March 8, 2024

On March 8, 2024, the Court issued an order (the “Claims Procedure Order”), authorizing the Monitor to conduct a claims procedure with respect to claims against Old MM GP Inc. (f/k/a Mastermind GP Inc.) and its present and former Directors and Officers.

The Claims Procedure includes a “negative claims process” for certain Known Claimants. As such, the Monitor will deliver a General Claim Statement, Employee Claim Statement or Landlord Claim Statement to Known Claimants setting out the classification, nature and amount of each such Known Claimant’s Claim (each, a “Listed Claim”) by including a Claim Statement in the Claims Package delivered to such Known Claimants (each, a “Listed Claimant”). A Listed Claimant who agrees with its Listed Claim is not required to take further action. 

In addition to Known Claimants and as set out in greater detail in the proposed Claims Procedure Order, the Monitor, on behalf of the Company, will solicit Claims from all other Claimants (or potential Claimants).

Other than Known Claimants, all persons wishing to assert a claim against the Company, or its Directors/Officers must file a Proof of Claim with the Monitor on or before 5:00 p.m. (EST) on April 19, 2024 (the “Claims Bar Date”). 

Proof of Claim forms and additional information are available here: Claims Procedure Forms.

January 15, 2024

On January 15, 2024, the previously Court approved transaction between Unity and the Mastermind Entities was completed, and the Monitor issued the Monitor’s Certificate.

More information regarding the transaction can be found in Unity’s press release accessible here.

January 12, 2024

On January 12, 2024, the Court granted an Assignment Order, which among other others, granted Mastermind Toys Inc. (the “Assignee”) all the rights, title, interest, and obligations of the Mastermind Entities under certain Assigned Contracts, as contemplated by the APA between the Mastermind Entities and Unity. The Court also granted an Ancillary Order, among other things, providing the Monitor with enhanced powers for the remainder of the CCAA Proceedings and extending the Stay Period until and including April 30, 2024.

December 13, 2023

On December 13, 2023, the Court approved the asset purchase agreement (“APA”) between the Mastermind Entities and Unity. The transaction remains subject to certain closing conditions. The Mastermind Entities are scheduled to return to Court on January 12, 2024, at 10:00 AM for an Assignment motion.

December 4, 2023

On December 4, 2023, the Mastermind Entities announced that it has entered into an asset purchase agreement with Unity Acquisitions Inc. (“Unity”). Under the terms of the transaction, Unity will purchase the majority of Mastermind Toys store locations and see a significant portion of employees continuing with the business. The transaction is subject to certain closing conditions, including approval from the Court.

The Mastermind Entities press release regarding the transaction can be found here.

November 30, 2023

On November 30, 2023, the Court granted an order (the “Amended and Restated Initial Order”), among other things, extending the Stay Period until and including January 26, 2024.

Also on November 30, 2023, the Court granted an order (the “Liquidation and Sale Approval Order”), among other things, authorizing the Mastermind Entities to commence a liquidation sale at a sub-set of 18 store locations. A listing of the liquidating stores can be found here.

November 23, 2023

On November 23, 2023, Old MM GP Inc. (formerly, Mastermind GP Inc.) and Mastermind LP (collectively, the “Mastermind Entities” or the “Applicants”) made an application to the Ontario Superior Court of Justice (Commercial List) (the “Court”) and was granted an order (the “Initial Order”), which, among other things, provides for a stay of proceedings pursuant to the Companies’ Creditors Arrangement Act, R.S.C. 1985, c. C-36, as amended (the “CCAA”).

Pursuant to the Initial Order, Alvarez & Marsal Canada Inc. was appointed as monitor (the “Monitor”) of the business and financial affairs of the Applicants.