund and GTA Fund (based on Paramount Group’s books and records) an ‘Investor Claims Package’, which included an ‘Instruction Letter’, the Claims Procedure Order, and an ‘Acknowledgement of Claim’ (on a double sided green page), outlining the details of each investor’s particular claim.


If the information in the Acknowledgement of Claim is correct, you do not need to take any further action.


If the information on the Acknowledgement of Claim pertaining to your investment (either the dollar amount or entity) is incorrect, you must complete the ‘Request for Amendment’ section of the same form and return to the Receiver by no later than December 15, 2017 at 5:00 p.m. EST (the “Claims Bar Date”). If only your name or address are spelled incorrectly on the Acknowledgement of Claim, you do not need to complete the Request for Amendment but should contact the Receiver by phone or email to advise of the mistake.


If you did not receive a Claims Package, please contact the Receiver to update your address and have a new package mailed to you immediately.


If, after contacting the Receiver, we confirm that you are not on record as having an investment or you believe you have a claim against Silverfern Fund or GTA Fund beyond what is listed on your Acknowledgement of Claim(s), you must complete a ‘Proof of Claim’ and return to the Receiver by no later than the Claims Bar Date. The Claims Procedure Order bars any claims submitted after the Claims Bar Date.


Links to the relevant documents are included below:


Please follow the instructions included in the Instruction Letter. Should you have any questions, please contact the Receiver at the email address or phone number above.


NOTICES TO INVESTORS


COURT REPORTS


ORDERS


NOTICES OF APPLICATION AND NOTICES OF MOTION


E-SERVICE LIST AND ADDRESS LIST
CONTACT INFORMATION FOR THE E-SERVICE LIST KEEPER