Aird & Berlis Concludes Mandate as Representative Counsel in Lion’s Share Proceedings

On November 21, 2024, Aird & Berlis concluded its role as representative counsel for the noteholders in the receivership of The Lion’s Share Group Inc., a real estate investment company operating in Ontario. Appointed by the Ontario Superior Court of Justice on April 3, 2024, Aird & Berlis undertook a comprehensive mandate to advocate for the noteholders’ interests in connection with the receivership of Lion’s Share.

The firm’s appointment followed Lion’s Share’s financial collapse, with more than 400 noteholders being collectively owed approximately $89 million. Collaborating closely with The Fuller Landau Group Inc., the court-appointed receiver of Lion’s Share, the firm ensured transparency and facilitated engagement with noteholders through regular updates, court appearances and town hall meetings. 

The Lion’s Share receivership was closely related to the ancillary proceedings of the Balboa Inc. Companies’ Creditors Arrangement Act proceeding, where the firm worked with the receiver of Lion’s Share to assert and secure Lion’s Share’s claims, comprising both secured and unsecured amounts. 

Aird & Berlis represented the noteholders with a team led by Kyle Plunkett (Financial Services) and Mark van Zandvoort (Litigation & Dispute Resolution) and including Shaun Parsons and Cristian Delfino (Financial Services).