Windermere Properties Ltd.

Windermere Properties Ltd. has been in court-appointed receivership since February 4, 2014, when MNP Ltd. was appointed receiver on the application of Saskatchewan Immigrant Investor Fund Inc. under section 243(1) of the Bankruptcy and Insolvency Act, section 65(1) of The Queen's Bench Act, 1998 and section 64(8) of The Personal Property Security Act, 1993. The proceeding is before the Court of King's Bench for Saskatchewan, file 0155 of 2014, and remains active. The receiver estimated the value of the company's building project and development assets, comprising the land and building and the Prince Albert condominium, at $14,400,000 as at the date of appointment. Saskatchewan Immigration Investment Fund's secured claim was estimated at $9,441,714; amounts owing to the Canada Revenue Agency and the Government of Saskatchewan's Department of Finance, both holding security in the receivership property, were listed as unknown. Unsecured claims on the receiver's Exhibit A listing totalled $1,211,784.55, the largest being Pro Western Mechanical at $180,759.60, Terry Ayers at $114,550.00 and Tash's Flooring Outlet at $76,605.25.