Post by
parahyangam on Oct 17, 2022 7:23am
BELLEVILLE
The landlord and owner of the property at 704 Philipston Rd. was Moore and Sons Ltd. It appears they still are.
Astoria Organic Matters LP built the composting facility largely with borrowed money and 18 million in total was spent. The operation filed for insolvency in early 2017 within 4 months of the opening date. Revenue were a small fraction of projected valuations.
Moore and Sons were ALSO the successful applicants and original owners of the ECA provided via the Ontario MOECC. This included the rights to build a transfer station on the property. Moore and Sons Ltd has never owned, and still do not own, any portion of the composting facility. To date no construction of the transfer station has begun.
Who is the current owner of the ECA? The Form 8-K filed Sept 19, 2017 is a bit ambiguous.
BDO Canada Ltd was the receiver for the Astoria 2017 bankruptcy. It had 30 interested parties. It chose Susglobal whose primary payment consisted of non-trading corporate shares valued at an arbitary price of 5 dollars USD. This was the same price from a proposed and ultimately failed Reg D financing.