2399430 Alberta Ltd. and 2399449 Alberta Ltd.

5 Jun 2025

#Sale

The court granted an approval and vesting order for the sale to Youth Canada Association (YOUCAN!). Closing terms, as extracted: Vesting effective upon delivery of the Receiver's Closing Certificate.

Source: Approval and Vesting Order (Unfiled)

5 Jun 2025

#Order

Interim order pronounced, commencing the receivership proceeding against both Alberta companies in the Court of King's Bench of Alberta under file 2203 19336.

Source: Restricted Court Access Order (Unfiled)

5 Jun 2025

#Distribution

Order - Interim Distribution (Unfiled) — Distribution order

23 May 2025

#Report

The officer filed report no. Sixth Report. The Receiver continues to maintain and market the remaining properties (Harvest and Scona Garage) following the earlier sales of Jasper Ave and Sask Drive, and is seeking court approval of an accepted offer to sell the Harvest property along with an interim distribution to the secured creditor GP.

Source: Receiver's Sixth Report to Court

23 May 2025

#Filing

Bench Brief — Factum / brief

#Filing

Application — Application / notice of application

#Sale

Blackline to Sale and Vesting Order — Approval and vesting order

#Order

Book of Authorities — Order (other)

#Order

Draft Restricted Court Access Order — Order (other)

#Sale

Draft Sale and Vesting Order — Approval and vesting order

#Distribution

Order - Interim Distribution — Distribution order

3 Jun 2024

#Report

Service Letter to Commercial Coordinator — Stakeholder communication

31 May 2024

#Report

The officer filed report no. Fifth Report. The Receiver continues to maintain and preserve the remaining properties and collect rent from the Sask Drive tenant, while NAI actively markets the remaining properties; an offer on Sask Drive has been accepted pending court approval and a conditional offer on Harvest has been accepted. Jasper Ave was sold in 2023 and both companies were assigned into bankruptcy in February 2023.

Source: Receiver's Fifth Report to Court

31 May 2024

#Filing

Brief of MNP Ltd. — Application / notice of application

26 Mar 2024

#Order

Judgement Order - 2399430 Alberta Ltd. — Order (other)

26 Mar 2024

#Order

Judgement Order - 2399449 Alberta Ltd. — Order (other)

20 Feb 2024

#Order

Adjournment Order - 2399430 Alberta Ltd. — Order (other)

20 Feb 2024

#Order

Adjournment Order - 2399449 Alberta Ltd. — Order (other)

12 Jan 2024

#Filing

Application - Extend Restricted Court Access — Application / notice of application

12 Jan 2024

#Order

Draft Restricted Court Access Order - Redline — Order (other)

12 Jan 2024

#Order

Order - Unfiled — Order (other)

19 Dec 2023

#Report

The officer filed report no. Fourth Report. The Receiver continues to maintain the properties and collect rent from tenants, while three remaining properties are listed and actively marketed for sale; Jasper Ave was already sold. A further $30,000 distribution to Priestner is proposed for 430 Alberta.

Source: Receiver's Fourth Report to Court

#Order

Amended Restricted Court Access Order — Order (other)

#Filing

Application by the Receiver (Interim Distribution) — Application / notice of application

#Order

Order (Interim Distribution and Approval of Receiver's Fees and Activities) — Order (other)

#Filing

Webex Details — Notice of hearing

17 Jul 2023

#Report

The officer filed report no. Third Report. The Receiver continues to maintain the remaining properties and collect rent from the Harvest and Sask Drive properties, completed the May 31, 2023 sale of Jasper Ave and its personal property, and is seeking approval of fees and an interim distribution of 430 Alberta funds to Priestner and the bankruptcy trustee.

Source: Receiver's Third Report to Court

17 Jul 2023

#Report

Letter to Commercial Coordinator — Stakeholder communication

17 Jul 2023

#Filing

Letter to Service List — Service list

#Sale

The court granted an approval and vesting order for the sale to Union Bank Holdings Inc. Closing terms, as extracted: Vesting occurs upon delivery of the Receiver's Closing Certificate confirming payment of the purchase price and satisfaction of closing conditions.

Source: Approval and Vesting Order

#Filing

Application for an Approval and Vesting Order — Application / notice of application

#Sale

Blackline template of Proposed Approval and Vesting Order — Approval and vesting order

#Order

Restricted Court Access Order — Order (other)

#Filing

Webex Confirmation — Notice of hearing

24 Apr 2023

#Report

The officer filed report no. Second Report. The Receiver is maintaining and preserving the properties and collecting rent from the Harvest and Sask Drive properties, while marketing all four properties through NAI. An unconditional offer on the Jasper Ave property has been accepted subject to court approval.

Source: Receiver's Second Report to the Court

24 Apr 2023

#Filing

Brief of MNP — Application / notice of application

24 Apr 2023

#Filing

Fee Affidavit of Kristin Gray — Affidavit

13 Mar 2023

#Report

Trustee's Report to Creditors - 2399430 Alberta Ltd. — Court officer report

13 Mar 2023

#Report

Trustee's Report to Creditors - 2399499 Alberta Ltd. — Court officer report

#Report

Certificate of Appointment - 2399430 Alberta Ltd. — Court officer certificate

#Report

Certificate of Appointment - 2399449 Alberta Ltd. — Court officer certificate

#Claims

Creditors Package - 2399430 Alberta Ltd. — Meeting materials

#Claims

Creditors Package - 2399449 Alberta Ltd. — Meeting materials

#Filing

Application by the Receiver — Application / notice of application

#Filing

Bench Brief of the Receiver — Factum / brief

#Order

Order — Order (other)

#Report

Receiver's First Report to Court — Court officer report

#Filing

Webex Information — Notice of hearing

13 Feb 2023

#Filing

Service List — Service list

#Filing

Form 87 2399430 Alberta Ltd — Notice of receiver (s. 245 / Form 87)

#Filing

Form 87 2399449 Alberta Ltd — Notice of receiver (s. 245 / Form 87)

#Report

Receivers Certificate 430 — Court officer certificate

#Report

Receivers Certificate 449 — Court officer certificate

15 Dec 2022

#Filing

Service Letter and List — Service list

13 Dec 2022

#Order

The court appointed MNP Ltd. as Receiver, on the application of Mike Priestner Real Estate Inc. and MPRE GP Dev Inc.. Court file 2203 19336.

Source: Receivership Order

13 Dec 2022

#Filing

Application and Order — Application / notice of application

13 Dec 2022

#Filing

Bench Brief of Mike Priestner Real Estate Inc. & MPRE GP Dev Inc. — Application / notice of application

6 Dec 2022

#Filing

Affidavit of Christopher Burrows — Affidavit

Parties

Debtor

2399430 Alberta Ltd. and 2399449 Alberta Ltd.

Receiver

MNP

Bench and counselPer the orders and service lists on the record

Bench

Judge	Court	On this docket	Cases on record
Justice Burns	Court of King's Bench of Alberta	4 orders, Jun 2025	59 cases on record
Justice Gill	Court of King's Bench of Alberta	4 orders, Feb 2024 – Mar 2024	53 cases on record
Justice Whitling	Court of King's Bench of Alberta	4 orders, May 2023 – Jul 2023	16 cases on record
Justice Dunlop	Court of King's Bench of Alberta	2 orders, Feb 2023 – Jan 2024	56 cases on record
Justice Neilson	Court of King's Bench of Alberta	2 orders, Dec 2022	63 cases on record

Counsel of record

Party	Counsel	First seen	Source
ReceiverMNP	McLennan Ross LLP	13 Feb 2023	Service list · 13 Feb 2023
Debtor2399430 Alberta Ltd. and 2399449 Alberta Ltd.	MLT Aikins LLP · Stillman LLP	13 Feb 2023	Service list · 17 Jul 2023
CreditorKastel Holdings	Burnet Duckworth & Palmer LLP	17 Jul 2023	Service list · 17 Jul 2023
CreditorKorr Design Inc	McLeod Law LLP	17 Jul 2023	Service list · 17 Jul 2023
CreditorMandi Deren-Dube	MLT Aikins LLP	15 Dec 2022	Service list · 15 Dec 2022
CreditorMike Priestner Real Estate Inc. and MPRE GP Dev Inc	Dentons Canada LLP	13 Feb 2023	Service list · 13 Feb 2023

Capital structureAs asserted in the filings

stated amounts, drawn to scale · for subscribers

Priority class	Creditor	Amount	Source
Secured	MPRE GP Dev Inc. ("GP")449 Mortgage dated January 27, 2022, registered as instrument no. 222 128 556 against the 109 Street Lands, Saskatchewan Drive Lands, and 81 Avenue Lands, securing principal sum of $10,106,096.00 plus interest at 4.50% above Prime and solicitor-client costs — Outstanding mortgage balance as at Nov 30, 2022; NOI to Enforce Security under s.244 BIA issued Nov 25, 2022. Repayment additionally guaranteed by Turnip Home Inc. (corporate guarantee, related party) and personally guaranteed by Henok Kassaye (director) - guarantors, not themselves shown as holding security over debtor's lands. — debtor: · as of 30 Nov 2022	$10.7M	Affidavit of Christopher Burrows
Secured
Secured
Secured
Secured
Secured

5 more claims in 1 class The stack holds Secured claims.

Every creditor and every amount, drawn to scale.

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Receiver's Sixth Report to Court

This proceeding was commenced by a secured creditor. The record does not include the debtor’s own statement of assets and liabilities — that ceiling is the record’s, not this page’s.

Sale processAs stated in the filings

4 transactions · 3 closed · 1 approved — The Transaction is hereby approvedApproval and Vesting Order (Unfiled) · 5 Jun 2025

Qualified bids

Purchaser	Price	Status	Source
Union Bank Holdings Inc.430 Alberta's right, title and interest in and to the assets described in the Sale Agreement (the "Purchased Assets") · real property · nominee/assignee: its nominee · agreement 31 Mar 2023	Subscribers	Closed31 May 2023	Receiver's Third Report to Court
Academy of Healthcare Services Inc.Sask Drive · real property · agreement 28 Mar 2024	not stated	Closed12 Aug 2024	Receiver's Sixth Report to Court
unnamedJasper Ave and the Jasper Ave Personal Property	not stated	Closed31 May 2023	Receiver's Sixth Report to Court
Youth Canada Association (YOUCAN!)the Debtor's right, title and interest in and to the assets described in the Sale Agreement (the 'Purchased Assets') · real property · nominee/assignee: its nominee · agreement 26 Mar 2025	Subscribers	Approved5 Jun 2025	Approval and Vesting Order (Unfiled)

AdvisorsNAI Commercial Real Estate Inc. (sale agent); NAI (sale agent)Receiver's Sixth Report to Court

Closing termsVesting effective upon delivery of the Receiver's Closing CertificateApproval and Vesting Order (Unfiled)

RecoveriesAs declared or paid

City of Edmonton: paid in full.FinalReceiver's Third Report to Court · 17 Jul 2023

Class	Creditor	Claims	Recovery	Basis	Source
Secured	City of Edmonton	—	paid in full	Finalper the receiver	Receiver's Third Report to Court · 17 Jul 2023
Secured	MPRE GP DEV Inc.	—	interimconditional	Finalper the court	Order - Interim Distribution (Unfiled) · 5 Jun 2025
Secured	Mike Priestner Real Estate Inc.	—		Finalper the receiver	Receiver's Fourth Report to Court · 19 Dec 2023

Each row is one filing's statement, copied as it reads and never computed. "Estimated" is the officer's forecast; "Under the plan" is the plan's or proposal's own term; "Final" is a declared or paid distribution; a row with no chip states no footing. A range is the two numbers stated; "of proven claims" is the document's own denominator.

2 blurred figures above

The claims and what each class or creditor recovers — each as the filing states it, with its source.

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Brief of MNP · 24 Apr 2023

Fees and ratesAs stated in the filings

3 engagements · 2 firms — latest: MNP Ltd., 1 Feb – 28 Feb 2023, in feesFee Affidavit of Kristin Gray · 24 Apr 2023

Firm

Period

Hours

Fees

Rates

Source

(firm not named)capacity not statedfirm not named in the heading

—

MNP Ltd.Receiverperiod 2 of 2

1 Feb – 28 Feb 2023

4 people

Fee Affidavit of Kristin Gray · 24 Apr 2023

4 people — MNP Ltd., 1 Feb – 28 Feb 2023 · 14 blurred figures

Name	Title	Rate
Kristin Gray	Senior Vice President
Steven Barlott	Senior Consultant
Isobel Smith	Administration
Megan Schafer	Administration
Time Billed	—	—stated average

MNP Ltd.Receiverperiod 1 of 2

—Sought

—

Brief of MNP · 24 Apr 2023

21 blurred figures above

What each firm billed, and each person’s hours and rate — each as the filing states it, with its source.

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Estate financialsReported figures — never derived

Cumulative receipts

$981K

As at 28 May 2024Receiver's Fifth Report to Court

Cumulative disbursements

As at

Cash on hand

As at

Professional fees

As at

3 more reported figures

Each one as the filing states it, with its source.

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