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. Representative Counsel will also email updates and communications to all Investors on the email distribution list. If you are not receiving these emails, please email Representative Counsel at the email address below and we will add you to the email distribution list.
Questions regarding this proceeding should be directed to Representative Counsel at HiRiseCapital@millerthomson.com. Representative Counsel reviews all emails received through this email address on a daily basis, and will respond to new inquiries through further communications to Investors (which will be emailed to Investors and posted on the Website). In order to manage the volume of inquiries and to effectively respond to all Investors, we ask that all Investors submit their inquiries to this email address only.
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. 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.
Subsequent to the Approval Order, one of the Official Committee members resigned. Accordingly, there are currently 4 Investors that act as members of the Official Committee. Representative Counsel regularly consults with and takes instructions from the Official Committee in respect of matters related to this proceeding. Members of the Official Committee are required to follow the Official Committee Protocol.
Transaction, Settlement, and Court Approval
In November 2019, Lanterra Developments Ltd. offered to purchase 100% of the Property for the purchase price of $69,000,000 (the “Lanterra Transaction”). The parties entered into Minutes of Settlement to memorialize the terms of the Lanterra Transaction (the “Settlement”). Full details of the Settlement are set out in the Fourth Report of Representative Counsel dated January 9, 2020 and the Motion Record of Representative Counsel dated April 6, 2020, copies of which are posted under the ‘Documents’ section of this website.
The Settlement was amended by Amended Minutes of Settlement. Under the terms of the Settlement, as amended, the Lanterra Transaction is scheduled to close on November 16, 2020. After this closing date, Representative Counsel will attend to the distribution to Investors in accordance with the process set out in the Minutes of Settlement.
On April 27, 2020, the Court approved the Settlement, as amended, and the Lanterra Transaction, among other things. A copy of the Order of Justice Hainey dated April 27, 2020 is posted under the ‘Documents’ section of this website.
To request documents that are accessible, please review Section 1.1.4 our accessibility page.
Communications
- Information Package Delivered to Investors – 22/3/2019
- Notice of Hearing on April 4, 2019 – 26/3/2019
- Representative Counsel Update – 30/3/2019
- Update on Court Hearings – 4/4/2019
- Update on Status of Proceeding – 25/4/2019
- Update on Status of Proceeding – 8/5/2019
- Update on Status of Proceeding – 20/6/2019
- Important Update on Proposed Transaction – 4/7/2019
- Important Update on Proposed Transaction – 26/7/2019
- Important Update on Proposed Transaction and Proposed Vote – 30/8/2019
- Important Update on Proposed Transaction – 11/9/2019
- Important Update on Status of Proceeding and Appointment of Information Officer – 17/9/2019
- Important Update on the Court Report of the Information Officer – 8/10/2019
- Notice of Meeting of Investors Hosted by Representative Counsel – 16/10/2019
- Summary of Proposed Settlement/Vote Recommendation – 21/10/2019
- Update on Vote Results from the Meeting Called by Hi-Rise Capital Ltd. on October 23, 2019 – 28/10/2019
- Update regarding Communication on Meeting – 6/11/2019
- Important Update on Status of Proceeding – 7/11/2019
- Important Update on Judicial Mediation and Settlement – 2/12/2019
- Important Update on Recommendation regarding Settlement – 12/1/2020
- Important Update on Vote Results – 31/1/2020
- Important Update on Status of Proceeding – 12/2/2020
- Important Update on Status of Proceeding and Implications of COVID-19 – 17/3/2020
- Important Update on Status of Proceeding – 20/4/2020
- Important Update on Status of Proceeding – 22/4/2020
- Important Update of Status of Proceeding, Transaction Approval and Closing Date – 7/5/2020
- Important Update on Transaction Approval Closing Date Extension et al. – 13/5/2020
- Important Update on Distribution Process and Closing Date – 9/10/2020
- Important Update on Distribution Process – 25/11/2020
- Important Update on Distribution Process and Investor Payment Notices – 5/1/2021
Questions & Answers
Documents
- Application Record – Hi-Rise – 19/3/2019
- Factum of the Applicant – Hi-Rise – 19/3/2019
- Book of Authorities of the Applicant – Hi-Rise – 19/3/2019
- Order of Justice Hainey (re: Appointment of Representative Counsel) – 21/3/2019
- Endorsement of Justice Hainey – 22/3/2019
- Responding Application Record of the Respondent – Superintendent of Financial Services – 28/3/2019
- Factum of the Respondent – Superintendent of Financial Services – 2/4/2019
- Supplementary Affidavit of Noor Al-Awqati – 3/4/2019
- Endorsement of Justice Hainey – 4/4/2019
- Motion Record of Representative Counsel (returnable April 15, 2019) – 9/4/2019
- Responding Application Record of Respondents, Nadeem & Uzma Ghori – 11/4/2019
- Order of Justice Hainey (re: Approval of Official Committee) – 15/4/2019
- Endorsement of Justice Hainey – 15/4/2019
- Endorsement of Justice Hainey – 17/4/2019
- Endorsement of Justice Hainey – 7/5/2019
- Endorsement of Justice Hainey – 6/8/2019
- Endorsement of Justice Hainey – 12/9/2019
- Second Report of Representative Counsel – 13/9/2019
- Endorsement of Justice Hainey – 16/9/2019
- Endorsement of Justice Hainey – 17/9/2019
- Order of Justice Hainey (re: Appointment of Information Officer) – 17/9/2019
- Order of Justice Hainey (re: Increase of Representative Counsel Charge) – 17/9/2019
- Court Report of the Information Officer – 7/10/2019
- Third Report of Miller Thomson LLP, in its Capacity as Court-appointed Representative Counsel – 18/10/2019
- Application Record of Meridian Credit Union Limited – 28/10/2019
- Supplemental Application Record of Meridian Credit Union Limited – 30/10/2019
- Factum of the Applicant – 31/10/2019
- Endorsement of Justice McEwan – 1/11/2019
- Fourth Report of Miller Thomson LLP, in its Capacity as Court-appointed Representative Counsel – 9/1/2020
- Endorsement of Justice Hainey – 20/1/2020
- Order of Justice Hainey – 20/1/2020
- Order of Justice Hainey (signed per Justice McEwen) – 16/3/2020
- Motion Record of Hi-Rise Capital Ltd.-Volume 1 of 3 – 2/4/2020
- Motion Record of Hi-Rise Capital Ltd.-Volume 2 of 3 – 2/4/2020
- Motion Record of Hi-Rise Capital Ltd.-Volume 3 of 3 – 2/4/2020
- Motion Record of Representative Counsel (in writing) – 6/4/2020
- Factum of Hi-Rise Capital Ltd. – 14/4/2020
- Book of Authorities of Hi-Rise Capital Ltd. – 14/4/2020
- Cross Motion Record of Lanterra Developments Ltd. – 16/4/2020
- Responding Record of David Pozo – 20/4/2020
- Responding Factum of David Pozo – 20/4/2020
- Factum of Adelaide Street Lofts Inc. in response to Lanterra Developments Ltd.’s Cross-Motion – 20/4/2020
- Second Supplemental Affidavit of Meridian Credit Union Limited – 20/4/2020
- Factum of Lanterra Developments Limited – 21/4/2020
- Book of Authorities of Lanterra Developments Limited – 21/4/2020
- Supplemental Fifth Report of Representative Counsel – 21/4/2020
- Brief Argument of Meridian Credit Union Limited re Lanterra Cross-Motion – 22/4/2020
- Affidavit of Damian Lu of Meridian Credit Union Limited – 22/4/2020
- Order and Endorsement of Justice Hainey re Representative Counsel Motion – 22/4/2020
- Endorsement of Justice Hainey re: Settlement Approval Motion – 27/4/2020
- Order of Justice Hainey – 27/4/2020
- Sixth Report of Representative Counsel – 6/11/2020
- Distribution Plan Approval Notice – 6/11/2020
- Motion Record, returnable November 23, 2020 – 20/11/2020
- Order of Justice Hainey re Distribution Plan – 23/11/2020
- Order of Justice Hainey re Discharge of Information Officer – 21/12/2020
- Information Officer’s Certificate – 12/1/2021