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⚖️COURT UPDATE⚖️A.R.I. OVO Growth Capital I, LLC has filed a civil claim against October’s Very Own ULC in the Supreme Court of British Columbia, Vancouver Registry, seeking to recover more than $4.6 million allegedly owed under convertible debt agreements.
The Notice of Civil Claim, filed June 11, 2026, names October’s Very Own ULC, or OVO, as the defendant. The claim says OVO is a British Columbia unlimited liability company that carries on business in British Columbia and elsewhere.
According to the filing, OVO was founded in 2008 and operates a lifestyle, apparel, music, and consumer products brand associated with Aubrey Drake Graham, professionally known as Drake, along with Oliver El-Khatib and Noah “40” Shebib.
A.R.I. alleges that between July 14, 2025, and August 5, 2025, OVO issued five convertible promissory notes to A.R.I. with an aggregate principal amount of $5,234,121.93.
The claim says the notes were five-year convertible debt instruments that included conversion rights, information rights, default remedies, prepayment restrictions, and a contractual “Make Whole Fee” designed to provide A.R.I. with a minimum negotiated return if the notes were repaid or terminated before maturity.
A.R.I. alleges OVO defaulted under the notes by failing to make required payments when due and by breaching other obligations under the financing documents. The filing says A.R.I. sent OVO a written notice of default on or about February 27, 2026.
The claim also says the parties entered into a forbearance agreement around March 20, 2026, where OVO allegedly acknowledged existing defaults and confirmed that the amounts owed were valid, binding, and unconditionally due without setoff, defense, counterclaim, deduction, or reduction.
According to A.R.I., OVO later made a partial wire payment of $3,824,768.54 on or about May 27, 2026, but A.R.I. says that payment did not satisfy the full debt because it did not cover the Make Whole Fee, default interest, enforcement costs, legal fees, and other contractual amounts.
The filing says OVO disputes its obligation to pay the Make Whole Fee and took the position that the partial payment satisfied the debt in full. A.R.I. rejects that position and alleges OVO continues to owe additional amounts.
A.R.I. calculates the Make Whole Fee at $4,158,001.06 and says the total amount remaining due as of June 11, 2026, is $4,609,455.72, with amounts continuing to accrue.
The claim seeks judgment for $4,609,455.72 or another amount proven at trial, plus additional accruing amounts, default interest, legal fees, professional fees, enforcement costs, lender expenses, pre- and post-judgment interest, and costs.
A.R.I. also asks the court for a declaration that the Make Whole Fee provisions are valid and enforceable and that OVO is obligated to pay the Make Whole Fee as part of the amounts owing under the convertible debt agreements. FULL DOCUMENT BELOW👇🏾👇🏾👇🏾
COMPLAINT - drive.google.com/file/d/1Zr_Uqc…
