March 19, 2018
Skymark Properties 1, a Toronto, Ontario-based real estate management company, was placed in receivership on March 19 on application by B & M Handelman Investments et al., owed approximately $2.9MM. In July 2017, Sprint Senior Care—the only tenant in the company's building—commenced litigation against the company, seeking a declaration that it had breached the terms of their lease as well as damages. In particular, Sprint alleged that the company failed to maintain the property, causing it be in a continuous state of disrepair. The court granted an order entitling Sprint to set off from various rent obligations which the company had failed to fulfill. All of the applicants' dealings in respect of the property have been with Ara Missaghi, an authorized representative of the company. Missaghi was arrested in February in connection with a mortgage fraud investigation. Rosen Goldberg was appointed receiver. Chaitons is counsel to the applicants.