- Dec 14, 2021
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"By the spring of 2015, according to provincial land title documents, Green Storage had a total of $71 million in loans registered against its properties from a company called Hour Holdings, which used Apotex as its mailing address. The directors of Hour Holdings and the related Hour Investments are Jonathon Sherman and Adam Paulin. Green Storage directors are Sherman and Paulin as well.February, 2019, Green Storage paid $1.2 million for a storage facility in Scarborough. According to land title documents, a $25 million loan from Hour Holdings was registered on title.
I am assuming that Hour Holdings was controlled by Barry Sherman. Why would they register a mortgage for $25 million on a property that sold for $1.2 million. No regular financial institution would make this sort of loan. On the surface this is how frauds are perpetrated on lenders and investors. Did Barry really know about this? Did Barry find out later? Who approved this loan on behalf of Hour Holdings? Did JS have any relationship with Hour Holdings?
Sherman insiders with knowledge of these financial matters say that Hour Holdings was funded by Barry Sherman.
At the same time as the mortgages were registered against Green Storage, it made purchases of existing self storage businesses in Ajax, Newmarket, Aurora and Bolton. According to land title documents, the storage businesses they purchased cost, in total, $22 million. The Star could not determine the extent and cost of the renovations as Green Storage is a private company with no requirement to release information to the public.
The smallest loan to Green Storage from Hour Holdings was in August, 2014, to purchase a small boat storage facility in Apsley, Ontario, north of Peterborough and near a marina and cottage property Jonathon purchased the year before through a holding company he and business partner Paulin own. Land title records show a loan of $500,000 from the Sherman-related company and a purchase of $234,500 for the storage site in Apsley.
The year 2015 was a difficult financial stretch for Barry Sherman. He confided to close friends and executives at the privately held Apotex that “cash was tight.” He had several big generic drug litigation battles going on and while he typically won more than he lost, this period was a rough one financially. Consequently, Barry Sherman was being unusually cautious on investments, including advancing more money to Green Storage."
Barry Sherman’s son raised concerns about Apotex founder’s investment strategy and business competence: Sources
After billionaire Barry Sherman and his son Jonathon were exchanging tense emails about how the family fortune should be spent, sources say Jonathon sent an email to his siblings suggesting their father’s actions were jeopardizing their inheritance.
It was also in 2015 when JS wanted to declare his father incompetent
"Barry, who got a copy of the email after it was sent by Jonathon, was taken aback when he read its contents. Barry talked to three people close to him about the email, saying to one:
“Jonathon is talking with his siblings and he wants me declared incompetent and locked up,” according to one person who discussed this with Barry in 2015.
Jonathon’s three sisters did not agree with their brother’s thinking, according to sources. Following this exchange between father and son, Barry reduced his funding to his son’s company for a time but ultimately shrugged it off and provided more money to his son’s company, according to sources and public records."
This is all from the same article Oct 02 2019