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Talon International Inc. et al- Status Updates

April 6, 2017

On April 6, 2017, the Receiver issued the Receiver's Certificate - Hotel Transaction and the Receiver's Certificate - Residence Transaction and the transactions were completed.


March 30, 2017

The Honourable Mr. Justice Hainey of the Ontario Superior Court of Justice (Commercial List) approved the Stalking Horse Bid.

Closing is anticipated for the first week of April 2017. Copies of the approval and vesting orders in respect of the Hotel and the Residences have been posted under Court Orders and Endorsements.


March 7, 2017

A Court hearing at which the Receiver will seek approval of the Stalking Horse Agreement has been scheduled for 10:00 a.m. on March 30, 2017. Materials for that hearing will be filed in due course.


February 21, 2017

The Phase I Bid Deadline was 10:00 am on February 15, 2017. No Qualified Phase I Bid other than the Stalking Horse Agreement was received by the Phase I Bid Deadline. As a result, the Receiver has determined that the Stalking Horse Bidder is the Successful Bidder.


January 4, 2017

The Receiver advises that Court time has been booked on Tuesday December 20, 2016, and Wednesday, January 4, 2017, to hear motions in the Receivership Proceedings. The Receiver understands that JCF will be bringing a motion returnable December 20, 2016 to seek certain amendments to the Appointment Order and that it is JCF's intention to serve motion materials later this week.

The January 4, 2017 time is intended to be used for the hearing of a motion to be brought by the Receiver for approval of a Sale Procedure. It is anticipated that that motion will be served later this month.


December 20, 2016

PPursuant to the Order of the Honourable Mr. Justice Hainey of the Ontario Superior Court of Justice (Commercial List) granted January 4, 2017, the Sale Procedure was approved, the engagement of CBRE Limited by the Receiver to assist in the implementation of the Sale Procedure was approved and the execution of the Stalking Horse Agreement by the Receiver was authorized.

Pursuant to the Sale Procedure, all offers in respect of the Property must be submitted in accordance with the provisions of the Sale Procedure, with the Phase I Bid Deadline being 10:00 a.m. Eastern Time on February 15, 2017, and the Phase II Bid Deadline being 10:00 a.m. on March 8, 2017. If you wish to participate in the Sale Procedure, please contact either Deborah Borotsik (Deborah.borotsik@cbre.com,+1-416-815-2347) or Bill Stone (bill.stone@cbre.com, +1-416-815-2371).

December 7, 2016

The Receiver advises that Court time has been booked on Tuesday December 20, 2016, and Wednesday, January 4, 2017, to hear motions in the Receivership Proceedings. The Receiver understands that JCF will be bringing a motion returnable December 20, 2016 to seek certain amendments to the Appointment Order and that it is JCF's intention to serve motion materials later this week.

The January 4, 2017 time is intended to be used for the hearing of a motion to be brought by the Receiver for approval of a Sale Procedure. It is anticipated that that motion will be served later this month.


November 1, 2016

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 Development 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.


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Toronto, Ontario M5K 1G8

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