On September 30, 2019, pursuant to an order of the Ontario Superior Court of Justice (Commercial List) (the “Appointment Order”), FAAN Mortgage Administrators Inc. (“FAAN Mortgage”) was appointed as trustee (“Trustee”) over all of the assets, undertakings and properties of Derek Sorrenti or Sorrenti Law Professional Corporation (collectively, “Sorrenti”) that relate to Sorrenti’s administration of syndicated mortgage loans (“SMLs”). FAAN’s appointment was precipitated by an application made by the Law Society of Ontario under Section 49.47 of the Law Society Act, R.S.O. 1990. c. L.8, and section 101 of the Courts of Justice Act, as amended.
The materials related to the Trustee’s appointment can be accessed at the following links:
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On May 26, 2025, the Trustee served materials in connection with its motion returnable June 6, 2025, which provides, among other things, a comprehensive update on developments in these proceedings since the Sixth Report and support of the Trustee’s request for the following orders that would, among other things:
authorize and direct the Trustee to carry out the Additional Notification Process ;
deem the Fortress Funds to constitute Estate Property (as defined in the Appointment Order);
approve the Trustee’s seventh report to Court and this Eighth Report, and the Trustee’s activities as described therein; and
approve the Trustee’s fees and disbursements, including the fees and disbursements of its counsel, for the period from March 1, 2023, to April 30, 2025.
On May 26, 2025, the Trustee served materials in connection with its motion returnable June 6, 2025, which provides, among other things, a comprehensive update on developments in these proceedings since the Sixth Report and support of the Trustee’s request for the following orders that would, among other things:
authorize and direct the Trustee to carry out the Additional Notification Process ;
deem the Fortress Funds to constitute Estate Property (as defined in the Appointment Order);
approve the Trustee’s seventh report to Court and this Eighth Report, and the Trustee’s activities as described therein; and
approve the Trustee’s fees and disbursements, including the fees and disbursements of its counsel, for the period from March 1, 2023, to April 30, 2025.
On December 18, 2024, the Trustee served materials seeking an order that, among other things:
- approves the Soba Settlement Agreement; and
- authorizes the Trustee upon receipt of the $350,000 ("Settlement Payment") to distribute 65% of the Settlement Payment to the investors in the Soba Project
On December 18, 2024, the Trustee served materials seeking an order that, among other things:
- approves the Soba Settlement Agreement; and
- authorizes the Trustee upon receipt of the $350,000 ("Settlement Payment") to distribute 65% of the Settlement Payment to the investors in the Soba Project