On February 14, 2025, Waterloo Innovation Network 3 Inc. and Waterloo Innovation Network 2 Inc., companies founded by former Dragons’ Den star Michael Wekerle, were placed into receivership on application by Waygar Capital Inc., acting as agent for Ninepoint Canadian Senior Debt Master Fund LP. The fund is owed approximately $87.6 million. The companies were created to develop a tech incubator in Waterloo, Ontario, following Wekerle’s 2014 acquisition of former BlackBerry buildings.

The receivership follows the sale of all but one of the properties, which became the focus of litigation between Wekerle and former business partner Mark Arbour. Wekerle alleged that Arbour defrauded him of $15 million and influenced the sale of the buildings against his wishes. Arbour claimed the sales were necessary due to pandemic-related office vacancies and were approved by Wekerle to help repay the Waygar debt. The debt had also financed renovations to the El Mocambo, a Toronto music venue owned by Wekerle, which remained closed for an extended period during the pandemic.

The receivership applies only to the remaining Waterloo property and does not include the El Mocambo. Fuller Landau was appointed as receiver. Legal advisors included Aird & Berlis for Waygar, Cassels Brock & Blackwell for the debtor companies, and Berkow Youd Lev-Farrell Das for Camacho.