Hi-Rise Capital Ltd.

Appointment of Representative Counsel

Pursuant to the Order of the Honourable Mr. Justice Hainey of the Ontario Superior Court of Justice (Commercial List) (the “Court”) dated March 21, 2019 (the “Order”) Miller Thomson LLP (“Representative Counsel”) was appointed to represent all individuals and/or entities (“Investors”) that hold an interest in a syndicated mortgage (“SMI”), administered by Hi-Rise Capital Ltd. (“Hi-Rise”), in respect of the property municipally known as 263 Adelaide Street West, Toronto, Ontario (the “Property”) and the proposed development known as the “Adelaide Street Lofts” (the “Project”). A copy of the Order can be found in the ‘Documents’ section of this webpage.

Pursuant to the Order, Representative Counsel represents the interests of all Investors, except Investors who do not wish to be represented by Representative Counsel and have completed and delivered an Opt-Out Notice.

Communications with Representative Counsel

Representative Counsel has established this webpage to facilitate communications with Investors. This webpage will include information and documents relevant to Investors. Please regularly consult the ‘Communications’ section of this webpage for updates from Representative Counsel on this proceeding.

Questions regarding the proceeding should be directed to Representative Counsel at HiRiseCapital@millerthomson.com. Responses will be provided on an anonymous basis through the ‘Question & Answers Section’ on this webpage.

Official Committee

Pursuant to the Order, Representative Counsel was directed to appoint an Official Committee of Investors (the “Official Committee”) in accordance with the Official Committee Establishment Process, which can be found here.  Representative Counsel fully carried out the Official Committee Establishment Process and selected 5 Investors to act as members of the Official Committee and 2 Investors to act as alternate members to the Official Committee.

Pursuant to the Order of the Court dated April 15, 2019 the (“Approval Order”), the Official Committee was approved and constituted. A copy of Representative Counsel’s motion materials and the Approval Order can be found in the ‘Documents’ section of this webpage.

Representative Counsel will, among other things, consult with and take instructions from the Official Committee in respect of the SMI and the Project. Members of the Official Committee are required to follow the Official Committee Protocol, which can be found here.

Appointment of Information Officer

Pursuant to the Order of the Court dated September 17, 2019, Alvarez & Marsal Canada Inc. was appointed as information officer (in such capacity, the “Information Officer”) in these proceedings. The Information Officer’s mandate includes reviewing and reporting to the Court and stakeholders on all matters relating to the Property, Hi-Rise’s mortgage over the Property and Adelaide’s proposed sale of the Property, including but not limited to, the marketing and sales process undertaken in respect of the Property, all aspects of any and all proposed transactions in respect of the Property, and the financial implications of such proposed transactions.

The Information Officer has filed its report on October 7, 2019.  A copy of the report is posted in the ‘Documents’ section of this webpage.  Further details regarding the Information Officer can be found in the ‘Communications’ section of this webpage.