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Estate No,/ Court File No.: 31-2117602
ONTARIOSUPERIOR COURT OF JUSTICE
(COMMERCIAL LIST)
IN THE MATTER OF THE BANICRUPTCY AND INSOLVENCY ACT,R,S,C, 1985, c, B-3, AS AMENDED
June 30, 2016
AND IN THE MATTER OF THE .NOTICE OF INTENTIONTO MAKE A PROPOSAL OF ALAN SASKIN
MOTION RECORD(Returnable July 11, 2016)
BENNETT JONES LLP3400 One First Canadian PlaceToronto, ON M5X 1A4Fax: 416,863,1716
S. Richard Orzy (LSUCM231811)Tel: 416,777,5737
Raj Sahrd (LSUC#: 42942U)Tel: 416,777,4804
Lawyers for Alan Saskin
1
SERVICE LIST
BORDEN LADNER GERVAIS LLP GOODMANS LLPScotia Plaza, 40 King Street West Bay Adelaide CentreToronto, ON M5H 3Y4 333 Bay Street, Suite 3400
Toronto, ON M5H 2S7Edmond E.B. LamekTel: 416-367-6311 Joe LathamEmail: elamek@big,com Tel: 416-597-4211
Email: [email protected] B. PlunkettTel: 416-367-6314 Jason WaddenEmail: kplunkett@b1g,com Tel: 416,597,5165
Email: jwadden@goodmans,caLawyers for Urbancorp CCAA Entities
Lawyers for Reznik, Paz, Nevo Trustees Ltd,,in its capacity as the Trustee for theDebenture Holders (Series A) and Adv, GusGissin, in his capacity as the IsraeliFunctionary of Urbancorp. Inc.
THE FULLER LANDAU GROUP INC. GOLDMAN SLOAN NASH & HABER151 Bloor Street West, 12th Floor (GSNH) LLPToronto, ON M5S 1S4 480 University Avenue, Suite 1600
Toronto, ON M5G 1V2Gary AbrahamsonTel: 416-645-6524 Mario ForteFax: 416-645-6501 Tel: 416-597-6477Email GAbrahamson@Fullerl,LP,com Fax: 416-597-3370
Email: forte Ogsnh.comAdam ErlichTel: 416-645-6560 Robert J. DrakeFax: 416-645-6501 Tel: 416-597-5014Email: AErlich@FullerLLP,com Fax: 416-597-3370
Email: drake@gsnh,comThe Proposal Trustee
Lawyers for the Proposal Trustee
2
BENNETT JONES LLP CHAITONS LLP3400 One First Canadian Place 5000 Yonge Street, 10th FloorP,O, Box 130 Toronto, ON M2N 7E9Toronto, ON M5X 1A4
Harvey ChaitonS. Richard Orzy Tel: 416-218-1129Tel: 416-777-5737 Email: [email protected]: [email protected]
Lawyers for BMORaj SahniTel: 416-863-1200Email: sahnir@bennettiones,com
Jonathan G. BellTel : 416-777-6511Email : Bel1J®bennettjones,com
Lawyers for the Edge Companies and AlanSaskin
TORYS LLP ROBINS APPLEBY LLP79 Wellington Street West, 30th Floor 120 Adelaide Street West, Suite 2600Box 270, TD South Tower Toronto, ON M5ri 1T1Toronto, ON M5K 1N2
Leor MarguliesScott A, Bomhof Tel: 416-360-3372Tel: 416-865-7370 Email: [email protected]: sbomhof@torys,com
Dominique MichaudLawyers for First Capital Really Tel: 416-360-3795
Email: dmichaud@robapp,com
Lawyers for Terra Firma Capital Corporation
3
BANK OF MONTREALFirst Canadian Place18th Floor,100 King Street WestToronto ON M5X 1A1
Greg FedorynTel: 416-643-1623Email: greg,fedorynnbino,com
GOWLING WLG (CANADA) LLPl First Canadian Place, 100 King Street WestSuite 1600 Toronto, Ontario M5X 105
Clifton ProphetTel: 416-862-4340Email: clifton.prophet@gowlingwlg,eom
Lilly WongTel: 416-369-4630Email: lilly,[email protected] Walia
Tel: 416-643-2474Email: AMIT,WALIA@Ipo,eom Lawyers for CIBC and CIBC Mortgage Inc.
DEPARTMENT OF JUSTICEOntario Regional OfficeThe Exchange Tower, Box 36130 King Street WestToronto, ON M5X 1K6
Fozia ChandaryTel: 416-952-7722Email: fozia.chaudary@justice,gc,ca
MINISTRY OF FINANCE777 Bay Street, 11th FloorToronto, ON M5G 2C8
Kevin O'HaraTel: 416-327-8463Email: kevin,ohara@ontario,ea
Lawyers for the Ministry of Finance
Lawyers for the Department of justice
TORYS LLP79 Wellington Street West, 30th FloorBox 270, TD South TowerToronto, ON M5K 1N2
Adam M. SlavensTel: 416-865-7333Email: astavens@torys,com
HARRIS SHEAFFER LLPYonge Corporate Centre4100 Yonge Street, Suite 610Toronto, ON M2P 2B5
Barry RotenbergTel: 416-250-3699Email: brotenberg@harris-sheaffor,com
Lawyers for Tarion Warranty Corporation
4
AVIVA INSURANCE COMPANY OFCANADA2200 Eglinton Ave, E.Toronto, ON M1L 4S8Fax: 1-866-979-9004
MILLER WASTE SOLUTIONS GROUPINC.73 Brydon DriveToronto, ON M9W 4N3
Jason TowerEmail: jrtson,tower inillergroup.ca
Rob SpinopoliEmail: [email protected]
FIRM CAPITAL MORTGAGE FUND INC.163 Cartwright Ave.Toronto, ON M6A 1V5Fax: 416-635-1713
MVL LEASING LIMITED1064 South Service Rd, E,Oakville, ON L6J 2X7Fax; 905-901-3825
Email: adam4mvi.ca
MVL FINANCIAL SERVICES LIMITED1064 South Service Rd, E.Oakville, ON L6J 2X7Fax: 905-901-3825
Email: adam@mv1,ca
CANADIAN MORTGAGE SERVICINGCORPORATION20 Adelaide Street E„ Suite 900Toronto, ON M5C 2T6Fax: 416-867-1303
CANADIAN IMPERIAL BANK OFCOMMERCE595 Bay Street, 5th FloorToronto, ON M5G 2C2
ATRIUM MORTGAGE INVESTMENTCORPORATION20 Adelaide Street E., Suite 900Toronto, ON M5C 2T6
LAURENTIAN BANK OF CANADA1981, ay. McGill College, bur, 1675Montreal (Quebec) 1-13A 3K3 •
Alexandre LeBlancTe1: 514-284-4500 x 2145Email:[email protected]
HENDRICK AND MAINDEVELOPMENTS INC.85 Hanna Ave„ Suite 400Toronto, ON M6K 3S3Tel: 416-504-4114Fax: 416-941-1655
5
BANK OF MONTREAL, ASADMINISTRATIVE AGENTFirst Canadian Place, 11th FloorToronto, ON M5X 1A1
FIRST CAPITAL 1071 CORPORATION85 Hannah Ave,, Suite 400Toronto, ON M6K 3S3Tel: 416-504-4114Fax: 416-941-1655
LOOPSTRA NIXON LLP135 Queens Plate Drive, Suite 600Toronto, ON M9W 6V7
Alison KnehinskyTel: 416-746-4710 x271Email: akuchinsky@loonix,com
TORKIN MANES LLP151 Yonge Street, Suite 1500Toronto, ON M5C 2W7
Kayla KwinterTel: 416-777-5420Email: klcwinter@torkinmanes,com
Lawyers for 207875 Ontario Limited carryingon business as Canadian Rental Centres
Lawyers for MDF Mechanical Limited
DICKINSON WRIGHT LLP199 Bay St,, Suite 2200Toronto, ON M5L 104
David P. PregerTel: 416-646-4606Email: dpreger@c1 ickinsonwright.com
CITY OF TORONTOLegal Services5.5 John Street, .26th FloorToronto, ON M5V 3C6
Christopher P. HendersonEmail: [email protected]
Lawyers for Downing Street Financial Inc,
FINE & DEO3100 Steeles Ave, W, Suite 300Vaughan, ON L4K 3R1 •
Tel: 905-760-1800Fax: 905-760-0050
Lawyers for Toronto Standard CondominiumCorporation No, 2448,
LEVINE SRERKIN BOUSSIDAN23 Lesmill Road, #300Toronto, ON M3B 3P6
Kevin SherkinTel: 416-224-2400Email: kovInOsblaw,com
Lawyers for Dolvin Mechanical ContractorsLtd.
6
TERRA FIRMA CAPITALCORPORATION22 St, Clair Avenue East, Suite 200Toronto, ON M4T 2S5
Glenn WatchornPresidentEmail: gwatehorn@tfee,ca
FIRST CAPITAL REALTY INC.85 Hannah Ave., Suite 400Toronto, ON M6K 3 S3Tel: 416-504-4114Fax: 416-941-1655
FIRST CAPITAL (S,C.) CORPORATION85 Hannah Ave,, Suite 400Toronto, ON M6K 3S3Tel: 416-504-4114Fax: 416-941-1655
TERRA FIRMA CAPITALCORPORATION5000 Yonge Street, Suite 1502Toronto, ON M2N 7E9
Glenn WatchornPresidentEmail: gwatchorn ,tfee.ca
TERRA FIRMA CAPITALCORPORATION1 Toronto Street, Suite 700Toronto, ON M5C 2V6
Glenn WatchornPresidentEmail; [email protected]
TERRA FIRMA REALTYCORPORATION1 Toronto Street, Suite 700Toronto, ON M5C 2V6
Glenn WatchornPresidentEmail: gwatehorn@tfee,ca
GOODMANS LLPBay Adelaide Centre333 Bay Street, Suite 3400Toronto, ON M5H 2S7
Mark DunnTel: 416-849-6895Email: [email protected]
MILLER THOMSON600-60 Columbia WayMarkham, ON L3R 0C9
Cara ShamessTel: 905-415-6464Email: [email protected]
Lawyers for Mid-NorthernCounsel to Toronto Media Arts Cluster
7
McMILLAN LLPBrookfield Place, Suite 4400181 Bay StreetToronto, ON M5,1 2T3
Paul AvisTel: 416-865-7006Email: paul.avis@mcmillan,ca •
OFFICE OF THE SUPERINTENDENTOF BANKRUPTCY25 St, Clair Avenue E, 6th FloorToronto, ON M4T 1M2
Julie FaySenior Bankruptcy AnalystTel: 416-973-6442Fax: 416-973-7440E-mail: [email protected] to RBC and BNS
Blake, Cassels & Graydon LLP199 Bay Street, Suite 4000Commerce Court WestToronto ON .M5L 1A9
Steven J. WeiszTel: 416-863-2616Email: steven,weisz@blakes,com
Drudi Alexiou Kuchar LLP7050 Weston Rd,Suite 610Vaughan, ON L4L 807
Marco DrudiTel: 905-850-6116Email: mdrudi@clakIlp,com
Counsel to Laurentian Bank of Canada Counsel to Paramount Structures Ltd,
Torys LLP79 Wellington Street W.Suite 3000Toronto, ON M5K 1N2
Scott BomhofTel: 416-865-7370Email: shomhof@torys,opm
Crawford SmithTel: 416-865-8209Email: csmith@torys,com
Counsel to First Captlal (King Liberty — Retail)Corporation, King Liberty North Corporation,and First Capital (9.C) Corporation
Estate No,/ Court File No,: 31-2117602
ONTARIOSUPERIOR COURT OF JUSTICE
(COMMERCIAL LIST)
IN THE MATTER OF THE BANKRUPTCY AND INSOLVENCY ACT,R,S,C, 1985, c. B-3, AS AMENDED
AND IN THE MATTER OF THE NOTICE OF INTENTIONTO MAKE A PROPOSAL OF ALAN SASKIN
MOTION RECORD(Returnable July 11, 2016)
Index
Tab Document
1 Notice of Motion
2 Affidavit of Alan Saskin, sworn June 30, 2016
A Affidavit of Alan Saskin, sworn May 20, 2016, without Exhibits
3 Order
WSLEOAL\075736\00001\13805885v1
1Court File No, 31-2117602
ONTARIOSUPERIOR COURT OF JUSTICE
(COMMERCIAL LIST)
IN THE MATTER 01? THE BANICRUPTCY AND INSOLVENCY ACT,R.S.C, 1985, c. B-3, AS AMENDED
IN THE MATTER OF THE NOTICE OF INTENTION TO MAKE A PROPOSAL OFALAN SASKIN
NOTICE OF MOTION(Returnable July 11, 2016)
Alan Saskin will make a motion to .a judge presiding over the Commercial List on July 11,
2016, at 9:30 a.m,, •or as soon after that time as the motion can be heard, at 330 University Avenue,
Toronto, Ontario,
PROPOSED METHOD OF HEARING: The motion .is to be heard orally.
THE MOTION IS FOR:
1, An Order, substantially in the form attached .at Tab 3 of the Motion Record, among other
things:
(a) abridging the time for service of the Notice of Motion and the Motion Record, and
validating service thereof;
(b) extending the time within which a proposal must be filed with the Official Receiver
to and including August 26, 2016,
2. Such further and other relief as counsel may advise and this Honourable Court may deem
just.
- 2 -
THE GROUNDS FOR THIS MOTION ARE:
1, On April 29, 2016, Alan Baskin filed a Notice of Intention to Make a Proposal ("NOI")
under the Bankruptcy and Insolvency Act (Canada), R.S.C, 1985, c. B-3, as amended ("BIA"),
2, The Fuller Landau Group Inc, was named as proposal trustee (the "Proposal Trustee"),
3, The stay of proceedings provided by the NOI, and the period within which Alan Saskin
must file a proposal, expires on July 12, 2016,
4, Alan Saskin is seeking an extension of the time for the filing of a proposal and the stay of
proceedings to and including August 26, 2016,
5, Alan Saskin has acted and continues to act in good faith and with due diligence in seeking
to restructure his affairs after the date of the filing of the NOI,
6, The extension of time will permit Alan Saskin to formulate a plan to preserve value and
make a viable proposal to his creditors,
7. Alan Saskin is not aware of any creditors who are or would be prejudiced by the requested
extension,
8. Such further and other grounds as set out in the- Affidavit of Alan Saskin sworn June 30,
2016,
9, Such further and other grounds as set out in the Second Report of the Proposal Trustee (the
"Second Report"), to be filed with the Court,
.10, The provisions of the BIA and the inherent and equitable jurisdiction of this Court,
11, Rules 1,04, 1,05, 2.01, 2.03, 3.02, 16.04 and 37 of the Ontario Rules of Civil Procedure,
R.R.O. 1990, Reg, 194, as amended,
12. Such other grounds as counsel may advise and this Honourable Court may permit,
2
- 3 - 3
THE FOLLOWING DOCUMENTARY EVIDENCE WILL BE USED AT THE HEARING
OF THIS MOTION;
(a)
(b)
(e)
June 30, 2016
the Affidavit of Alan Saskin sworn June 30, 2016, and the exhibits thereto;
the Second Report; and
such further and other material as counsel may advise and this Court may permit.
BENNETT JONES LLP3400 One First Canadian PlaceToronto, ON M5X 1A4Fax: 416,863,1716
S. Richard Orzy (LSUC#: 231911)Tel: 416.777.5737
Raj Sahni (LSUC#: 42942U)Tel: 416,777.4804
Lawyers for Alan &Skin
Court File No. 31-2117602
IN THE MATTER OF 1171E BANKRUPTCY AND INSOLVENCY ACT, R.S.C. 1985, c. B-3, AS AMENDED
IN 1HE MATTER OF THE NOTICE OF INTENTION TO MAKE A PROPOSAL OF ALAN SASKIN
ONTARIO
SUPERIOR COURT OF JUSTICE(COMMERCIAL LIST)
Proceedings commenced at Toronto
NOTICE OF MOTION(Returnable July 11, 2016)
BEN3!WTT JoriEs LLP3400 One First Canadian PlaceToronto, ON M5X 1A4Fax: 416.863.1716
S. Richard Orgy (LSUC#: 231911)Tel: 416.777.5737
Raj Sh-ni (LSUC#: 42942U)Tel: 416.777.4804
Lawyers for Alan Saskin
5
ONTARIOSUPERIOR COURT OF JUSTICE
(COMMERCIAL LIMr0[IN BANRUPTCY]
...Court No, 31-2:117:012
IN TF 1MTTER OP Ti NOTICE OP INTENTION TO MAKE APROPOSAL OF AN. SASKIN
APOIDAVIT Ot ALAN SAWA
0.W010..Jittn.:3%.:1016).(Q:1\40110N FOR. EXTENNTON'Or.TM 1O,F40,1,40PoSia)
I, AL:ANSA:SKIM orthe City .erroronto, in the Provineo of 'Ontorio,, MAKE
OAT AND SAY A$ 'FOLLOWS:
1, I haY4-7, POW a NOtte6. Of Olt:exit:ton to Make a litopeoal ("NOI."): under th6B4iikr141110•
14,01Vdhej./...R,S,C, 19;85', :13-3,, arttended (the' "IRIA") respeOt fWhidh the. :order
reepiested itt,the motion.extending. the•'time within valid' a Proposal ',mast: be Iliad with. the
Offteial ReeOver is scegM and as 'gra), I :1100 lolo*lettge of the blotters sot ont below,
On: April 20, 701.6,1 fited an$01..with.thoOffiee of'fileStoperintOnden1 Vrtiatilm1p.tey
'Ito Valor todoe. Oro-op Ite:. ("F1411) was owned Uš. r0,1).0.$14 OW. TifOrcOS.al
till0t00"). WOO the NO, liaektrourid inibrolation rOspeet.. lily proposal prooeeding
Pagel, .2
!contained in waffidaviit sworn 444 y.2.004:6.'. (tile 'IOW :$444dit.MI4aviit"),,, A, Dopy: of:tht, Viva
St*In. Aftlawit (wtihotkokibi0.). i'8;:latta6404 40%01 it$!::Zdlibit'.'"A"„ YRited NW SOMA
Affitlavit, t foUnded aid :have 'Non ,tflieer and dirOdtov .6P:the 1.1tbanoor,p.:Gro:np. of Companies,
subgattiallyfl bieb :EITO themselves in the. midst ,:efrogrnototitaprovoodingo eitbor: tinder:The
•.:01A:or tho .0p10''.0.iotittors ArrangprnOtt Ag. R.;t(1
a. Pliov to:. Ito 140.T :filing; I Itad ',Nett'OlagagOdlte,.0OVtial niOttiotaiittOmpting to ren.dh
Informal .0Ott1onfloiltg, :erodtwrs biit 1;vittiotaAysl6rdli :taeoess:, .The litay::ofpreeetadin;;P:Vrovidod
by 1116 140.4, and tho poriod within whioh In op a1 oxiiiros: OP Tilly 1201 61, I !belt
ag. o0onsion thiletQ :Iø a proposal TIpoo.sooly permit: me tolermt.4404. Aisetie& ad
'ice '00 •Atipportatid: aneoptanoo,
pogitioa Ito. Amike.:wetablb proposal ttitbro )nty sni •29:i0 gpai 140,
senve, of,adt extension ;b000mo: banktapt.: irthga Nppen,g, :4'540 ,h'e leithe detiriment
:of Ay .ereditors.., Mnvever, none of vtottilnt$ wouldbolnittorially prOjndiad ifthO• OXTOniiOn
vatted,
tliteittdon IIitte fir .Filing a Proposal
oxii 4dviaed by my tOmUol, that the Wt f Wfiethor to, extend the time for Ming a
pfepty041 ander an NOT May b() summadzaet.as
Theperson.seeldng the extension aetetl, gnd tletitivio good: fAtith and:with be
ditionee;
The. pelson sookfog the .oiden6.1on. v:vanid.lik6.1..y'be able o make aNiablovoposal if
7
the extension were.granted; ;and
o. NO oroditor wonid be matedallyprejudieed: if the. ,exteradon wrotufli,
.M nota Ébove.,,..,I tobwo thal, I hm 'tee. actingin geod faith witli regard to all cf my
eedites, .oggaging in Cou*superviseel prozoodlugs te .ensure.tifair .zoe.s hatsoeks tø
tuaxiinioe 'ved4a., ln :partiel; j have of1..4ro4 le MI oopperagen :044 Ougeing, aSsistanee 'to. the
Propose irrote .end t Ille COAA, goidte rot lu 12ffiane.C4p eitreup of cote:Pelés that .are
otireerftly In OsÜnutellg. preocietlings,. I. have .also Wou ,dlligent ln. .these. offerte and: have hem
wddn tfreleesly .owr,the past sevrai monts to addrese the challenges ;I:heed by my :insQlyerieY,
These havoiriolnded,..amon other thine thefollowing:
•n., leng .lettli fie Popow '7'te to. met Ihe -,1itgeeg.)117etel'ee undereteding
tay, ageke end lifibilities;
b. ,engaging, in. preliminary disoussione .regardinga ptopp.eal end the linpaet. of the
restructuring of te Uitaneorp. ..(eaup »Çe...00epenti.ea •on. rey eteditors,
quetutn. ofetabei..ed.th:e p.ø 'Ie strue.trire of a. propeeal.;.'
e., eis.Sietitiglhe Proposai Trustee withaesponece tooradhor quelles; and.
.d›, meeting with . the Proposd Trustea-te confirrn 'th ty , t.).».$9.11.$ or ',111$ ougJow
etetterionts, ox.fd eiteunetapee.s,i
Tho reStruetuting of the. eoinpanics withiii the, Urbaneopp •Group hm multiple
;Meietapty connotions, As ta :principal equity holder at the :top of the :uorporate .ehart, ny
proposal will depond .on. the, veee.us .outoomes o4'4.!11.10.ng ether 'Mue ta be end, CCAA
prooedinge of lihe eo.rupardoe within ti e 'Uthaneer.Uroup, 1 IMe..freeine4i u:knoNviedgeable end.
8
.:effeetivo -RPopps.lti Trustee opyres044911 40•61 with 0109 .ocop.1:6xitigs, 3y 04
Page-4
ing time,
'fo 404 Withltiege .eottipiotitie.4 .aild.work oia itrì ,t0 nuotitizo vahro for,MaiitOts, I Whev6lhof
Wiittlb 410 tO.pm's,r‘ve. Valaarldmillte a vita& Noposal. to hay eteditOS.,
I. also believe-tat gOen the stipivision o iyofpropooal prootediivaby theltopo.sal.
Tro..spzi ad .:courtc, tio••,-rotfitat will be pittf4digoit.altlip tefttt f ilt0.d 414d. fholdaticotuti
thttovviii perit'itt tho 'adVallOanot
Conatisidit
'Portho toas'oxs. Sot at AbOVe:,. I lielirtite that atrexotisiob o'f.te to filo' apt 4O1..wilf
:testa to the .o 'ti tyl a viabl. prOposit totoy apditots, I 13woar this .affidavit in support .of
.the,Orders ,req);lested :and make :affidavit For no, improper or othorpirpose,
'SWOgisl 1111100MiTbronto thcp;Ptoviace' of Ontario MIR160 day' Oailne., 6,
9
TH招琳〕刃浓兹嘴似于“A介农忿l了喊晓栩穷l犷r办姗
人F‘丸办A侧T;0尹
八Jt认人释昌八:吕眯;l洲
了熟军‘()次N
TTI.0;r联 1 ,白尹;犷t汹舔动肠
入(;耽!1】注飞1j杖时叹孰n咯r物".JJtg叨政凌硫’公碱土s,时翻
’万不己沙乡。~段毯肠叹
10
TA /0SUPERIO RT JUSTICE
(J1 usT)riN tANkRuii
Conti Pile No.CetirtFije No,Quirt Pile No,.Court Pile No,
31.211755131.211158431-21175031.2117602
IN" THE SMATTER Op THE NOTICES OP INTENtION TO MAKE APROPOSAL OP EOVEsrr, INC„ EDGE REStiENTIAL INC„EDOE.ON TRIANOLSPARK INC„ and ALAN SASKIN
AI IXIOAVIT 9,k1 ALAN 'RASKIN.(Sworn' May 20, 281:6)
(On 1Vlotion for ExtensiOn 'of Moe to File Proposals)
I, ALAN RASKIN, of the City of Toronto, in the Por/11100 of Ontario, HAKE OATH
AND SAY AS FOLLOWS:
1, X am the sole officer and director of Bosvest Inc, ("Bosvest"), Edge Residential be,
("Residential") and Edge on Triangle Park Xno, ("Triangle") (Bosvest, Residential and Triangle
are collectively referred to as the "Edge Companies"), Each of the Edge Companies and X have
filed Notices of intention to Make a Proposal ("NQXs") under the Bankrtiptcy and Insolvency Act,
R,S,C, 1985, op B-3, as amended (the "MA") in :respeet of which the orders requested in the
within motion are sought and as such, I have lolowledge of the matters set out below,
WSLWALA075736 \ONO I \ 13620;100v2
11Page,„2
Overview
2, The Edge, Companies are indirect subsidiaries of Urbancorp Inc. ("UCI"), Which is the
100% Shareholder of Urbancorp 'Cumberland 2 GP Inc, ("Cuniberland 2 OP"), which in turn is
the general partner of Urbancorp Cumberland 2 LP ("Cumberland 2 LP"), which is the sole
sharehOlder and beneficial owner of the assets of Bosvest and an indirect shareholder of
Residential and Triangle. Cumbedand 2;1,1? is .also the:sole shareholder of Westside Gallery Lofts
("Westside Gallery"), 'The Edge Companies, Cumberland 2 GP, Cumberland 2 LP and
Westside Gallery are .collectively referred to herein as the "Cumberland 2 Group", A copy of
the UCI's basic organizational chart showing the Cumberland '2 group and their relationship to
UCI is attached hereto as Exhibit "A",
3, On May 18, 2016, the Ontario Superior Court of Justice (Commercial List) (the
"Ontario Court") issued the following Orders in respect of UCI and certain of its subsidiaries,
excluding the Cumberland 2 Group:
an Initial Recognition Order (Foreign Main Proceeding), recognizing proceedings
(the "Israeli Proceedings") .commeneed in the District Court of Tel Aviv.Yafo,
Israel (the "Israeli Court") on April 25, 2016 .as the foreign main proceeding in
respect of UCI pursuant to Part IV of the Companies' Creditors Arrangement Act
("CCAA") and recognizing Guy Gissin, the Functionary Officer and foreign
representative of UCI appointed by the Israeli Court .as the "Foreign
'Representative" ;
(b:,. a Supplemental Order (Foreign Main Proceeding), which inter Oa, appointed
WSIACIAL1075736\00001N13626$00v2
12Page, „3
KSV koftinan foci, ("ItM as the ."intdrination officer" 'of the Ontario Courtin
respect 'of the Israeli Proceedings and set out the powers of the InformatiOn
Officer; and
an Initial 'Order pursuant to the CCAA '(the "CCAA Iuit ai Order") in respect of
most Of the direct and indirect subsidiaries of .UCX (the '"CCAA COMpanies"), bUt•
not including Any of the companies in the Cumberland :2 ,Group, ,Pursuant to th(1,
CCAA Initial Order, KSV was ,appointed as monitor .(the "Monitor") in respect Of
the CCAA Companies with enhanced powers to 'oversee .and manage the business
and. operations of the CCAA Companies, and 11 prOtocOl was approved for
cooperation between the Monitor and the Forel:in Representative,
Copies ,of the .aforemantioned Orders are attached •as Exhibit "B" (Initial Recognition
Order); Exhibit "C" (Supplemental Order (Foreign Main Proceeding) .and Exhibit "D" (CCAA
Initial Order),
4, As noted above, the Cumbedand 2 Croup is not a debtor in either the aforementioned
CCAA proceedings or the Israeli Proceedings, On April 29, 2016, each of the Edge Companies
and X tiled NOIs with the Office of the Superintendent of Bankruptcy Canada, with The Fuller
Landau Group Inc, ("FL") as proposal trustee (the "Proposal Trustee"), The NOT proceedings in
respect of the Edge Companies have been kept separate from the .CCAA proceedings in respect of
UCI's other subsidiaries as the Edge Companies aro dealing primarily with claims of direct trade
creditors and construction lien claimants as opposed to the Israeli bondholder elairns and other
claims being dealt with by UCX and the •CCAA Companies, However, since UCX is the parent of
the Cmnberland 2 Group and there are intercompany claims between some of the CCAA
WSL1I0AiV15736100001\13626500v2
13Page, „4 •
.COrritianies 'and cOniPiinies in Oirrnitierland 2 Group, the Proposalirnstee has kept Canadian
counsel for the UCX •Poreign Representative and the Monitor for the CCAA Companies apprised
of the Edge Companies' NOI proceedings and has informed the that it intends to continue to keep
them so apprised 'and consult with them in connection with their respective interests in the
Cumberland 2 Group,
5, The stay of proceedings provided by the NOIs in respect of each of the Edge
Companies and myself will expire on May 28, 2016, As explained in greater detail below, the
Edge Companies and X have been engaged for several months in attempting to reach informal
settlements with creditors but without .overall success, In light of the Isreall Proceedings in
respect of UC1 and the insolvency preooedings commenced in .respeot of the other companies
within the Urbancorp group, the NOX proceedings in respect of :the Edge Companies were
undertaken to .ensure a •fair, Court-supervised process to oontinue to see if a oomprornlse or
settlement can be achieved with creditors, X believe that an extension of time to file proposals is
necessary to permit me and the Edge Companies to formulate, ,diseuss and implement one or more
workable proposals to creditors which will have their support and acceptance,
Without the extension, it is anticipated that the Edge Companies and X will riot be in a
position to make viable proposals before May 28, 201.6 and will likely become bankrupt, If that
happens, it will be to the detriment of the .creditors of the Edge Cornpanios and to my oreditors,
Moreover, none of my nor the Edge Companies' creditors would be materially prejudiced if the
extensions are granted.
WSIMAL\07573610000111'5626500v2
14Page, „fi
7, At the present time, banking arrangethents and related Services are proVided to the
Edge Companies by Urbancorp Residential Inc, ("Urbancorp Residential"), Urbancorp
Residential is one of the CCAA Companies, The Edge Companies do not presently have their
own bank accounts to receive payments a rent from the rental units and from which to pay their
expenses, Accordingly, interim arrangements have been :made with the CCAA Monitor to permit
Urbancorp Residential to continue to receive monthly rent cheques and to remit .the money
received to the Proposal Trustee for the •benefit of Residential, The Proposal Trustee has opened
trust accounts to ,accommodate these circumstances and the within motion requests that the
Proposal Trustee be authorized by the Court to open and manage bank accounts for the Edge
Companies to provide greater control over their cash management and avoid potential conflicts
relating to the CCAA 'Companies,
8. Cash flows for each of the Edge Companies have been filed in connection with the
NOPs and are attached as Exhibit "E" hereto and my personaLcash. flow filed in connection with
the NC% is attached as Exhibit 'IT", While there is not an immediate need .for cash at this time, the
edge Companies will be exploring the awdlability of debtor in possession financing or other
means of ensuring the Edge Companies can continue to meet their eash needs,
9, Among those cash needs are the amounts needed to fund professional fees 'throughout
these proceedings, Until alternate arrangements can be made, the Edge) Companies are seeking a
charge in the amount of $250,000 to seoure the payment .of .professional fees and disbursements,
Should money .be made available 'through the 'sale of units or other appropriate moans of raising
cash, these arrangements can be revisited and reasonable adjustments made to address the then
current circumstances,
WSMAL1075736100001\1362000v2
15Page,„6
.osvest
10, Bosvest is a corporation incorporated on December'31, 2004, pursuant to tho 'laws of
Ontario, In 2010, Bosvest contracted with a partner in a co-tenancy arrangement, whereby
Bosvest would hold a 66,67% interest in Triangle and the ,partner would hold a 33,33% interest in
Triangle, :In. accordance with those arrangements, the partner and Bosvest built a mixed project
which includes income producing and development parts which is 'known as the "Edge Project",
The EdgeProject consists oftwo towers of 21 and 22 stories built on top .of a 7 story podium with
a total above grade buildable floor area of approximately 690,678 sqft, consisting of 666
residential units, The bulk of those units have been sold and the cotenancy arrangement with the
aforementioned partner was terminated such that Bosvest is now the solo owner of Triangle,
There are 32 residual unsold 'units Which are still held by Residential as nominee for Cumberland
2 I .as rental units, Approximately 38;954 sq, ft, of vacant office 'space and 10 residential units
are held by Triangle, also as a nominee for Cumberland 2 L1. The beneficial interests in these
properties are ultimately held by Cumberland 2 LP, which Itself recently filed an NOIon May 20,
2016 with FL as Proposal Trustee,
Creditors of Dosvest
11, As disclosed in the list of creditors in the NQI filing, Bosvest has .creditors who are
owed approximately $5,4 .million according to its books and records, This list.of creditors is
attached as Exhibit "G" and may be subject to revisions as the Proposal Trustee receives any
additional claims and reviews information relating to claims,
W51IMAL107573610000 IA 13626500x2
16age, „7
12. On May 16, .2016, search of reigistratiens' against BoSveSt was ,Coridticted under the
Personal Property .Secarity Act, R.8.0, 1990,.c, P,10, as amended (the "ITSA"), The uncertified
search results disclosed the following .secured creditors for Bosyest (in order of their registration):
Crater potent! Collateral
Firm Capital Mortgage Fund Inc, Share pledge agreementrespecting shares in the capitalstoOk of'Tilangle
Terra Firma Capital Corporation Multiple).SecurIty
Attached as Exhibit "1-1" is .a copy of the PPM Search for Bosvest dated May 16, 2016, 'Bosvest •
and the Proposal Trustee are reviewing these registrations and the fact that they are listed herein is:
not an admission of the validity of their security or any cletinis the claimants may assert.
Funding during the Islat
.13, Since Bosvest filed Its NO1 on April '29, 2016, Bosvost has incurred no cash needs
other than funding of its professionals in connection with N proceedings and related matters,
Triangle
14, Triangle .is a corporation incorporated on February 2, 2010 pursuant to the laws of
Ontario, As mentioned above, I am the sole officer and director of Triangle, ,Arnong other things,
as noted above Triangle owns as a nominee approximately 38,954 sq, ft, of vacant office space in
WSLECIALA075736100001113026$00v2
17Page„,8
the Edge Project, which space is .subject to a Section 37 (Planning Act) agreement with the City of
Toronto; as well as 10 residential units,
Creditors of Mangle
15. As disclosed in the list of creditors in The NOX filing, Triangle's creditors are Owed
approximately $27,5 million according to its books and records, This list of creditors is attached
Its Exhibit "r and may be subject to revision as the Proposal Trustee receives any additional
claims and reviews information relating to claims,
16, On May 16, 2016, a search of registrations against Triangle was conducted under the
PPSA, The uncertified .search results disclosed the following secured creditors for Triangle (in
order of their registration):
crccli.tor
Aviva Insurance Company ofCanada)3 auk of Montreal
Bank of Montreal
Tem Firma Capital Corporation
WSL5OAL1015736100001 \13626500v2
Generojgolloteral Description
Multiple murky on property at2,6 LisgarStreet, Toronto
Assignment of proceeds under anagreement between Epic on Triangle ParkIna, and the debtor dated June 20, 20.12
18Page, , ,0
Siller WS kip SOInti6ns up Xno, TWOliadtilsorter recycling syketns.FortyIloor oontrolpanels for ,automatedfootling systeilisi Two V'St 302cornp4otors, TWo extension hoppers,ThWeetit 5.-yardgarbage compactioncontainors"(sedatnninhors CA 'through
(31 ).1!:T.41400q-Y,*.fMit grid loadingreqcling COntainers numbers.SithroUgh SI)',""tWO.WS6 2", generationodourdontiols, Three 3yar0 noncompaction. garbage containers for the retailcomponent,
Terra IIrma Capital Corporation Property used in •connection with or situateat orarising from the ownership,develetiqi6nt,nse ar disposition of the landsknowns as 2.6 Lissar Street, Toronto andthe proceeds there'd,
Attached as Exhibiti" is •a copy of the PPSA Search forTriangle dated May 16, 2016, Trianglb
and the Proposal Trustee are reviewing these registrations and the fact that they are listed herein is
not an admission of the validity of their security or any claims that the claimants may assert,
Funding during the NM
17, Triangle has .approximately $100,000 in trust funds hold by 'its legal counsel, Its most
pressing cash needs total approximately $24,000 consisting of condominium fees, maintenance
expenses, and small scale construction costs,
W$LBOALA075736100001113626500v2
19Page, „10
18, Residential is a corporation incorporated on April 10, 2015 pursuant to thelaws of Ontario of
which I am the •sole officer .and director. Residential holds 32 oondominium Units lathe Edge
Project as a nominee for Bosvest though the :ultimate beneficiary is Cumberland 2 LP,
Creditors of Residential
19. As disclosed in the list of creditors in the NOI filing, Residential has creditors who are
owed approximately $7,2 million according to its boeks and records, This list of creditors is
attached as 13xhibit "K" and may be subject to revision as the Proposal Trustee receives any
additional .claims and reviews information relating to claims,
20. On May 16, 2016, a search of registrations against Residential was conducted under
PPM, The uncertified search results disclosed the 'following secured creditors for Residential (in
order of their registration):
Terra Firma Capital Corporation
gencrat c9liett914pocriptiva
Assignment of rents withrespect to various units at 2-6Lisgar Street (96 Lisgar Street),Toronto Standard CondominiumPlan No, 2448, City of Toronto
Attached as Exhibit "L" is a oopy of the FFSA Search for Residential dated May 16, 2016,
Residential and Proposal Trustee are reviewing these registrations and the fact that they are listed
WSIMAL107$736\0000111.3626$00v2
20Page...1,1
herein IS not .adnAssiOn of the validity (:)i' their security or any claims that the claimants may
assert,
Fultding.darhtg the ATM
2'l, Residential is. awaiting the collection of approximately $24,00 'from Urbancorp
Residential with respect to monthly rent for the rented Residential 'condominium units that were
deposited into Urbancorp Residential's bank account. As well, ongoing rental revenue due to
Residential but automatically deposited to Urbancorp Residential' s bank •account will be paid to
Residential from Urbancorp Residential on a monthly basis. Residential's most pressing cast
needs total approximately $90,000 consisting of condominium fees, maintenance expenses, and
limited 'construction costs,
Saskin
22, As sot out more' comprehensively in my affidavit sworn and filed in• the CCAA
Proceedings in respect of the .CCAA Companies, I arn the sole director and officer of the CCAA
'Companies and I felt it 'was appropriate to steplback and to recommend that the Monitor be vested
with enhanced powers as monitor to make ,material decisions in respect of the operation of the
business and the conduct of the activities within the CCAA Proceedings, whieh hope will have
the effect of building stakeholder confidence and maximizing value in the restructuring process
undertaken in the CCAA. Similarly, the .edge Companies were filed into NCH proceedings to
ensure a fair, court.supervised process to try and Teach a compromise with their creditors and
maximize value for the creditors of the Cumberland 2 Group,
WSIMAL10.75736100001 \ 062600*
21Page,, ,1.2
As an individnal, X am etirrently facing 'a number of claims and lawsuits emanating
from a variety of sources including class action lawsuits, breach of trust claims under the
Construction Lien Act (Ontario) and direct claims for money borrowed or for loans which X have
personally guaranteed, Prior to the filing of the NON• I had been attempting to informally
negotiate with creditors for forebetwance of their claims :against me, As a result of the quanturn
and diversity of such °Mims and increasingly evident realization that owing to the disposition of
certain creditors it was not practical for me to continue to try and deal with These claims outside of
a restructuring proeeeding, I took the. decision .to file myself and the Edge Companies with a viow
to pursuing a workable solution in tho form .of a proposal,
Creditors of Saskitt
24, In my list of creditors in the NOI filing, I have listed creditors .who are owed
approximately $23 .million, This list includes .approximately $14;073 million asserted by
claimants in a class action claim filed in Israel, in respect of which my liability (if any) has not yet
been determined. This list of creditors is attached as Exhibit "AV and may be subject .to revision
as the Proposal Trustee receives any additional claims and reviews information relating to claims,
25, On May 16, 2016, a search of registrations against me under PPM was oonduoted, The
uncertified search disclosed the •following secured creditors (In order of their registration);
Creditor Giene;ial ColInteral,Descdptioll
MVL Leasing Limited 2014 Tesia S (VW 5Y,1SAIH20EFP64795)
MVL Financial Services Limited '2003 Aston Martin DB9 (YINSCFADO2A350B03303)
WSLTWAL107$7361000011136p500v2
22Page „ ,13
Terra Pirriut Capital Corporation pledge of shares in Urbana*Hold%) Ina, andUrbancolp
First Capital Realty Inc, Late 'Renewal of Registration Munber2010060810521292677
Terra Firma Capital Corporation Guarant6e, & assignment & Postponementgiven by the debters in favour of the,seaured party which, assigns, and postponesall debts and liabilitieo owed by.Urbancoiplioldao Inc, to tho debtors,
Canadian Mortgage Servicing Assignrn'ciiit andpostponernent in favour ofCorporation the secured:party of all indebtedness and
liability of Urbancorp (Patricia) Ina, to thedebtor(s) pursuant to guarantee given bythe debtor to the secured party,
Canadian Imperial Bank of Postponement of all claims of the debtorsCommerce with respect to all debts and liabilities of
Urbancot'p (LeslieVille) Developments Inc,to the debtors, ail, of which are postponed infavour of the secure :,party,
Terra Firma Capital Corporation
Atrium Mortgage Investment Guarantee and postponement of claimCorporation given by the debtors in favour °lithe
muted party which 'assigns and postponesall debts And liabilities owed by Urbanaorp(Patricia) Ina, to the debtors,
Atrium: Mortgage Investment Guarantee and postponement of claim'COrporation given by the debtors l'ireavour of the
scoured party which assigns and postponesall .debts and liabilities owed by Urbanoorp(Mallow) Inc, to the debtors,
Terra Firma Capital Corporation Subordination and assignment reUrbaneorp (Patricia) Ina, debt,
Laurentian Bank of Canada Assignment of accounts owing byUrbancorp (Patricia) Ina, and assignment ofahoses-in,action and 'other claims which thedebtor has :against Urbancorp (Patricia) Ina,
• Terra Firma Capital Corporation
WSL, A 1,1071736\0000111$626500v2
Atrium 1Viortgage InveknientCorporation
Laurentian Bank of Canada
Terra Firma Capital Corporation
Terra Firma Capital Corporation
TWO, Firma Capital Corporation
Terra Firma Capital Corporation
Hendrick and Main DevelopmentsIna,First Capital 1071 Corporation
Firm Capital Mortgage Fund Inc,
Bank of IVIontreril, asadministrative agent
23Page„ .14
Guarantee and postponement of darngiven by the debtors in favour; of thesecured party which assigns and postponesall debts and1iabilities owed by Urbancorp(Bridlepath):Ine. to the debtors,
Assignment of flOcatInt8 owing byUrbancorpu(Woodbine) Inc, and assignmentof choses.in-action •and other elaims whichthe.debtor has against Urbancorp(Woodblne)
;Security interest in all of the debtor's right,title and interest in all persOnal propertylocated at, arising from .or used inconnection with the lands and premisesmunicipally known as 1780 LawrenceAvenue West, Toronto, including withoutlimitation all present and future rantsarisingtherefrom,
Postponement and assignment to and infavour of the secured party of allindebtedness arid liability now or hereafterowing from Urbancorp (Lawrence) Dm tothe debtors,
guarantee and postponement of claim withrespect to Urbancorp Old Mill Inn.
Postponement of claims.
Assignment of all claims owing byUrbancorp The Bridge Inc, in favour ofAlan Saskin,
Attached as Exhibit "N" is a copy of the PPSA Search for me dated May 16., 2016. X and my
Proposal Trustee are reviewing these registrations and the hot that they are listed herein is not an
adrnission of tho validity of their security or any claims the claimants may assert,
WSLECIAL10757161000011136265004
24Page, „15
:Extern..ion iVIVite.hr Me 106
26, 'I am advised by my counsel, that the test for whether to extend the time for filing a
proposal under 'an NOI may be summarized as follows:
The person seeldng the extension acted, and is acting, in good faith and with clue
diligence;
The.persOn seeking• the extension would likely be .able to make a viable proposal if
the extension were granted; and
No creditor would be materially prejudiced if the extension were granted,
27, As noted above, I believe that the Edge Companies and myself have been noting in
good faith with regard to all of their respective creditors and stakeholders and my own creditors
by engaging in Court-supervised proceedings to ensure a fair process that seeks to maximize
value, I also believe that the gclp Companies and I have been diligent in these •efforts and have
been working tirelessly over the past several months to address the Challenges faced by our
insolvenoies, The restructuring of the Urbancorp group of eompanies is wide-ranging, and that of
the Edge .Companies while more self-contained still has multiple intercompany connections. As
the principal equity holder at the top of the oorporate chart, my proposal will depend on the
various outcomes with respect to Ufbaneorp entities both within the CCAA proceedings, these
NOI proceedings and beyond, The Edge Companies and I have retained knowledgeable and
effeetive Proposal Trustee and representation to deal with the complexities, By allowing time to
deal with those complexities and work on a plan to MaXIMIZO value for creditors, I believe that I
WSLUCIA1~\075736100001\13626$00v2
25Page. „1+5
and the 8clge Companies will be able to preserve value and slake a viable proposal to their
oreditors,
28, X also believe that given the supervision of these proceedings by the Proposal Trustee
and the Court, no creditor will be prejudiced if the extension is granted and the additional time
will permit 'the advancement of the formulation of a workable proposal,
Administration Charge
29, It is contemplated that FL, In its capacity as the proposal trustee of each of the Edge.
Companies, counsel to the Proposal Trustee, and counsel to the Edge Companies would be
granted a court”ordered charge on the assets, property, and undertakings .and any additions or
replacements thereto of each of the Edge Companies. to MUM their fees and disbursements up to
the maximum amount of $250,000 (the "Administration Charge"). X am of the view that the
Administration Charge is fair and reasonable in the eircuMstanees and will belp to ensure that the
professionals engaged in the restructuring process will be able to carry out their work for the
benefit of 'the creditors .of the Edge Companies,
30, The nature of the Urbancorp group of companies' business and operations requires the
expertise., knowledge, and continuing participation of the proposed beneficiaries of the
Administration Charge in order to complete a viable proposal, The professionals that are to be
beneficiaries of the Administration Charge have contributed, and continue to contribute, to the
restructuring process and the planned .proposal, I believe that the. Administration Charge is
necessary to ensure their continued participation,
W5L5QADO15736100001113626500y2
26Page, „17
Noe:aupal eonsolidiiiiim
3.1, Each .of Triangle and Residential are nominees for .nn ultimate beneficiary, Cumberland .2
LP, At the time of swearing this affidavit, Cumberland 2 LP and its general partner, Cumberland 2
OP 1ne, have also recently filed NOI's. The Proposal Trustee will be reviewing furtNr
information relating to those entities to' determine whether to seek the Court's permission tO
consolidate those proceedings with the.Cumberiand 2 proceedings at a future court appearance,
32, I have been advised by the Proposal Trustee that unless directed differently by the Court,
the Proposal Trustee would be obliged under the 131A to make multiple motions, filings, and
reports in respect of each of the NOI filers,
33, I believe that those proceedings can be more economically and effielently managed on
a joint basis for the Edge Companies through proeedural consolidation, which will lesson the cost
and impact on creditors and stakeholders and will riot prejudice an,y party.
Conclusion
34, Por the reasons set out above, I believe that an extension of time for the Edge
Companies and myself to file proposals. will result in the production of a viable proposal to their
and to my creditors respectively. I swear this affidavit in support of the Orders :requested and
make this affidavit for no improper or other purpose,
WSLWAL1075736100001113626500v2
27Esago„ , 18
SIVORNI3EFORE.M. tha City OfToronto ln the Pr ovum of Ontario this20th day of May, 20i
A rifinissionaic ato;
AdmiMark 0110h, 4.0oRriffisolgner, eta,'PaivInueot optario4orItiv.nOtorUntiouGrOUPlim,anclito:tigettitataiintligt111600.Explres:Aupst120; 20101
WSLECIA1a10757361000011136200011
•L ILA , ; , TN TEEKMATTEROF _laii; NOTICES OF rmagmgesi_tiu : :41. A.-,Hie No. 31-2117551"" • ' -- - • PROPOSAIJOV BOSVEST INC:, El)".GRESTUENTIALINC.,;'El.IGE and File No. 3 r2.1.155134
ON TRIANGLE PARK INC, and ALAN gASSIN Cotrt File No, 31-211756fCourt-File No. 31-2117602
ONTARIOSUPERIOR cfifIRT OF JUSTICE
(COMMERCIAL TAW)LIN BAMKRUPTCYJ
Proceeangs anninenced at Terentti
.AFF/DAVV: QF MANSASWINoral ?gay 20; mg
OCK.ouctiltprExitetidwafirnne tpyk
BENNETT JOTP3400 One Fist' Canaffian "PlaceToronto, ON 1115X 1A4
416_863.1716
Raj Salmi (ISEICS: 42942U)T 416377.4804
Layers for Alan-SaQ3cin
IN 111E MAI 1ER OF THE BANKRUPTCY AND INSOLVENCY ACT,R.S.C. 1985, c. B-3, AS AMENDED
IN 1HE MATTER OF THE NOTICE OF INTENTION TO MAKE APROPOSAL OF ALAN SASKIN
Court File No_ 31-2117602
ONTARIOSUPERIOR COURT OF JUSTICE
(COMMERCIAL LIST)FIN BANKRUPTCY]
Proceeding commenced at Toronto
Ati141DAVIT OF ALAN SASKIN(Sworn June 30, 2016)
(On Motion for Extension of Time to File Proposal)
BENNETT JONES LLP3400 One First Canadian PlaceToronto, ON ABX 1A4Fax: 416.863.1716
S. Richard Orzy (LSUC#: 231811)Tel: 416_777_5737
Raj Sahni (LSUC#: 42942U)Tel: 416.777.4804
Lawyers for Alan Saski-n
30
Estate No,/ Court File No,: 31.-2117602
ONTARIOSUPERIOR COURT OF JUSTICE
(COMMERCIAL LIST)
THE HONOURABLE MR,
JUSTICE PENNY
MONDAY, THE 11TH
DAY OF JULY, 2016
IN THE MATTER OF THE BANICRUPTCY AIVA INSOLVENCY ACT,R.S.C. 1985, c. B-3, AS AMENDED
AND IN THE MATTER OF THE NOTICE OF INTENTIONTO MAKE A PROPOSAL OF ALAN SASKIN
ORDER
THIS MOTION, made by Alan Saskin for an order, among other things, extending the
time for Alan Saskin to file a proposal pursuant to section 50,4(9) of the Bankruptcy and
Insolvency Act (Canada), R,S,C, 1985, c, B-3, as amended ("13IA"), was heard this day at 330
University Avenue, Toronto, Ontario,
ON READING the Notice of Motion, the affidavit of Alan Saskin sworn June 30, 2016,
and the Second Report of The Fuller Landau Group Inc, in its capacity as proposal trustee of
Alan Saskin (the "Proposal Trustee"), and on hearing the submissions of counsel for Alan
Saskin, the Proposal Trustee and such other counsel as were present, no one else appearing
although duly served as appears from the affidavit of service, filed,
1, THIS COURT ORDERS that the time for service of the Notice of Motion and the
Motion Record is hereby abridged and validated so that this Motion is properly returnable today
and hereby dispenses with further service thereof,
2, THIS COURT ORDERS that the time for the filing of a proposal by Alan Saskin is
hereby extended in accordance with section 50,4(9) of the BIA to and including August 26,
2016,
2 31
3. THIS COURT ORDERS that each of Alan Saskin and the Proposal Trustee be at liberty
and is hereby authorized and empowered to apply to any court, tribunal, regulatory or
administrative body, wherever located, for the recognition of this Order, and for assistance in
carrying out the terms of this Order and any other Order issued in these proceedings,
IN I tIE MATTER OF IHE BANKRUPTCY AND INSOLVENCY ACT, Court File No.: 31-2117602R.S.C. 1985, c. B-3, AS AMENDED Estate No.: 31-2117602
AND IN 1HE MAUER OF IIIE NOTICE OF INTENTION TO MAKE APROPOSAL OF ALAN SASKIN
ONTARIOSUPERIOR COURT OF MIS IICE
(COMMERCIAL LIST)
Proceeding commenced at Toronto
ORDER
BENNETT JONES T P3400 One First Canadian PlaceToronto, ON M5X 1A4Fax: 416_863.1716
S. Richard Orzy (LSUC#: 231811)Tel: 416_777.5737
Raj Sohni (LSUC#: 42942U)Tel_• 416.777.4804
La-wyers for Alan Saskin
IN I IL E MAI IER OF HIE BANKRUPTCY AND INSOLVENCY ACT, Court File No.: 31-2117602R.S.C. 1985, c. B-3, AS AMENDED Estate No.: 31-2117602
AND IN IRE MATTER OF IHE NOTICE OF INTENTION TO MAKE APROPOSAL OF ALAN SASKIN
ONTARIOSUPERIOR CO URT OF JUSTICE
(CO1VIMERCIAL LIST)
Proceeding commenced at Toronto
MOTION RECORD(Returnable July 11, 2016)
BENNETT JONES LLP3400 One First Canadian PlaceToronto, ON M5X 1A4Fax: 416.863.1716
S. Richard OrLy (LSUC#: 231811)Tel: 416.777.5737
Raj Sahni (LSUC#: 42942U)Tel: 416.777.4804
Lawyers for Alan Saskin