Woodington Estates Inc., Receivership

Woodington Estates Inc., the owner of real property located in Tottenham, Ontario which houses a golf club comprising two courses, was placed in receivership on December 2 on application by Melvyn Eisen, a private lender acting as trustee for a group of investors by way of syndicated loans, owed approximately $11.6 million.

The golf club is operated by a related entity which is not subject to the receivership proceedings.

The mortgage matured in 2020 and was not repaid. At the time the mortgage matured, there was an executed agreement to sell certain properties which would have seen Mr. Eisen as trustee paid in full. However, closing has been delayed for several years and it’s not clear whether the transaction is capable of closing.

Albert Gelman is the receiver.

Counsel is Chaitons for Melvyn Eisen as trustee, Blaney for Northbridge, Goodmans for Goldy Metals Holdings and Bianchi Presta for Silvio Construction.