Claim:
- Amount Owed: USD $108,825,570.69 with interest at 17% per annum
- Loan Purpose: Redevelopment of a commercial property in Austin, Texas
Court Orders Sought by Romspen:
- Summary judgment for amounts due
- Declaration of debt as of June 30, 2023
- Summary dismissal of the Counterclaim
- Recognition of U.S. court orders
Key Findings:
- Partial Summary Judgment: Granted for USD $51,495,021.72, based on a U.S. Bankruptcy Court's prior determination
- Remaining Debt: Referred to a referee for determination
- Counterclaim: Dismissed under res judicata, recognizing U.S. court rulings
- Declaratory Relief: Declined as impractical
Legal Reasoning:
- Competent Jurisdiction: U.S. Bankruptcy Court and Texas District Court have substantial connections to the dispute
- Liability: Zen Garden’s debt liability was conclusively determined by the U.S. Bankruptcy Court
- Guarantor Liability: White Group entities are bound as guarantors
- Enforcement: Canadian court recognized U.S. orders, rejecting defenses of fraud, lack of natural justice, and public policy
Currency Conversion:
- Judgment Amount: USD $51,495,021.72 converted to CAD $68,349,341.96 at a rate of 1:1.3273 (as of July 5, 2023)
Conclusion:
The Court enforced U.S. court orders, granting partial summary judgment to Romspen and dismissing the Counterclaim. Remaining debt determination is referred to a referee.
