Heavy Equipment Corp ("Heavy") manufactures large trucks and tractors mainly for resource extraction in Ontario. On May 1, 2020, Heavy obtained a loan for $10,000,000 from International Bank ("IB"). The loan had monthly payments spread over a five year period. On January 1, 2021, Heavy bought a $4,000,000 new fabricator called the X100 for its plant from Local Broker ("LB") . The X100 was purchased on credit which LB perfected under the PPSA on January 2, 2021. On November 1, 2021, Heavy lost a patent lawsuit to Light Equipment Corp ("Light"). The court ordered Heavy to pay Light $2,000,000 in damages.

On December 1, 2021, Heavy filed for bankruptcy. At the time it had $6,000,000 owing to IB, $3,000,000 owing to LB, and $2,000,000 owing to Light from the lawsuit. The X100 has a market value of $1,000,000 and Heavy has $5,000,000 in other assets. Assume no litigation or other fees apply to this question.

A) Explain the amount that LB will collect and the steps it will take. Ensure that your answer explains the applicable law.

B) What amount will IB collect? Explain your answer.

C) What amount will Light collect? Explain your answer.