Multiple rental-property companies founded by former talk-radio host file for insolvency — SkimNews
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- SIREG suspended future rent and dividend payments to stakeholders in a Sept. 18 email citing "liquidity challenges," and at least 14 affiliated corporations — most of them owners of individual buildings — have since filed for bankruptcy.
- AlixPartners Restructuring Inc. was appointed insolvency trustee, with Adam Zalev of Reflect Advisors named Chief Restructuring Officer; Todd Slater "stepped away" from management for "health reasons" per a Sept. 23 email.
- Investor Marcin Migdal estimates roughly 20 condo or rental buildings and more than $100 million borrowed from hundreds of small investors are now at risk, and has built a website to organize legal action against the group.
- A 2025 civil claim by Janvier Kenmoe and his wife alleged they borrowed $500,000 in 2021 via a home-equity line of credit to invest in a SIREG joint venture (SIREG 1-4 Balmoral Inc., a 158-unit Brockville building) promising a 60% return over two years — but by August 2025, the deal was three years overdue and Slater stopped replying to emails in October.
- The Kenmoe claim also alleged SIREG skipped "know your client" due diligence required to confirm accredited-investor status under securities law; the Ontario Securities Commission declined to comment on whether it had received complaints or opened an investigation.
- Mortgage broker Ron Butler told The Globe that research into SIREG buildings found empty reserve funds, unfinished engineering reports, and loans registered to the condo corporations — making them "completely unfinanceable" and forcing cash-only sales at roughly a 66% price discount.
Why it matters: Hundreds of small investors now have frozen income streams, can't simply sell their units to escape (the buildings are unfinanceable, per a mortgage broker's findings), and must pursue court relief from bankruptcy-bound property-management contracts — with an investor-organized tally pointing to $100-million-plus and 20-plus Ontario buildings in play.
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