Completed engagements

Agriculture
Meat Processing (Mariposa Meat)

Meat Processing

Nature of Engagement
Court appointed Receiver and Trustee in bankruptcy to realize on the business assets of a contaminated meat processing company and related company real estate.
Summary of Strategy Employed & Outcome
Successfully sold the real estate during a depressed market, sold business assets via an auction and disposed of contaminated inventory.
Meat Processing (New York Pork & Food Exchange Ltd.)

Meat Processing

Nature of Engagement
Court Appointed Receiver of a mid-size meat processing company
Summary of Strategy Employed & Outcome
Liquidated the inventory of meat and realized on other assets for a 100% payout to the secured creditors.
Poultry Processor (Niagara Poultry)

Poultry Processor

Nature of Engagement
Court Appointed Receiver/Manager of a mid-size fresh poultry processor.
Summary of Strategy Employed & Outcome
Operated the business for several months under provincial marketing quotas in order to maintain the goodwill of the business and sold it on a going concern basis resulting in a full payment to the secured creditor.
Construction
Westway Investments Inc.

Westway Investments Inc.

Nature of Engagement
On March 8, 2013, msi Spergel Inc. was appointed Trustee of the estate of Westway Investments Inc. (“Westway”). Westway was a masonry contracting company previously located in Mississauga, Ontario.
Summary of Strategy Employed & Outcome
Senarra Driftwood Inc., Senarra Waterways Inc., Senarra Waterways Ltd., Sentex Homes (Estates of Guildwood Village) Inc., and Sentex Properties Ltd.

Senarra Driftwood Inc., Senarra Waterways Inc., Senarra Waterways Ltd., Sentex Homes (Estates of Guildwood Village) Inc., and Sentex Properties Ltd.

Nature of Engagement
Appointed by the Ontario Superior Court of Justice on August 23, 2012 as Receiver over Senarra Driftwood Inc., Senarra Waterways Inc., Senarra Waterways Ltd., Sentex Homes (Estates of Guildwood Village) Inc., and Sentex Properties Ltd. (the “Debtors”). The Debtors are related companies in the business of land acquisition, site servicing and home building with liabilities owing to secured lenders of approximately $18.3 million. Significant assets include an incomplete town house development located in Bracebridge, Ontario known as The Waterways of Muskoka and undeveloped land located at 19 Orchard Point Rd. in Orillia, Ontario.
Summary of Strategy Employed & Outcome
Tanenbaum Landscape & Design Inc.

Tanenbaum Landscape & Design Inc.

Nature of Engagement
On April 8, 2014 Tanenbaum Landscape & Design Inc. (“Tanenbaum”) filed an assignment in bankruptcy and msi Spergel Inc. was appointed as its Trustee in Bankruptcy. On April 11, 2014 msi Spergel Inc. was appointed by a secured creditor as a Receiver over all of the assets and undertakings of Tanenbaum pursuant to provisions in the Bankruptcy and Insolvency Act. Tanenbaum operated as a construction company based in Oakville, Ontario, specializing in landscaping for commercial developers and municipal governments.
Summary of Strategy Employed & Outcome
Construction (Roma Structural)

Construction

Nature of Engagement
Court Appointed Liquidator under the Ontario Business Corporations Act to wind up operations of a construction company due to a shareholder dispute
Summary of Strategy Employed & Outcome
Completed construction of outstanding contracts and remedied deficiencies resulting in distribution in full to all unsecured creditors
Demolition and Environmental Remediation (Terrasan Environmental Solutions Inc., WCL Management Inc., Terrasan Metal Fabricators Inc.)

Demolition and Environmental Remediation

Nature of Engagement
Bankruptcy Trustee of 3 related companies providing demolition and environmental remediation contracting services with total liabilities of $45 million and substantial priority trust claims owing to Canada Revenue Agency
Summary of Strategy Employed & Outcome
Engaged by Canada Revenue Agency to realize on the capital assets and accounts receivable in order to maximize realizations for all creditors.
Consulting to Asset-based Lenders
Manufacturing of ropes, development and distribution of hardware and software for electronic games, plastics manufacturer

Manufacturing of ropes, development and distribution of hardware and software for electronic games, plastics manufacturer

Nature of Engagement
Engaged to perform an independent review of the debtor’s assets and liabilities in order to evaluate the strength and value of the secured lender’s collateral, including an international manufacturer of ropes ($3 million), a developer and distributor of electronic games and related software and hardware ($40 million) and a plastics manufacturer for tier 2 automovitve suppliers ($5 million).
Summary of Strategy Employed & Outcome
Our engagements generally include a review of the value of all assets, including an appraisal of capital assets, a determination of liabilities ranking in priority to secured lenders and recommendations to lenders with respect to enforcement or forbearance proceedings and management with respect to business improvement strategies.
Shoe Manufacturing, hardwood/sawmill manufacturing, manufacturing and distribution of fur coats

Shoe Manufacturing, hardwood/sawmill manufacturing, manufacturing and distribution of fur coats

Nature of Engagement
Engaged to perform detailed examinations and evaluations of several proposed borrowing facilities for a Tier 1 US bank, including an Ontario shoe manufacturer ($90 million), a full phase British Columbia hardwood sawmill/manufacturer ($18 million) and a manufacturer and distributor of high end fur coats ($5 million).
Summary of Strategy Employed & Outcome
Our engagements generally involved a review of the debtors’ history, products, ownership structure, an assessment of the strengths and weaknesses of the companies, a detailed analysis of key assets, liabilities and related books and records, together with a recommendation on the proposed advance rates; all in accordance with the lender’s standard Survey Examination program.
Distribution
Electronics Distributor (Omega Electronics Inc.)

Electronics Distributor

Nature of Engagement
Appointed by the Ontario Superior Court as a Receiver over a large distributor of electronic components.
Summary of Strategy Employed & Outcome
Sought and obtained competitive bids and ultimately conducted a liquidation of component inventory.
Fine Art Distributor (Jennart International)

Fine Art Distributor

Nature of Engagement
Court Appointed Receiver of a fraudulent fine art distribution company and its principal.
Summary of Strategy Employed & Outcome
Conducted a thorough investigation into the affairs of the fraud to be pursued by the police and liquidated all assets of the business and the principal.
Healthcare
Pharmacy, medical walk in clinic and medical office building (2266975 Ontario Inc. o/a Markham Endoscopy, Markham Endoscopy Diagnostics Inc. and Markham Endoscopy Ltd.)

Pharmacy, medical walk in clinic and medical office building

Nature of Engagement
appointed by the Ontario Superior Court of Justice as Receiver of all the assets, undertakings and properties
Summary of Strategy Employed & Outcome
Dr. G. Stenzler Dentristry Professional Corporation

Dr. G. Stenzler Dentristry Professional Corporation

Nature of Engagement
On June 3, 2014, msi Spergel Inc. was appointed by the Ontario Superior Court of Justice as Receiver of all the assets, undertakings and properties of Dr. G. Stenzler Dentristry Professional Corporation (“Company”). The company is a dental practice operating in Scarborough, Ontario.
Summary of Strategy Employed & Outcome
Pharmacy, medical walk in clinic and medical office building

Pharmacy, medical walk in clinic and medical office building

Nature of Engagement
Summary of Strategy Employed & Outcome
Court Appointed Receiver on May 7, 2012 over 4 retail pharmacies and the real property of two of the locations. Successfully managed operations for four months at which time all assets were sold to a new operator.
Retail pharmacies

Retail pharmacies

Nature of Engagement
Summary of Strategy Employed & Outcome
Court Appointed Receiver on March 16 , 2012 over a pharmacy, medical walk in clinic and medical office building and the real property of two of the locations. Successfully managed operations for four months at which time all assets were sold to a new operator.
Information Technology
Authentech Communications Canada, Inc.

Authentech Communications Canada, Inc.

Nature of Engagement
On April 1, 2014 Authentech Communications Canada, Inc. (“Authentech”) filed a Notice of Intention to file a proposal to its creditors and msi Spergel Inc. was named as the Proposal Trustee. On April 15, 2014 Authentech’s assets were sold to NX Utilities Inc. pursuant to a Court Approval Order. Authentech was deemed bankrupt on May 2, 2014 and msi Spergel Inc. was appointed as the Trustee in Bankruptcy.
Summary of Strategy Employed & Outcome
Software Developer (Digital Fairway Corporation)

Software Developer

Nature of Engagement
Proposal Trustee and Trustee in bankruptcy for a software developer.
Summary of Strategy Employed & Outcome
Negotiated a sale of the debtor’s developed software and obtained substantial funds from Canada Revenue Agency for Scientific Research and Development costs incurred prior to bankruptcy.
Investigative Recievership
Jennart International Inc. & Jeanette Marie Craddock

Jennart International Inc. & Jeanette Marie Craddock

Nature of Engagement
Court Appointed Receiver of an art dealer, Jennart International Inc. and its sole shareholder and director, Jeanette Marie Craddock pursuant to an application made by a lender owed in excess of $7 million pursuant to a factoring agreement supported by bogus contracts for the supply of art. The Receiver performed a forensic investigation into the expenditures of all funds advanced and liquidated all assets.
Summary of Strategy Employed & Outcome
Manufacturing
Mid-Canada Fiberglass Limited

Mid-Canada Fiberglass Limited

Nature of Engagement
On November 4, 2013, msi Spergel Inc. was appointed by the Ontario Superior Court of Justice as Receiver of all the assets, undertakings and properties of Mid-Canada Fiberglass Limited (“MCF”).
Summary of Strategy Employed & Outcome
GlenParr Trade Litho Limited

GlenParr Trade Litho Limited

Nature of Engagement
On April 24, 2014 secured creditors of GlenParr Trade Litho Limited (“GlenParr”) appointed msi Spergel Inc. as Receiver over all of the assets and undertakings of GlenParr. On May 15, 2014 GlenParr filed an assignment in bankruptcy and msi Spergel Inc. was appointed as the Trustee in Bankruptcy. GlenParr operated as a printing company located in Scarborough, Ontario.
Summary of Strategy Employed & Outcome
Manufacturer of Road Construction Equipment (Superpac Acquisitions Inc.)

Manufacturer of Road Construction Equipment

Nature of Engagement
Court Appointed Receiver by an asset-based lender of an Ontario manufacturer.
Summary of Strategy Employed & Outcome
Finalized sale of the business as a going concern to provide a full $6 million payment to the secured lender and 30% to all unsecured creditors.
Manufacturer of Health and Safety Products (Norpak Manufacturing Inc.)

Manufacturer of Health and Safety Products

Nature of Engagement
Court Appointed Receiver of an Ontario manufacturer having combined secured debts of approximately $4 million.
Summary of Strategy Employed & Outcome
Negotiated a going concern sale of the business within a 3-month period.
Consumer Battery Manufacturer (Talisman International Inc.)

Consumer Battery Manufacturer

Nature of Engagement
Appointed as Receiver for an asset-based lender of a NASDAQ listed Ontario manufacturer of consumer batteries having sales throughout North America.
Summary of Strategy Employed & Outcome
Continued the operations of the business in order to complete the company’s work-in-process, while enhancing the collectability of the accounts receivable and entertaining offers to purchase the business on a going-concern basis.
Manufacturer and Distributor of Smoke Alarms and Carbon Monoxide Detectors (American Sensors Electronics Inc.)

Manufacturer and Distributor of Smoke Alarms and Carbon Monoxide Detectors

Nature of Engagement
Court Appointed Monitor under a CCAA proceedings, and subsequently appointed as Receiver, of a NASDAQ/TSX listed manufacturer having operations in Ontario, Mexico, the U.S.A, and the U.K.
Summary of Strategy Employed & Outcome
We operated the Company for several months and negotiated a going concern sale of the business, resulting in full payment to the major secured creditors of approximately $15 million.
Amusement and Gaming Industry (JVL Corporation)

Amusement and Gaming Industry

Nature of Engagement
Court Appointed Interim Receiver to market and sell a fully integrated manufacturer of coin-operated touch screen machines for the amusement and gaming industries.
Summary of Strategy Employed & Outcome
Assets were sold for $22 million enabling the continuation of the business as a going concern.
Leather Tannery (A.R. Clarke)

Leather Tannery

Nature of Engagement
Court Appointed Receiver
Summary of Strategy Employed & Outcome
Liquidated the business assets and sold the real estate of an environmentally challenged property.
Tier 2 Automotive Parts Manufacturer (Horn Plastics Inc.)

Tier 2 Automotive Parts Manufacturer

Nature of Engagement
Court Appointed Interim Receiver for the purpose of sourcing and negotiating a sale of the business as a going concern.
Summary of Strategy Employed & Outcome
Successfully sold the business at market price and in the process was able to save jobs for 70% of a workforce of 90.
Metal Plating (Rauscher Plating)

Metal Plating

Nature of Engagement
Trustee in Bankruptcy with an agency appointment from Canada Revenue Agency for the sale of capital assets.
Summary of Strategy Employed & Outcome
Arranged for the clean-up and mothballing of an environmentally challenged metal plating plant.
Other
Sikh Temple (Nanaksar Thath Ishar Darbar)

Sikh Temple

Nature of Engagement
Appointed by the Ontario Superior Court as a Receiver over a Sikh Temple.
Summary of Strategy Employed & Outcome
Worked towards and successfully assisted in the negotiation of a resolution satisfactory to all stakeholders which respect the sensitive nature of the engagement and which allowed for the uninterrupted use of the Temple by its members.
Retail
1013490 Ontario Ltd. o/a Omega Foreign Exchange Commercial Co.

1013490 Ontario Ltd. o/a Omega Foreign Exchange Commercial Co.

Nature of Engagement
On March 14, 2014, msi Spergel Inc. was appointed Trustee in Bankruptcy over the Estate of 1013490 Ontario Ltd. o/a Omega Foreign Exchange Commercial Co. (“Omega”). Omega operated a foreign exchange and wire transfer services business in Toronto, Ontario.
Summary of Strategy Employed & Outcome
Makeup Artistry Stores Inc.

Makeup Artistry Stores Inc.

Nature of Engagement
On March 19, 2014, msi Spergel Inc. was appointed Trustee in connection with a Notice of Intention to Make A Proposal filed by Makeup Artistry Stores Inc. (the “Company”). The Company is a distributor of makeup and beauty supplies located in Concord, Ontario.
Summary of Strategy Employed & Outcome
Co-operative Involving Grocery and Hardware stores, Fuel Distribution and Environmental Remediation (Manitoulin Livestock Co-Operative)

Co-operative Involving Grocery and Hardware stores, Fuel Distribution and Environmental Remediation

Nature of Engagement
Court Appointed Monitor under the CCAA over all assets of the cooperative.
Summary of Strategy Employed & Outcome
Successfully sold all ongoing business operations and arranged for the remidiation of contaminated land.
Pharmacy Chain (Broteam)

Pharmacy Chain

Nature of Engagement
Consulting Services for an Ontario based chain of 11 pharmacies to assist with a recapitalization of debt and equity of $50 million.
Summary of Strategy Employed & Outcome
Assisted in a successful renegotiation of bank financing and equity participation.
Retail Chain – Bridal Registry (Bronson's)

Retail Chain – Bridal Registry

Nature of Engagement
Proposal Trustee and Receiver for a high profile bridal registry
Summary of Strategy Employed & Outcome
Liquidated the company’s inventory through a public sale and shielded the secured lender from the adverse media coverage and publicity resulting from 1,200 customer consignments.
Retail Chain – Flooring (Pacific Carpet North American Flooring)

Retail Chain – Flooring

Nature of Engagement
Private Appointment as Receiver by a Schedule A bank with a subsequent appointment as Trustee in Bankruptcy.
Summary of Strategy Employed & Outcome
Liquidated the company’s inventory through a retail public sale and arranged for an RCMP investigation into the affairs of the bankupt’s director.
Technology
Bubl Technology Inc.

Bubl Technology Inc.

Nature of Engagement
On December 15, 2015, Bubl Technology Inc. (“Bubl”) filed a Notice of Intention to Make a Proposal (“NOI”) and msi Spergel Inc. was appointed to act as the Proposal Trustee named in the NOI. Bubl is a technology company located in Toronto that has developed a 360 degree portable spherical camera known as the “Bublcam”. Bubl and the Proposal Trustee are conducting a Court approved sales and investment process with offers due no later than noon on January 27, 2016. On January 11, 2016 the Court granted an extension to February 28, 2016 for Bubl to file its proposal to creditors. On January 21, 2016 the Court issued an order approving interim financing to Bubl in the amount of $1.25 million.
Summary of Strategy Employed & Outcome