OKR Group of Companies

CCAA

^{Page last updated: November 30, 2025}

This page is for information purposes only and you should consult your professional adviser if you have any questions or are uncertain as to your rights or obligations.

Status of file as of November 28, 2025

A hearing is scheduled for December 8, 2025. The purpose of the hearing is to seek consolidation of two related actions, the Investor Action and the OKR Action, into a single proceeding, or alternatively, to have them tried together. 

Both actions involve common parties, overlapping legal issues, and the similar factual background. They concern alleged misconduct by OKR Entities leadership, including misrepresentation, breach of fiduciary duty, unjust enrichment, conspiracy, and misuse of investor funds.

Consolidation is intended to improve efficiency, reduce costs, avoid duplication and ensure any recovery obtained is for the benefit of all investors.

All court materials related to this hearing are available under the Court Materials tab.

Status at November 12, 2025

Notification re investor claims

Following the launch of the Investor Claims Process on October 28, 2025, the Monitor has investigated a number of low value discrepancies identified by investors. As a result of these investigations, the Monitor has identified a classification error in the system that has led to an understatement of certain investors' claims to a maximum value of $4.00.

The cause of the difference relates to the reinvested distributions through the DRIP program, whereby additional units were distributed at round sum dollar amounts, causing a rounding discrepancy. Any cents amounts to be distributed were recorded in the Company's system as cash distributions with no cash being actually being distributed. Such amounts have subsequently been incorrectly deducted from investor claims as cash distributions. The maximum adjustment for each instance of this error is less than $1.00 and the maximum cumulative adjustment is less than $4.00.

Provided that you consider that the relevant adjustment to your claim is less than $4.00, no additional action is required on your part, and you do not need to submit a Notice of Dispute regarding this matter. We have worked with the Companies to rectify this issue and updated the Investor Claims record for all affected investors.

If you consider that you have a larger differential, you will need to submit a Notice of Dispute by the Claims Bar Date at 5:00pm PST on December 12, 2025.

Status at October 28, 2025

The Claims Process has now commenced. A copy of the Claims Process Order is available under the Court Orders tab. The Consolidated Entities that are part of the Claims Process are listed below:

• Old Kent Road Financial Loan AdminCo Ltd.;
• OKR Governance Co. Inc.;
• Old Kent Road Premium Fund I;
• Old Kent Road Premium Fund II;
• Old Kent Road Premium Fund III;
• Old Kent Road Income Fund I;
• Old Kent Road Diversified Fund I;
• OKR Institutional Fund LP I;
• OKR Institutional Fund LP II;
• OKR Institutional Fund LP III; and
• OKR Income Fund SPV LP I.

The Venture Fund Entities are excluded from the Claims Process.

Investor Claims Process

Each investor has been sent a notice outlining their claim based on the books and records of OKR’s Entities.

If you agree with the amount and classification shown in your notice, no further action is required. Your claim will be accepted as stated in the notice.

If you disagree with the amount or classification of your claim as presented in the notice, you must submit a Notice of Dispute of Investor Claim to the Monitor by the Claims Bar Date: Friday, December 12, 2025, by 5 PM PST.

Your Notice of Dispute of Investor Claim should:

• Clearly state the amount you believe you are owed
• Include supporting documentation to substantiate your claim
• Be submitted using the Notice of Dispute of Investor Claim form, available under the Claims Process tab.

Please email the completed form and all supporting documents to: ca_okr_group@pwc.com

If you do not submit a Notice of Dispute of Investor Claim by the Claims Bar Date, the amount in your notice will be deemed final and constitute your Proven Claim. Any remaining balance will be forever barred and extinguished.

Didn’t receive your individual notice?

If you have not received your notice, please contact the Monitor via email at ca_okr_group@pwc.com.

D&O Claims

Please note that your Investor Claims Package does not relate to potential claims against the former directors and officers of the OKR Entities (“D&O Claims”). D&O Claims are due no later than 5:00 p.m. PST on July 28, 2026, that is 9 months after the Claims Process Start Date (the “D&O Claims Bar Date”). To submit a D&O Claim, you must submit a Proof of Claim form to the Monitor.

The Proof of Claim form is available under the Claims Process tab.

Creditor Claims Process

If you are a creditor of the OKR Entities, you must submit a Proof of Claim form to the Monitor by the Claims Bar Date: Friday, December 12, 2025, by 5 PM PST.

Your submission must include:

• A completed Proof of Claim form
• Supporting documentation such as invoices, statements, or other records that substantiate your claim

The Proof of Claim form is available under the Claims Process tab.

Please email your completed form and supporting documents to: ca_okr_group@pwc.com

If you do not submit a Proof of Claim by the Claims Bar Date, you will not be eligible to receive any distribution under the CCAA proceedings, and any claim will be forever barred and extinguished.

Status of file as of September 24, 2025

An investor update regarding the ongoing CCAA proceedings has been posted to the Creditor & Investor Communications tab.

This update provides a high-level summary of recent developments, including:

• August 28 Court Hearing
• Loan Summary
• Claims Process
• Other avenues for recovery
• Tax Work
• Venture Fund
• Investor Committee

Status of file as of September 2, 2025

On August 28, 2025, the Court granted two Orders.

The first (the “Claims Process Order”) is an Order approving:

1. Consolidating the estates of all of the OKR Entities (the Applications and Non-Applicant Entities as defined in the Initial Order), except for Old Kent Road Financial Venture Fund I, OKR Financial Venture Fund I LP, Old Kent Road Financial Venture Fund I Trustee Inc., OKR Financial Venture Fund I GP Inc., and OKR Vitaminlabs Hold Corp into a single estate (the “Consolidated Estate”);
2. Declaring that the Investor Claims (of Unitholders, Promissory Note holders and Unsatisfied Redemption holders) are 'equity claims' as defined in section 2 of the CCAA or in the alternative that Investor Claims shall be treated as equity claims for the purposes of distribution;
3. Approving the Creditor Claims Process and the Investor Claims Process;
4. Authorizing the Monitor to perform its obligations under the Claims Process Order; and
5. Establishing the Claims Bar Date, D&O Claims Bar Date and Restructuring Claims Bar Date

The second (the “Ancillary Order”) is an Order approving:

1. the extension of terms (as defined herein) of OKR Institutional Fund LP III ("Institutional Fund III"), OKR Premium Fund I LP ("Premium Fund I LP"), OKR Diversified Fund I Limited Partnership ("Diversified Fund I LP"), and Old Kent Road Premium Fund I (“Premium Fund I” and together with Institutional Fund III, Premium Fund I LP and Diversified Fund I LP the “Pending Expiry Entities”) to the earlier of December 31, 2030 or the termination of these CCAA Proceedings;
2. An extension of the stay of proceedings up to and including July 31, 2026 (the “Stay Extension");
3. Approving and ratifying the actions, conduct and activities of the Monitor as outlined in all of the Monitor’s Reports; and
4. Approving the professional fees and disbursement (the “Professional Fees”), of the Monitor and its legal counsel, Cassels Brock & Blackwell LLP (“Cassels”).

Copies of the Claims Process Order and the Ancillary Order are posted under the Court Orders tab. The Monitor will provide further update prior to commencing the Claims Process.

The Court adjourned the Application filed by the Independent Directors (John Pinsent, Ken Davidson and Davis McGregor) for two months. This application seeks the approval for release and discharge of any and all present and future claims in their capacity as directors (the “Released D&O Claims”), in connection to:

a. the OKR Entities’ decision to commence these CCAA Proceedings;

b. the CCAA Proceedings or the administration and management of the OKR Entities during these CCAA Proceedings; and

c. anything done pursuant to the terms of this Order.

Copies of the Application materials remain posted under the Court Materials tab and the Monitor will provide further updates in due course.

Status of file as of August 22, 2025

The Monitor has prepared a Supplemental Report to the Monitor's Fifth report to Court and it is now available under the Monitor's Reports tab.

The purpose of this Supplemental Report is to provide additional information on the deeds of trust, limited partnership agreements, offering memorandum and term sheets associated with the Loan Funds and/or certain OKR Entities for the purposes of the relief being sought by the Monitor at the August 28, 2025 Court Hearing.

Status of file as of August 18, 2025

As communicated on July 22, 2025, a hearing has been scheduled for August 28, 2025 (the “August 28 Hearing”). The August 28 Hearing will hear three applications as follows.

1.  An application filed by the Monitor on August 18, 2025, seeking an Order (the “Claim Process Order”) providing the following relief:

a. Consolidating the estates of all of the OKR Entities (the Applications and Non-Applicant Entities as defined in the Initial Order), except for Old Kent Road Financial Venture Fund I, OKR Financial Venture Fund I LP, Old Kent Road Financial Venture Fund I Trustee Inc., OKR Financial Venture Fund I GP Inc., and OKR Vitaminlabs Hold Corp into a single estate (the “Consolidated Estate”);

b. Declaring that the Investor Claims (of Unitholders, Promissory Note holders and Unsatisfied Redemption holders) are 'equity claims' as defined in section 2 of the CCAA or in the alternative that Investor Claims shall be treated as equity claims for the purposes of distribution;

c. Approving the Creditor Claims Process and the Investor Claims Process;

d. Authorizing the Monitor to perform its obligations under the Claims Process Order; and

e. Establishing the Claims Bar Date, D&O Claims Bar Date and Restructuring Claims Bar Date.

2. An application filed by the Monitor on August 18, 2025, seeking an Order (the “Ancillary Order”) providing the following relief:

a. Extending the Terms (as defined herein) of OKR Institutional Fund LP III ("Institutional Fund III"), OKR Premium Fund I LP ("Premium Fund I LP"), OKR Diversified Fund I Limited Partnership ("Diversified Fund I LP"), and Old Kent Road Premium Fund I (“Premium Fund I” and together with Institutional Fund III, Premium Fund I LP and Diversified Fund I LP the “Pending Expiry Entities”) to the earlier of December 31, 2030 or the termination of these CCAA Proceedings;

b. An extension of the stay of proceedings up to and including July 31, 2026 (the “Stay Extension”);

c. Approving and ratifying the actions, conduct and activities of the Monitor as outlined in all of the Monitor’s Reports; and

d. Approving the professional fees and disbursement (the "Professional Fees"), of the Monitor and its legal counsel, Cassels Brock & Blackwell LLP ("Cassels").

3. An Application filed by the Independent Directors (John Pinsent, Ken Davidson and Davis McGregor), seeking approval for release and discharge of any and all present and future claims in their capacity as directors (the “Released D&O Claims”), in connection to:

a. the OKR Entities’ decision to commence these CCAA Proceedings;

b. the CCAA Proceedings or the administration and management of the OKR Entities during these CCAA Proceedings; and

c. anything done pursuant to the terms of this Order.

Related Applications and materials will be uploaded to the Court Materials tab as they become available.

The Monitor's fifth report to the court is now available under the Monitor's Reports tab.

Status of file as of August 8, 2025

Investor Committee Voting Results

Following the conclusion of the Investor Committee vote on July 28, 2025, the Monitor confirms that the top five candidates and their respective categories are as follows:

• Henry King – Non-affiliated
• Jeffery Doepker – Non-affiliated
• Michael Edwards – Broker
• Michael Tam – OIG
• Richard Ingram – OIG

This reflects the current composition of the proposed Investor Committee.

The Monitor is in communication with the committee members and expects to hold a first meeting within a few weeks of all NDA’s being signed by committee members. Part of the update to the committee at each meeting will be shared broadly with all investors and be made available on the Monitor’s website.

If you have any questions on this process, please reach out to the monitor via email at ca_okr_group@pwc.com.

Status of file as of July 22, 2025

A hearing is scheduled for August 28, 2025, to consider various applications, with the most significant being the proposed equalization of investor rights. This would involve the equalization of distribution rights for all unit holders, including those with pending redemption requests, and promissory note holders, across all OKR Entities, excluding those invested in OKR Venture Fund I (the “Venture Fund”).

The specifics of the application are in the process of being finalized. The Monitor and its legal counsel plan to file their materials in early August in order to give affected investors ample time to review the materials and consider their positions. The Monitor will be issuing its fifth report around that date (the “Fifth Report”) which will be found under the Monitor’s Reports tab.

Related court materials will be uploaded to the Court Materials tab on the Monitor’s website as they become available.

Status of file as of July 10, 2025

We have updated the list of Potential Investor Committee Members which can be found under the Investor Committee tab.

Mr. Ingram has been reclassified from a Non-affiliated Individual Investor to a Member of the Opposing Investor Group.

If you have already submitted your vote and wish to amend it due to the Nominee update, please submit an amended Schedule “C” Voting Letter by 4:00 PM (Calgary time) on July 28, 2025. Please ensure the Voting Letter is clearly marked as an amended submission.

Status of file as of July 7, 2025

Nominations for OKR Entities Investor Committee

The nomination deadline for the Investor Committee passed on June 30, 2025.

Investors are now invited to vote for members of the Investor Committee as outlined in the Court of King’s Bench Order dated June 9, 2025 (Action No. 2501-03316). Please complete and submit your Schedule “C” Voting Letter by 4:00 PM (Calgary time) on July 28, 2025. A copy of the Voting Letter can be found under the Investor Committee tab.

To ensure a balanced committee that represents all investors, the Monitor will limit the committee membership to no more than two members from each of the following three categories: non-affiliated individual investors, members of the Opposing Investor Group, and dealing representative / broker.

A list of the Potential Committee Members, including which category they represent, can be found under the Investor Committee tab.

How to Complete Your Voting Letter

Fill in Your Personal Information

• Name, address, phone numbers, and email.

Indicate Your Voting Status

Select one of the following:

• Individual Investor
• Officer/Director of a corporate Investor (include Corporation Name)
• Other authorized representative (please specify)

Vote for Committee Members

Write your first, second, and third choices for Investor Committee Members from the list of Potential Committee Members.

Sign and Print Your Name

Ensure your name is printed clearly and the form is signed.

Submission Instructions & Deadline

Email your completed and signed Schedule “C” Voting Letter to:
ca_okr_group@pwc.com no later than 4:00 PM (Calgary time) on July 28, 2025.

Status of file as of June 11, 2025

Nominations for OKR Entities Investor Committee

Further to the Court granting the Investor Committee Order, the Monitor has today sent an email or mailing to all investors requesting nominations for potential members of the Investor Committee.

Application Process:

Individuals interested in becoming a member of the Investor Committee (a “Member”) must submit a completed and signed Application Form, along with at least two supporting Nomination Forms from other Investors to the Monitor via email at ca_okr_group@pwc.com no later than 4:00 PM (Calgary time) on June 30, 2025.

The forms are available under the Investor Committee tab.

A list of eligible candidates will be posted on this website by July 7, 2025, along with instructions for submitting a Voting Letter by email. Investors will be invited to indicate their top three choices from the group of nominees for Members.

The role of the Investor Committee is described in Paragraph 6 of the Court Order.

To be eligible for consideration as a Member, an individual must be:

• an Investor;
• an authorized employee or principal of an Investor; or
• an agent, dealer, or other representative of an Investor.

Status of file as of June 9, 2025

On June 9, 2025, the Court granted two Orders.

The first (the “Transition Order”) is an Order approving:

• An extension of the stay of proceedings to September 12, 2025;
• Granting the Monitor certain enhanced powers in these proceedings;
• Empowering the Monitor to enter into an agreement on behalf of the OKR Entities with Marimco Management Consultants Ltd., to undertake the role of Financial Manager of the OKR Entities; and
• Authorizing the OKR Entities to continue to engage Grey King for the purpose of transitioning duties to the Financial Manager 

The second (the “Investor Committee Order”) is an Order approving:

• The Establishment of an Investor Committee to provide input during the wind-up process with a view to maximize the amount available for Investors; and
• Approving the Investor Committee by-laws (the “By-Laws”).

Copies of the Transition Order and the Investor Committee Order will be posted once available under the Court Orders tab.

Instructions on how to nominate yourself as a candidate for the Investor Committee (which will be subject to a vote) will be posted here and emailed to investors within the next few days.

Status of file as of June 5, 2025

The Monitor's fourth report to the court is now available under the Monitor's Reports tab.

Status of file as of June 3, 2025

A hearing has been scheduled for June 9, 2025, to hear two applications as follows.

An application filed by the Company on June 2, 2025, seeking an Order (the “Transition Order”) providing the following relief:

1. An extension of the stay of proceedings from June 9, 2025, up to and including September 12, 2025 (the “Stay Extension”);
2. Granting the Monitor certain enhanced powers in these proceedings;
3. Authorizing the Monitor to enter into an agreement on behalf of the OKR Entities with Marimco Management Consultants Ltd., to undertake the role of Financial Manager of the OKR Entities; and
4. Authorizing the OKR Entities to continue to engage Grey King Endeavours Inc. (“Grey King”) for the purpose of transitioning Grey King’s duties to the Financial Manager; and
5. Any other relief that counsel may request and the Court considers fair and appropriate.

An application filed by the Monitor on June 3, seeking an Order (the “Approving Investor Committee Order”) providing the following relief:

1. Establishing the Investor Committee; and
2. Approving the Investor Committee by-laws (the “By-Laws”).

The Monitor will be issuing its fourth report to the Court (the “Fourth Report”) which, amongst other things, provides information on both applications.  The Fourth report will be found under the Monitors Reports tab once available.

Related court materials have been uploaded to the Court Materials tab. Additional documents will be added as they become available.

Status of file as of May 28, 2025

OKR Entities has issued a letter to all investors, raising concerns about what they believe to be significant misrepresentations and misinformation communicated during the Investor Sounding process. A copy of the letter is available under the Creditor and Investor Communications tab, and the related Affidavit #4 of Lew Turnquist can be found under the Court Materials tab.

Status of file as of May 9, 2025

The Investor Sounding has concluded.

Pursuant to paragraph 24 of the ARIO the Monitor has issued its Third Report to the Court on the outcome of the Investor Sounding (the “Third Report”). The Third Report includes details of the Investor Sounding process and results and an update on the Opposing Investor Group and can be found under the Monitor’s Reports tab.

The Monitor will engage in discussions with the OKR Entities, the Opposing Investor Group and other interested stakeholders with the intention of finding a mutually agreeable path forward to wind up the Loan Funds.

The Monitor plans to issue a further report ahead of the next court hearing, currently scheduled for June 9, 2025. The report will reflect the outcome of the discussions with the respective parties and the Monitor’s recommended path forward to wind up the Loan Funds.

Status of file as of April 15, 2025

In accordance with the Investor Sounding an information package (the “Investor Package”) has been emailed or mailed to Investors on April 14 & 15, 2025. A copy can be found under the creditor & investor communications tab.

The Monitor is requesting Investors input on the questions below no later than April 30, 2025.

1. Is the Restructuring Plan described in Appendix “B” of the Investor Package something you would like to hear more about and would be interested in voting on at a meeting of the Investors and creditors to be held in these CCAA Proceedings?
   
   Or
2. Do you have sufficient information to make the decision that you will not support the Restructuring Plan and the OKR Entities should be wound up in some fashion, with consideration to be given by the Monitor as to the most beneficial method to Investors without the requirement for Investors and creditors to vote on the Restructuring Plan?

Please provide your feedback to the Monitor via email (ca_okr_group@pwc.com) including the total number of units and value of promissory notes that you are responding to and/or on behalf of and the name in which they are held.

Status of file as of April 11, 2025

The questions & answers from the OKR Entities stakeholder update held on March 26, 2025, has been posted under the creditor & investor communications tab.

Status of file as of April 2, 2025 

On April 2, 2025 the Court granted an Order approving:

• An extension of the stay of proceedings to June 9, 2025;
• Payment of a monthly work fee to Grey King of $30,000 (plus GST) per month commencing on the Filing Date;
• Empowering the Monitor to contact some, or all, of the investors (in the Monitors’ sole discretion) to canvass the investors’ interest in exploring the Applicants’ Restructuring Plan further (the “Investor Soundings”); and
• Empowering the Monitor to file a report on the Investor Soundings in order to determine whether the Company are likely to achieve the Required Majority in a creditor vote on the Companys’ Restructuring Plan.

A Copy of the Amended and Restated Initial Order will be posted once available under the Court Orders tab.

Status of file as of March 31, 2025 

A hearing has been scheduled for April 2, 2025 (the “Adjourned Comeback Hearing") to hear two applications as follows.  

An application filed by the Company on March 31, 2025, seeking an Amended and Restated Initial Order (the “ARIO”) providing the following relief: 

• An extension of the stay of Proceedings to May 9, 2025; 
  
• Payment of a monthly work fee to Grey King of $30,000 (plus GST) per month commencing on the Filing Date; and 
  
• Empowering the Monitor to contact some, or all, of the investors (in the Monitor’s sole discretion) to canvass the investors’ interest in exploring the Applicants’ Restructuring Plan further (the “Investor Soundings”); and 
  
• Empowering the Monitor to file the April 25 Report on the Investor Soundings in order to determine whether the Company are likely to achieve the Required Majority in a creditor vote on the Company’s Restructuring Plan.  
  

A cross application by the Opposing Investor Group, seeking the following relief: 

• Excluding Mr. Turnquist and Grey King from acting as CRO or taking any further fees pending final decision of this Court;  
  
• Empowering the Proposed Wind-Up Managers as if they were directors, trustee, as the case maybe, of the Applicants to work with the Monitor to facilitate an orderly wind-down and liquidation of the assets of the OKR Entities;  
  
• Directing that all steps to develop an ongoing plan to carry on business with any of the Applicants cease pending further order of this Court; and  
  
• Declaring that the Applicants’ counsel no longer benefits from the Administration Charge. 
  

The Monitor has prepared and filed its second report to the Court (the “Second Report”) which, amongst other things, provides information on both applications.  

The related court materials have been added to the Court Materials tab and the Second Report can be found under the Monitors Reports tab.

Status of file as of March 27, 2025

The OKR Entities hosted a call for investors on March 26, 2025.  A copy of the presentation to Investors has been added to the Creditor & Investor Communications tab.

Status of file as of March 17, 2025

On March 17, 2025 the Court granted an Order approving:

• An extension of the stay of proceedings to April 2, 2025;
• An increase in the Administration Charge to $350,000;
• Investigatory powers for the Monitor to enable it to complete its investigations including permitting the Monitor to image the Applicants electronic records to protect information for future investigations; and
• An adjournment of the balance of the Comeback Application to April 2, 2025.

The Monitor has posted its First Report to the Court (found under the Monitor's Reports tab), which speaks to the approvals granted alongside an update on the activities since the Filing Date. Court materials related to the hearing are available under the Court Materials tab.

A Copy of the Court Order will be posted once available under the Court Orders tab.

Status of file as of March 7, 2025

On March 7, 2025 (the "Filing  Date"), the OKR Group of Companies (collectively the “Company” or “the Petitioners”) sought and obtained an Initial Order of the Court of King’s Bench of Alberta (the “Court”) pursuant to the Companies’ Creditors Arrangement  Act (the “CCAA”).  Please refer to Court Order for the list of Companies the Order applies to.

PricewaterhouseCoopers Inc. LIT (“PwC”) was appointed as the Monitor.

As a result of the CCAA filing, there is a stay of proceedings in place until March 17, 2025, (the “Initial Stay”), subject to any extensions of the Initial Stay that the Court might grant upon application by the Petitioners.

Notice of the CCAA and the Monitor’s appointment will be emailed or mailed to all affected creditors shortly.

The initial application materials have been posted under the Court Materials tab. The Initial Order is or will be posted under the Court Orders tab as soon as its received from counsel.

The next court hearing will be held on Monday, March 17, 2025.

The Monitor will post regular status updates to this website and post future Monitor reports and court materials, as they become available during the CCAA proceedings.