BDMC
On April 20, 2018, pursuant to an order of the Ontario Superior Court of Justice (Commercial List) (“Appointment Order”), FAAN Mortgage Administrators Inc. (“FAAN Mortgage”) was appointed as trustee (“Trustee”) over all of the assets, undertakings and properties of Building & Development Mortgages Canada Inc. (”BDMC”) under section 37 of the Mortgage Brokerages, Lenders and Administrators Act, 2006, as amended, and section 101 of the Courts of Justice Act, as amended.
For clarity, the Trustee is not appointed over any of the projects with syndicated mortgage loans not administered by BDMC.
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Trustee’s Thirty-First Report
On December 18, 2024, the Trustee served materials in connection with its motion returnable January 14, 2025 which provides, among other things, a comprehensive update on developments in these proceedings since the Thirtieth Report was filed in support of the Trustee’s request for an order authorizing and approving, as applicable:
· the distribution of the Fortress Holdback to the applicable Investors;
· the Trustee’s Thirtieth report to Court and its Thirty-First Report and the activities of the Trustee described therein; and
· the Trustee’s fees and disbursements, including the fees and disbursements of its counsel, for the period from October 16, 2022 to November 30, 2024.
December 14, 2022 Court Orders
On November 14, 2022, the Court approved the following:
the Eden Settlement Agreement and the distribution to the Investors in the Eden Project of 85% of the Realized property to be received by the Trustee in respect of the Eden Project (Eden Resolution and Distribution Order);
the Brookdale Settlement Agreement (Brookdale Settlement Order); and
the: (i) Twenty-Eighth Report, Twenty-Ninth Report and the activities of the Trustee described therein and (ii) The Trustee’s activities and its fees and disbursements, including the fees and disbursements of its counsel, for the period from January 1, 2022 to October 15, 2022 (November 2022 Omnibus Order).
As a result of an objection raised by an investor in the Brookdale Mezzanine Loan it was agreed that the relief being sought in respect of the Trustee's proposed distribution of the Realized Property to be received in connection with the Brookdale Settlement Agreement would be deferred and be heard by the Court on December 14, 2022.
Trustee’s Thirtieth Report
On December 5, 2022, the Trustee served materials in connection with its motion returnable December 14, 2022 in support of the Trustee’s request for an order to: (i) approve the 6th & 10th Settlement Agreement; and (ii) authorize the distribution to the Investors in the 6th & 10th Project of 85% of the Realized property to be received by the Trustee (6th & 10th Settlement Approval and Distribution Order).
November 14, 2022 Court Orders
On November 14, 2022, the Court approved the following:
the Eden Settlement Agreement and the distribution to the Investors in the Eden Project of 85% of the Realized property to be received by the Trustee in respect of the Eden Project (Eden Resolution and Distribution Order);
the Brookdale Settlement Agreement (Brookdale Settlement Order); and
the: (i) Twenty-Eighth Report, Twenty-Ninth Report and the activities of the Trustee described therein and (ii) The Trustee’s activities and its fees and disbursements, including the fees and disbursements of its counsel, for the period from January 1, 2022 to October 15, 2022 (November 2022 Omnibus Order).
As a result of an objection raised by an investor in the Brookdale Mezzanine Loan it was agreed that the relief being sought in respect of the Trustee's proposed distribution of the Realized Property to be received in connection with the Brookdale Settlement Agreement would be deferred and be heard by the Court on December 14, 2022.