TIER 1 MORTGAGES

TEXTBOOK STUDENT SUITES (525 PRINCESS STREET) TRUSTEE CORPORATION, TEXTBOOK STUDENT SUITES (555 PRINCESS STREET) TRUSTEE CORPORATION, TEXTBOOK STUDENT SUITES (ROSS PARK) TRUSTEE CORPORATION, 2223947 ONTARIO LIMITED, MC TRUSTEE (KITCHENER) LTD., SCOLLARD TRUSTEE CORPORATION, TEXTBOOK STUDENT SUITES (774 BRONSON AVENUE) TRUSTEE CORPORATION, 7743718 CANADA INC., KEELE MEDICAL TRUSTEE CORPORATION, TEXTBOOK STUDENT SUITES (445 PRINCESS STREET) TRUSTEE CORPORATION and HAZELTON 4070 DIXIE ROAD TRUSTEE CORPORATION (collectively, the "Tier 1 Trustee Corporations")


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Important information for investors and stakeholders:


Contact Information


TRUSTEE'S APPOINTMENT


On October 27, 2016, by Order of the Ontario Superior Court of Justice (Commercial List), (the “Court”), Grant Thornton Limited was appointed trustee (in such capacity, the “Trustee”) of the Tier 1 Trustee Corporations (the “Appointment Order”). A copy of the Appointment Order is available below.


The Trustee’s role is to act in the best interests of the investors of the Tier 1 Trustee Corporations (the “Tier 1 Investors”).  The Trustee has been empowered to, amongst other things:


  1. administer scheduled mortgage payments received from developers;
  2. take steps to address mortgage defaults; and
  3. review any requests to subordinate the mortgages in favour of construction financing.

TRUSTEE’S UPCOMING COURT ATTENDANCE


On November 29, 2017, the Trustee will be asking the Court to grant, amongst other things, the relief outlined below. In support of its motion for this relief, the Trustee filed its Eighth Report to Court dated November 3, 2017 (the “Eighth Report”):


  1. approval of the Guildwood Agreement (as defined in the Eighth Report);
  2. approval of the Silver Seven Agreement (as defined in the Eighth Report);
  3. authorization for the Trustee to provide certain investor information to the Royal Canadian Mounted Police and the Ontario Provincial Police to assist with investigations in connection with the Tier 1 developer companies;
  4. approval of the Trustee’s Eighth Report and the fees, disbursements and activities of the Trustee and its counsel up to and including September 30, 2017, as well as the Trustee’s allocation of fees and disbursements amongst the Tier 1 properties; and
  5. authorization for the Trustee to make distributions to Tier 1 investors without further Order of the Court, net of the applicable Holdback (as defined in the Eighth Report), up to the amount of the Tier 1 investors’ Proven Claims (as defined in the Claims Procedure Order), for each Syndicated Mortgage Investment (“SMI”) other than the Vaughan Crossings SMI.

Further details in respect of the above noted relief can be found in the Trustee’s Eighth Report to Court, available below.


COURT MATERIALS FILED TO DATE


NOTICES OF APPLICATION AND NOTICES OF MOTION 

AFFIDAVITS AND RESPONDING AFFIDAVITS
FACTA
BOOKS OF AUTHORITIES

COURT REPORTS


 COURT ORDERS, REASONS FOR DECISIONS AND ENDORSEMENT


E-SERVICE LIST AND ADDRESS LIST

CONTACT INFORMATION FOR THE E-SERVICE LIST KEEPER


CCAA APPLICATION

RECEIVERSHIP OF BOATHAUS, MEMORY CARE-OAKVILLE, MEMORY CARE-BURLINGTON, MEMORY CARE-KITCHENER, LEGACY LANE, 525 PRINCESS, AND 555 PRINCESS


(for all Court documents related to the above proceeding, please visit KSV's website at http://www.ksvadvisory.com/insolvency-cases/textbook-group/


 VAUGHAN CROSSINGS RECEIVERSHIP


 OTHER


CORRESPONDENCE TO INVESTORS


Correspondence to McMurray Investors


Correspondence to Memory Care Burlington Investors


Correspondence to Memory Care Kitchener Investors


Correspondence to Memory Care Oakville Investors


Correspondence to 525 Princess Investors


Correspondence to 555 Princess Investors


Correspondence to Bronson Investors


Correspondence to Legacy Lane Investors


Correspondence to 445 Princess Investors


Correspondence to Guildwood Investors


Correspondence to Hazelton Investors


Correspondence to Keele Medical Investors


Correspondence to Silver Seven Investors


Correspondence to Boathaus Investors


Correspondence to Vaughan Crossings Investors


Correspondence to Ross Park Investors


STATUTORY FILINGS

PRESS RELEASE


FREQUENTLY ASKED QUESTIONS