The plaintiffs, Forjay Management Ltd. and Reliable Mortgages Investment Corporation, advanced over $34 million in loans for the specific purpose of purchasing land and developing a condominium complex. Amongst other claims, the plaintiffs allege that the funds were improperly transferred to other companies and individuals and used to purchase other real estate, contrary to the purpose of the loans. The plaintiffs registered certificates of pending litigation against title of those properties. The defendants brought an application seeking to dismiss the certificates of pending litigation.
Daniel Byma successfully argued for the application to be dismissed and the certificates of pending litigation were upheld by the Court.