SUPERIOR COURT OF JUSTICE – ONTARIO

(COMMERCIAL LIST)

COURT FILE NO.: 11-CL-9322
DATE: 20120523

RE: MERIDIAN ASSET MANAGEMENT INCORPORATED, Plaintiff

AND:

MICHAEL BRENDAN KYNE, Defendant

BEFORE: CUMMING J.

COUNSEL:
Milton Davis, for the Plaintiff

HEARD: MAY 23, 2012

ENDORSEMENT

The Motion

[ 1 ] The plaintiff, Meridian Asset Management Incorporated, (“Meridian”) brings a motion for summary judgment under Rule 20.01(1).

[ 2 ] The defendant, Michael Brendan Kyne (“Mr. Kyne”) is self-represented. He did not appear. He filed a defence to the action. Accordingly, Rule 16.01 (3), (4) is operative in respect of the issue of service. The filed affidavit of service indicates Mr. Kyne was sent the motion record by prepaid first class mail at his last known address, RR3, Shelburne, Ontario L0N 1S7. He was also sent a copy by email at maholomichael@gmail.com.

[ 3 ] The evidentiary record establishes that Mr. Kyne has been receiving from, and sending emails to, counsel for Meridian over the last year at the referenced email address.

[ 4 ] Accordingly, I validate the service employed by the plaintiff in respect of this motion.

The Evidence

[ 5 ] The motion for summary judgment is straightforward.

[ 6 ] Mr. Kyne is legally separated from Ms. Tracy Dort-Kyne, the President and sole director of Meridian. Her uncontradicted affidavit dated April 17, 2012 has, as Exhibit #1, the Meridian Loan Agreement with Mr. Kyne, sets forth the history of the loan, and the amount now owing, being $582,379.24 as of May 3, 2011 plus interest accruing daily in the amount of $140.41. Mr. Kyne’s statement of defence (paras. 6 and 7) admits to the loan but pleads he signed the agreement under duress and without understanding the nature or the legal ramifications of the terms of the Agreement. He has not responded to the service of the Motion Record.

[ 7 ] The affidavit of Ms. Dort-Kyne states that Mr. Kyne was an extremely successful hedge fund owner and manager whose business suffered in the 2008-9 economic recession. The couple have three children. They separated in 2008. Ms. Dort-Kyne was in a terrible bicycling accident on September 4, 2011 which left her a quadriplegic.

[ 8 ] I am satisfied on the evidentiary record before me that there is no genuine issue requiring a trial with respect to the claim or defence.

Disposition

[ 9 ] Summary judgment is granted in favour of the Plaintiff moving party, Meridian, in the amount of $585,468.26 together with pre-judgment interest at the loan agreement rate of 8.25% annually from the date of demand to today, plus costs on a substantial-indemnity basis fixed at $11,866.93, inclusive of all disbursements and applicable taxes.

[ 10 ] The judgment will bear interest at the contractual rate, being 8.25% per annum.

CUMMING J.

Date: May 23, 2012