Overview

• Hudson’s Bay counsel argued that rejecting the $69.1‑million lease sale would set an unreasonable precedent and that no stronger bids emerged for the locations.
• Cadillac Fairview, Oxford Properties and Ivanhoé Cambridge oppose the transfer, citing Ruby Liu’s limited operating track record and an unrealistic business plan.
• The court monitor urged rejection, warning Liu’s plan is insufficiently developed and could render the venture insolvent in the near term.
• Liu has already taken three leases and pledged a year of rent upfront, $120 million for repairs, and about $670,000 for furniture, fixtures and equipment at the remaining sites.
• Justice Peter Osborne noted the assignments could bind landlords through 2094 and highlighted a 25,600‑page record, as senior lenders remain split between Pathlight’s support and a ReStore‑represented group’s opposition.