WAM RED-L Limited Partnership

8 Sep 2026

#Filing

Letter to Service List — Service list

8 Sep 2026

#Distribution

Redline Order (Final Distribution, Approval of Activities, Approval of Fees and Disbursements, and Discharge of Receiver) — Distribution order

4 Sep 2026

#Filing

Application (Final Distribution, Approval Of Activities, Approval of Fees and Disbursements, and Discharge of Receiver) — Application / notice of application

4 Sep 2026

#Filing

Brief of The Receiver (Final Distribution, Approval of Activities, Approval of Fees and Disbursements, and Discharge of Receiver) — Factum / brief

3 Sep 2026

#Report

Second Report confirmed the sale of the Units closed June 18, 2026, and reported receipts of $4,897,768.74 against disbursements of $56,839.34, with $4,840,929.40 held in trust at September 2, 2026.

Source: Receiver's Second Report

22 May 2026

#Filing

Letter to Service List - 22 May 2026 — Service list

21 May 2026

#Order

Sealing Order - Filed May 21, 2026 — Order (other)

5 May 2026

#Sale

Approved the sale of the 4,999 units to 1680922 Alberta Ltd. or its nominee, vesting to take effect on delivery of the Receiver's closing certificate confirming payment of the purchase price.

Source: Approval and Vesting Order

1 May 2026

#Filing

Application (Sale by Receiver) — Application / notice of application

1 May 2026

#Filing

Brief of Law - April 30 2026 — Factum / brief

1 May 2026

#Filing

Letter to Service List serving Application Materials — Application / notice of application

#Report

First Report recorded that no formal public sale process was run for the Units, and put forward a related party's April 29, 2026 offer from 1680922 Alberta Ltd. for approval, price sealed.

Source: Receiver's First Report

#Filing

Opened the Alberta receivership file, number 2503-20973, on April 30, 2026, invoking BIA section 243 and provincial Judicature Act authority to appoint a receiver.

Source: Application - Filed April 30, 2026

#Filing

Bench Brief - Filed April 30, 2026 — Factum / brief

#Report

First Report of the Receiver - Filed April 30, 2026 — Court officer report

1 Dec 2025

#Filing

Certificate of Filing — NOI certificate of filing

25 Nov 2025

#Claims

Notice and Statement of Receiver — Notice to creditors

12 Nov 2025

#Order

Ernst & Young Inc. was appointed receiver and manager of the Debtor, a holding entity whose only asset was 4,999 limited partnership units in WAM RED-L Property Holdings Limited Partnership.

Source: Receivership Order (Signed)

3 Nov 2025

#Filing

2740805 Alberta Ltd., assignee of ATB Financial's debt and security, applied to appoint a receiver, claiming $1,598,592.05 outstanding as of October 31, 2025 under the Debtor's guarantee.

Source: Application (Appointment of Receiver) - Filed

3 Nov 2025

#Filing

Affidavit of Alexandra Durstling (Sworn Oct 31, 2025) — Affidavit

3 Nov 2025

#Filing

Brief of Law of the Applicant - Filed — Factum / brief

WAM Red-L: half a Nisku property, sold to its partner with no discount

AnalysisAll insights⁠

Outcome brief

A receiver appointed over nothing but 4,999 limited partnership units sold them, without a public process and with no minority discount, to the other limited partner in a Nisku industrial property; Ernst & Young now proposes $1,621,945.18 to 2740805 Alberta Ltd., assignee of ATB's senior security, and $3,140,899.60 to an ATB-led syndicate owed $65,220,434.62; the discharge application is set for September 16.

9 September 2026

Parties

Debtor

WAM RED-L Limited Partnership

Receiver

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	2 orders, May 2026	59 cases on record

Counsel of record

Party	Counsel	First seen	Source
ReceiverEY	MLT Aikins LLP	30 Apr 2026	Service list · 8 Sep 2026
DebtorWAM RED-L Limited Partnership	Swainson Miki Peskett LLP	1 May 2026	Service list · 8 Sep 2026
Creditor2740805 Alberta Ltd	DLA Piper (Canada) LLP	1 May 2026	Service list · 8 Sep 2026

Capital structureAs asserted in the filings

stated amounts, drawn to scale · for subscribers

Priority class	Creditor	Amount	Source
Secured	ATB Financial (as agent for lending syndicate, formerly for ICE District Block BG Limited Partnership facility) · in 59 casesGuarantee and security over the Units granted pursuant to syndicated credit agreement dated July 17, 2020; WAM LP executed unlimited joint and several guarantee — Second/subordinated position - security expressly subordinated to and ranks behind 274's senior security per Intercreditor and Subordination Agreement dated April 28, 2025 (section 2.3(a)) — debtor: WAM Red-L Limited Partnership · as of 24 Apr 2026	$65.2M	First Report of the Receiver - Filed April 30, 2026
Secured

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

Every creditor and every amount, drawn to scale.

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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

3 transactions · 2 closed · 1 approved — closing of the sale of the Units pursuant to the Approval and Vesting OrderReceiver's Second Report · 3 Sep 2026

Purchaser	Price	Status	Source
1680922 Alberta Ltd.Related partythe Debtor's 4,999 limited partnership units in WAM RED-L Property Holdings Limited Partnership · asset sale · nominee/assignee: its nominee · agreement 29 Apr 2026	Sealed	Approved5 May 2026	Approval and Vesting Order
purchaser of the Units not named in this reportthe sale the Units · share sale	Subscribers	Closed	Receiver's Second Report
unnamedthe Units	not stated	Closed18 Jun 2026	Receiver's Second Report

Closing termsVesting effective upon delivery of Receiver's Closing Certificate confirming payment of Purchase Price and satisfaction of Closing conditionsApproval and Vesting Order

RecoveriesAs declared or paid

Unsecured creditors: no distribution. 2740805 Alberta Ltd. a distribution · ATB Financial a distribution.Application (Final Distribution, Approval Of Activities, Approval of… · 4 Sep 2026

Class	Creditor	Claims	Recovery	Basis	Source
Secured	2740805 Alberta Ltd.	—		Finalper the receiver	Redline Order (Final Distribution, Approval of Activities, Approval of… · 16 Sep 2026
Secured	ATB Financial	—		Finalper the receiver	Redline Order (Final Distribution, Approval of Activities, Approval of… · 16 Sep 2026
Unsecured	any other creditors	—	no distribution	per the receiver	Application (Final Distribution, Approval Of Activities, Approval of… · 4 Sep 2026

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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Fees and ratesAs stated in the filings

1 engagement · 1 firm — MLT Aikins LLP, 12 Nov 2025 – 21 Jun 2026, in feesReceiver's Second Report · 4 Sep 2026

Firm	Period	Hours	Fees	Rates	Source
MLT Aikins LLPCounsel to the receiver	12 Nov 2025 – 21 Jun 2026	—		not stated	Receiver's Second Report · 4 Sep 2026

1 blurred figure above

What the firm billed — each as the filing states it, with its source.

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Estate financialsReported figures — never derived

Cumulative receipts

$4.9M

As at 2 Sep 2026Receiver's Second Report

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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