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Talon International Inc. et al

Pursuant to the Order of the Honourable Mr. Justice Hainey (the “Receivership Order”) of the Ontario Superior Court of Justice (Commercial List) (the “Court”) granted November 1, 2016, (the “Date of Receivership”), FTI Consulting Canada Inc. was appointed as receiver (the “Receiver”) without security, of certain assets, undertakings, and properties of Talon International Inc., TFB Inc., Midland Development Inc., 1456253 Ontario Inc., 2025401 Ontario Limited, Barrel Tower Holdings Inc., Harvester Developments Inc., Talon International Development Inc., 2263847 Ontario Limited, and 2270039 Ontario Limited acquired for, or used in relation to the condominium residence and hotel branded as the Trump International Hotel & Tower (the “Property”) located at 311 and 325 Bay Street, Toronto, Ontario, Canada. The Receiver’s role in this case is limited to the marketing and sale of the Property. The Receiver has no responsibility for the operations of the Property. Business operations of the Property are unaffected by the Receivership Order and will continue in the normal course, including payment for goods and services provided in respect of the business.

The Receiver will shortly be seeking Court approval of a process for the marketing and sale of the Property (the “Sale Procedure”). The secured lender has informed the Receiver that it is prepared to own the Property if no other bidder is prepared to offer an amount in excess of the senior indebtedness and intends to submit an offer in the Sale Procedure.

Further details with respect to the Sale Procedure will be made available on the Receiver's website in due course.

Interested parties may contact the Receiver at talon@fticonsulting.com or at either 1-(855)-398-7390 or 1-(416)-649-8043.

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FTI Consulting
TD Waterhouse Tower
79 Wellington Street West
Suite 2010, P.O. Box 104
Toronto, Ontario M5K 1G8

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