CAUTION: We have been advised that fraudulent emails with a modified domain name have been sent by a source purporting to be from Aird & Berlis LLP. These communications are not legitimate and are not from Aird & Berlis LLP. Disregard any such emails and do not engage with the sender or the email in any way. Please report the attempted fraud by contacting the Canadian Anti-Fraud Centre and by emailing Aird & Berlis LLP at help@airdberlis.com.

Back to all Representative Matters
Oct 25, 2013

A&B Acts for CIT Lending Corporation

Aird & Berlis LLP acted for CIT Lending Corporation, an administrative agent to a syndicate of internationally recognized banks, including itself, in connection with an initial five-year term loan. The loan, which was advanced more than six years ago, was finally repaid in Q2 2013.

Collection of the loan could have included realization on a majority position in a Canadian public company. The borrower and its various subsidiaries, including a professional sports team, an arena holding corporation, the ticketing entity, and the concession entity, provided extensive security to the lenders, all of which was subject to the governing body of the particular professional sport. As additional collateral, a pledge of a 59% majority interest in a Canadian public corporation was given. When realization became a reasonable possibility, steps were commenced to realize on the shares of the Canadian public company. As a defensive measure, the public company created and implemented a shareholder rights plan, announced corporate changes, and announced a proposed public offering of units of shares and warrants of the public company. All such actions required review and response by the lenders.

The A&B team was co-led by Martin Kovnats (Capital Markets/Corporate Finance) and Sam Billard (Financial Services) and included Sam Babe (Financial Services) and Jeffrey Merk (Capital Markets/Corporate Finance).

Related Representative Matters

Representative Matters
First Gulf and STACK INFRASTRUCTURE Partner on New Data Centre in Toronto Leonard Baranek, Sean Mason and Barbara Worndl May 06, 2021 First Gulf, a leader in Canadian development and construction, has partnered with STACK INFRASTRU... First Gulf, a leader in Canadian development and construction, has partnered with STACK INFRASTRUCTURE, a U.S. digital infrastructure company, to develop a 56 MW data centre campus on a 19-acre site located at 3650 Danforth Avenue in Toronto, Ontario. The development site, which will...
Representative Matters
The Largest Cannabis SPAC in History Launches The Parent Company with Shawn “Jay-Z” Carter, Roc Nation, Caliva and Left Coast Ventures Jack Bernstein, Francesco Gucciardo, Richard M. Kimel and Russell J. Sanders Jan 15, 2021 Aird & Berlis, in conjunction with U.S. law firms Reed Smith LLP and Cummings & Lockwood LLC, act... Aird & Berlis, in conjunction with U.S. law firms Reed Smith LLP and Cummings & Lockwood LLC, acted as legal counsel to Shawn “Jay-Z” Carter and his affiliate entities in connection with the launch of The Parent Company.
Representative Matters
Drake Launches Cannabis Wellness Company with Canopy Growth Jack Bernstein, Francesco Gucciardo, Andrew Nicholls, Martin Kovnats, Liam Tracey-Raymont and Faruk Gafic Nov 07, 2019 Aubrey Drake Graham, in agreements with Toronto-based Canopy Growth Corporation, launched More Life Growth Company™.