On Oct. 23, 2019, Mr. Neilas proposed a deal to settle the outstanding loans with investors that would have seen him and his companies retain a 25 per cent stake in a renewed joint venture project with Toronto’s Lanterra Developments. But 70 per cent of the investors (representing $24-million in value) rejected the plan; only 29 per cent (representing $10-million) voted in favour.
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Lanterra has now agreed to pay $69-million for 100 per cent of the property. After commissions and other priority claims are repaid, Miller Thompson says there will be $45,495,298 left over to distribute among investors. Those with registered loans – the one-third of the lenders who used RRSPs or likewise regulated savings vehicles to invest – will receive 100 per cent of what they are owed, which adds up to $22,810,717 ($17,133,872 in principal and $5,676,844 in interest).