On August 23, 2019, in accordance with the Fee Approval and Discharge Order granted March 30, 2017, the Receiver has filed its Discharge Certificate effective as of today's date, August 23, 2019. A copy of the Discharge Certificate can be found under the Other Documents and Notices section of this website.

On August 7, 2019, In accordance with paragraph 6 of the Fee Approval and Discharge Order granted March 30, 2017, the Receiver provided 14 days' notice of its intention to file the Discharge Certificate on or after August 23, 2019 (being the Filing Date for purposes of the Fee Approval and Discharge Order). Pursuant to the Fee Approval and Discharge Order, upon the filing of the Discharge Certificate, the release and discharge from liability set out in paragraph 5 of the Fee Approval and Discharge Order shall be automatically deemed to be effective up to and including the Filing Date (the "Release Extension"). Should any person object to the Release Extension, such objection must be made prior to the Filing Date in accordance with paragraph 7 of the Fee Approval and Discharge Order.

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.

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.

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.

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.

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.

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).

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.

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.

Contact FTI

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

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