CANADA Canada - Barry, 75, & Honey Sherman, 70, found dead, Toronto, 15 Dec 2017 #18

[deugirtni]

BS used to register loans or mortgages for way more than the actual $ advanced. For example, he may have loaned $10 million on a property, but he would register a mortgage on the property for $30 million (I am just making up the numbers for illustrative purposes). I don't know how much BS actually advanced to JS (DOTR probably has this available, he/she is a wizard at finding stuff) , but the amount actually advanced was likely far less than the mortgages actually registered against these advances.

In fairness, we don't know where JS may have invested any profits from his business; and also we don't know how much he reinvested in his business. We do know he owned part of Green Storage; and also a cottage/marina business. He had/has plans to rapidly expand both of them, based on what we have read. Acquiring additional storage locations or buying cottages would require additional capital. But JS may well have other investments (Harlo?) that we are not aware of.

Irrespective of what JS may have written in an email to his father, or to anyone else, I am quite certain that JS didn't actually believe that he was a smarter or more astute business person than his father. All MOO

I disagree and truly believe JS did actually believe he was much smarter and more astute as a business person than his father. I recall reading JS didn't like the way B ran his business, with making millions one day, and losing millions the next day, etc.

Anyway, I am not as refreshed on this as I used to be, but I don't believe it is BS that 'used to register loans or mortgages for way more than the actual $ advanced'. B flowed the funds to JS and AP, presumably via his Sherfam co, to Hour Holdings... at which time, it would be Hour Holdings that would hold the Green Storage mortgage(s) on their property/ies, seemingly for way more than their value.

In light of that, my thinking is that when B asked J and AP to obtain bank mortgages so they could repay the money to B, they were not able to do so, since the current mortgages held on the properties were a far greater amount than their value/worth. At the same time as B was asking for the 50-60 million to be returned to him, JS was reportedly starting a new business in secondary mortgages. I'm assuming, moo, that based on that, he would've needed to invest loads of money into that business, and wouldn't have had the capital to also give that money back to B at the time.

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.

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.

Barry Sherman’s son raised concerns about Apotex founder’s investment strategy and business competence: Sources

 

[ldlager]

I disagree and truly believe JS did actually believe he was much smarter and more astute as a business person than his father. I recall reading JS didn't like the way B ran his business, with making millions one day, and losing millions the next day, etc.

Anyway, I am not as refreshed on this as I used to be, but I don't believe it is BS that 'used to register loans or mortgages for way more than the actual $ advanced'. B flowed the funds to JS and AP, presumably via his Sherfam co, to Hour Holdings... at which time, it would be Hour Holdings that would hold the Green Storage mortgage(s) on their property/ies, seemingly for way more than their value.

In light of that, my thinking is that when B asked J and AP to obtain bank mortgages so they could repay the money to B, they were not able to do so, since the current mortgages held on the properties were a far greater amount than their value/worth. At the same time as B was asking for the 50-60 million to be returned to him, JS was reportedly starting a new business in secondary mortgages. I'm assuming, moo, that based on that, he would've needed to invest loads of money into that business, and wouldn't have had the capital to also give that money back to B at the time.

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.

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.

Barry Sherman’s son raised concerns about Apotex founder’s investment strategy and business competence: Sources

Practically, it was all BS money, whether advanced from Sherfam or BS or Hour. BS controlled Hour Holdings and could easily have agreed to another lender assuming the existing mortgages in return for cash; or allowed another lender to register a mortgage on the properties that ranked ahead of Hour's mortgages. The intransigence of JS and AP was the reason that these new mortgages weren't secured.

 

[deugirtni]

Practically, it was all BS money, whether advanced from Sherfam or BS or Hour. BS controlled Hour Holdings and could easily have agreed to another lender assuming the existing mortgages in return for cash; or allowed another lender to register a mortgage on the properties that ranked ahead of Hour's mortgages. The intransigence of JS and AP was the reason that these new mortgages weren't secured.

Agreed that it was all BS money that J was using in his businesses and in his life in general (surrogate babies), but the Hour Holdings company was run by JS and AP, and had those two listed with the government. While B controlled the influx of money into Hour Holdings, it was JS and AP alone, who controlled the outflow, imo. Was B even aware that the two would borrow/ask for funds to buy whatever, and then have their own company mortgage a much higher amount when Hour Holdings in turn loaned the money to Green?

Personally, I am wondering if B caught wind of that, and was in the process of bringing it all to a head. I don't pretend to be smart enough to figure out how that all would work, but someone with financial and corporation/legal/accountant savvy (anyone here?) might be able to tell what the scheme was. Was B being told they'd need a few million to buy a building that cost much less? And renos that would cost many millions, when the cost was much less? Was B aware that in all likelihood JS was using B's loaned/given funds to finance secondary mortgages (which are risky) through his new company which KD wrote about? Is this potential newfound knowledge that B may have become aware of, the reason for him asking J to return 50-60M and instead finance it through a bank? Was B thinking if J is using B's funds to provide mortgages, then he should be able to use the money he already had, or get a conventional mortgage?

 

[deugirtni]

Agreed that it was all BS money that J was using in his businesses and in his life in general (surrogate babies), but the Hour Holdings company was run by JS and AP, and had those two listed with the government. While B controlled the influx of money into Hour Holdings, it was JS and AP alone, who controlled the outflow, imo. Was B even aware that the two would borrow/ask for funds to buy whatever, and then have their own company mortgage a much higher amount when Hour Holdings in turn loaned the money to Green?

Personally, I am wondering if B caught wind of that, and was in the process of bringing it all to a head. I don't pretend to be smart enough to figure out how that all would work, but someone with financial and corporation/legal/accountant savvy (anyone here?) might be able to tell what the scheme was. Was B being told they'd need a few million to buy a building that cost much less? And renos that would cost many millions, when the cost was much less? Was B aware that in all likelihood JS was using B's loaned/given funds to finance secondary mortgages (which are risky) through his new company which KD wrote about? Is this potential newfound knowledge that B may have become aware of, the reason for him asking J to return 50-60M and instead finance it through a bank? Was B thinking if J is using B's funds to provide mortgages, then he should be able to use the money he already had, or get a conventional mortgage?

Sorry, I had meant to post this from KD's The Billionaire Murders ebook:

The money that launched Green Storage came from Hour Holdings, which corporate records show is listed in the names of JS and AP. In reality, according to Sherman insiders, it was Barry Sherman's money. Hour Holdings uses Apotex as its mailing address. That financial relationship was alluded to in JS''s eulogy at the memorial service for his parents. "When I entered your office about five or six years ago with my good friend AP, we told you about our plan to start a buisness together and you were so incredibly supportive and excited. We had the world's shortest shareholder agreement which basically said, 'Anything, anytime.'" At the time of Barry's death, Hour Holdings had registered at least $127 million in loans against either Green Storage properties or a small marina and cottage business JS and AP were running. Typically, there is a favourable interest rate and no payment schedule.

pg 224/225 The Billionaire Murders ebook

<Admin Edit: As JS and AP are not officially named POIs/suspects, please redact full names and use initials>

 

[Lexiintoronto]

“I’m not going to kill my dad because he needs 50 million to get through a crisis.”

That comment by JS has always bothered me. I think it reveals an inability to see things from another person’s perspective - and maybe even reveals an inability to empathize with other people.

I think several of his e-mails to his father re: succession, AP, BS’s lending to FD’A - as well as some of the comments he made at the memorial service directed “to” HS - might also reveal that personality trait: egocentric, bordering on narcissistic (jmo).

In reply to those who were suggesting that JS might have been involved in his parent’s deaths due to BS’s demand that JS and AP quickly repay 50 million that BS had lent them, I think most people would have expected JS to say something like: “I’m not going to kill my dad just to avoid having to repay 50 million on short notice.”

But before making a reply, he first rephrases the question in a way that implies that the problem was not that JS needed to repay 50 million on short notice - it was that BS was in NEED of 50 million on short notice. Not JS’s problem, but BS’s problem (a crisis, in fact).

I think JS obfuscates and pretends not to see the basic logic behind the question by presenting a straw man argument: Why would JS kill his dad over something that didn’t affect JS? What a silly question! Next!

All jmo

I agree completely. That’s a great explanation.

I went back to that article and noticed JS and AP were told to speak to AG about the mortgages: (bbm)

“On Nov. 16, Barry writes to Jonathon and Paulin, copying Alex Glasenberg, Sherfam’s chief financial officer. Subject line: Arranging mortgages. “We might have to pay the 580 million judgment in January,” Barry writes. “We thus need to take steps to improve liquidity, in case needed. I thus request that you discuss with Alex and arrange first mortgages to enable repaying 50-60 million to (Sherfam) if possible. Please do within weeks.” Barry adds, “I am certain we will be able to advance further substantial funds to you, if wanted for further investments, beginning in 2019.””
Barry Sherman’s son says his father asked him to repay tens of millions of dollars, two weeks before murders, but Barry was ‘all in’ with son’s business

That was the first step: talk with AG, and instead JS vaguely told Donovan that AP ‘talked to a couple of banks’. He didn’t mention AG.

I think they needed AG’s and Sherfam’s help to get the traditional mortgages. BS loans to them were registered on Green Storage property titles. (200 million, according to Donovan.) My view only, and I don’t understand their finances.

 

[Lexiintoronto]

I agree completely. That’s a great explanation.

I went back to that article and noticed JS and AP were told to speak to AG about the mortgages: (bbm)

“On Nov. 16, Barry writes to Jonathon and Paulin, copying Alex Glasenberg, Sherfam’s chief financial officer. Subject line: Arranging mortgages. “We might have to pay the 580 million judgment in January,” Barry writes. “We thus need to take steps to improve liquidity, in case needed. I thus request that you discuss with Alex and arrange first mortgages to enable repaying 50-60 million to (Sherfam) if possible. Please do within weeks.” Barry adds, “I am certain we will be able to advance further substantial funds to you, if wanted for further investments, beginning in 2019.””
Barry Sherman’s son says his father asked him to repay tens of millions of dollars, two weeks before murders, but Barry was ‘all in’ with son’s business

That was the first step: talk with AG, and instead JS vaguely told Donovan that AP ‘talked to a couple of banks’. He didn’t mention AG.

I think they needed AG’s and Sherfam’s help to get the traditional mortgages. BS loans to them were registered on Green Storage property titles. (200 million, according to Donovan.) My view only, and I don’t understand their finances.

I just wanted to add this quote from the article I linked above:

“Barry Sherman had provided at least $125 million to Jonathon and Paulin over the years in the form of interest-free loans registered on title to their storage company, Green Storage, along with money for homes and a cottage. My own review of public land title documents suggested that more than $200 million was made available by Barry, but Jonathon said that he and Paulin only ever needed $125 million of that amount.”

B’s name was registered on Green Storage property titles. He and AG would have to be involved with getting any mortgages, imo.

I’d be happy if someone understands this better than I do explain this and how Hour Holding mortgages factor in.

ETA: The part I crossed off is incorrect. I was searching to find out how B secured his loans to JS and AP. Did they sign an agreement? And the quoted part made me think B may have been included on title to the properties.

 

[ldlager]

I agree completely. That’s a great explanation.

I went back to that article and noticed JS and AP were told to speak to AG about the mortgages: (bbm)

“On Nov. 16, Barry writes to Jonathon and Paulin, copying Alex Glasenberg, Sherfam’s chief financial officer. Subject line: Arranging mortgages. “We might have to pay the 580 million judgment in January,” Barry writes. “We thus need to take steps to improve liquidity, in case needed. I thus request that you discuss with Alex and arrange first mortgages to enable repaying 50-60 million to (Sherfam) if possible. Please do within weeks.” Barry adds, “I am certain we will be able to advance further substantial funds to you, if wanted for further investments, beginning in 2019.””
Barry Sherman’s son says his father asked him to repay tens of millions of dollars, two weeks before murders, but Barry was ‘all in’ with son’s business

That was the first step: talk with AG, and instead JS vaguely told Donovan that AP ‘talked to a couple of banks’. He didn’t mention AG.

I think they needed AG’s and Sherfam’s help to get the traditional mortgages. BS loans to them were registered on Green Storage property titles. (200 million, according to Donovan.) My view only, and I don’t understand their finances.

From above- "..arrange first mortgages..."- my emphasis added. BS/Sherfam/Hour were willing to move to second security position in order to help ensure that JS and AP would secure the funding from third party lenders the BS asked them to secure. At yet it appears they did very little to assist BS in his request.

 

[Lexiintoronto]

From above- "..arrange first mortgages..."- my emphasis added. BS/Sherfam/Hour were willing to move to second security position in order to help ensure that JS and AP would secure the funding from third party lenders the BS asked them to secure. At yet it appears they did very little to assist BS in his request.

First mortgages.
That’s exactly it, thank you. I read that a thousand times and missed what B was saying.

B was being very kind to them, considering how they were acting.

 

[JayFriend]

Judge rules Barry and Honey Sherman murder case too sensitive to release more case documents

 

[dotr]

Judge rules Barry and Honey Sherman murder case too sensitive to release more case documents

Thanks for the link @JayFriend!
Sherman murder case too sensitive to release more case documents: judge | The Star
April 27 2022 rbbm.
''In its arguments, the Star has identified numerous categories that, it argued, should also be unsealed. They include: additional images of the walking man captured by security cameras in the vicinity of the Sherman home the night of the murders (police say this would reveal the man’s “direction of travel”); security camera photos of Barry and Honey arriving and leaving Apotex after a meeting and them arriving home the night they were murdered (police say this would reveal if someone was following them); specific details of what areas police canvassed following the murders — the Star has found places, including a synagogue down the street from the Sherman home that was not canvassed for video; a detailed timeline police have created of the walking man and the movements of the Shermans the day they died; the still-redacted statements of Sherman family members and others who were pointing fingers at several individuals they believed were involved in the murders; and the reason the estate documents related to Barry and Honey are apparently key to the case.''

 

[Lexiintoronto]

Thanks for the link @JayFriend!
Sherman murder case too sensitive to release more case documents: judge | The Star
April 27 2022 rbbm.
''In its arguments, the Star has identified numerous categories that, it argued, should also be unsealed. They include: additional images of the walking man captured by security cameras in the vicinity of the Sherman home the night of the murders (police say this would reveal the man’s “direction of travel”); security camera photos of Barry and Honey arriving and leaving Apotex after a meeting and them arriving home the night they were murdered (police say this would reveal if someone was following them); specific details of what areas police canvassed following the murders — the Star has found places, including a synagogue down the street from the Sherman home that was not canvassed for video; a detailed timeline police have created of the walking man and the movements of the Shermans the day they died; the still-redacted statements of Sherman family members and others who were pointing fingers at several individuals they believed were involved in the murders; and the reason the estate documents related to Barry and Honey are apparently key to the case.''

It makes it sound as if at least one of the Shermans was followed and they know the direction of travel of the NW, imo. Maybe we’ll get more photos of him when the police want to spark interest in the case again.

KD previously mentioned the statements of three people that are redacted that he wanted released: KW’s, FDA’s & JS’s.

KD said JS’s second interview with police will remain sealed because he named people he suspected. Maybe FDA mentioned suspects?

We haven’t heard much about AG, BK or AP. And they are key players in the last weeks, imo.

 

[ldlager]

"...Justice Leslie Pringle said she is concerned that releasing additional police witness statements and theories of the case from search warrant documents would impact “the integrity of the ongoing police investigation...”

sigh.......

 

[dotr]

Kevin Donovan with John Moore (iheartradio.ca)
April 28 2022
''A judge has ruled the Barry and Honey Sherman murder case is too sensitive to release more documents. Kevin Donovan, investigative reporter at the Toronto Star, who has been following this story from the beginning, has the latest on Moore In The Morning.''

 

[MistyWaters]

It makes it sound as if at least one of the Shermans was followed and they know the direction of travel of the NW, imo. Maybe we’ll get more photos of him when the police want to spark interest in the case again.

KD previously mentioned the statements of three people that are redacted that he wanted released: KW’s, FDA’s & JS’s.

KD said JS’s second interview with police will remain sealed because he named people he suspected. Maybe FDA mentioned suspects?

We haven’t heard much about AG, BK or AP. And they are key players in the last weeks, imo.

I’d have been very surprised if a Judge had allowed release of statements, especially that no charges have yet been laid. Just imagining how difficult it would be for police to get people to open up and talk if they suspected those same statements would end up as front page news.

 

[ldlager]

I’d have been very surprised if a Judge had allowed release of statements, especially that no charges have yet been laid. Just imagining how difficult it would be for police to get people to open up and talk if they suspected those same statements would end up as front page news.

So is it fair to assume that they will never be released, as doing so could influence potential jurors als0? And then potential appeals?

 

[MistyWaters]

So is it fair to assume that they will never be released, as doing so could influence potential jurors als0? And then potential appeals?

In Canada it’s typically not until a trial when statements or portions thereof are entered into evidence upon trial witness testimony. So yes, in addition to allegations of undue influence of the jury pool, anybody giving the police a theory regarding the identity of the killer could potentially be putting their own life at risk if that was publicly shared prior to an arrest, especially if B or H had shared information incriminating details with them that the killer isn’t aware of. This is the first instance I can ever recall that a reporter has asked for the unsealing of statements prior to an arrest —- would anyone expect confidential police files to be released like public information bulletins so we could all follow along with who we think should be charged? It’s not going to happen.

 

[ldlager]

In Canada it’s typically not until a trial when statements or portions thereof are entered into evidence upon trial witness testimony. So yes, in addition to allegations of undue influence of the jury pool, anybody giving the police a theory regarding the identity of the killer could potentially be putting their own life at risk if that was publicly shared prior to an arrest, especially if B or H had shared information incriminating details with them that the killer isn’t aware of. This is the first instance I can ever recall that a reporter has asked for the unsealing of statements prior to an arrest —- would anyone expect confidential police files to be released like public information bulletins so we could all follow along with who we think should be charged? It’s not going to happen.

I would find it valuable to know who has NOT given police a statement or been interviewed. As LE will not disclose this, it seems the only way for the public to know this is to know who HAS provided statements to the police.

 

[MistyWaters]

I would find it valuable to know who has NOT given police a statement or been interviewed. As LE will not disclose this, it seems the only way for the public to know this is to know who HAS provided statements to the police.

In all fairness, we don’t even know why police would’ve conducted 250 interviews. Based on what we think we know, their world consisted of no more than a couple dozen people.

“Since the Sherman's murder, police have conducted approximately 250 witness interviews, received 1,255 tips from the public, and obtained 41 warrants.”
Toronto police release video of 'suspect' in billionaires' 2017 murders

 

[ldlager]

In all fairness, we don’t even know why police would’ve conducted 250 interviews. Based on what we think we know, their world consisted of no more than a couple dozen people.

“Since the Sherman's murder, police have conducted approximately 250 witness interviews, received 1,255 tips from the public, and obtained 41 warrants.”
Toronto police release video of 'suspect' in billionaires' 2017 murders

So they spent their time doing about 200 useless and pointless interviews?

 

[MistyWaters]

So they spent their time doing about 200 useless and pointless interviews?

No it likely means KD missed the narrative on a whole lot of people. Why would you assume LE would involve themselves in useless and pointless interviews?