Alberta · Receivership (court-appointed)
Receiver’s Fourth Report dated March 19, 2018
Court officer report · 19 March 2018
AI summary
A plain-English summary drawn only from this filing: what it is, why it matters, and the parties, amounts and dates it turns on.
What we verified from this filing12 verified
- closing confirmedscope: the remaining 10 duplex units (Duplex Inventory) · outcome: completed · effective: 2018-02-01 · purchaser: Nelson Lumber Company Ltd · date basis: stated · approval order date: 2018-01-29; scope: the Eaux Claires Project · outcome: completed · effective: 2018-03-08 · purchaser: LeCerf Communities · date basis: stated · approval order date: 2018-01-29; scope: the 116 Avenue Condo · outcome: completed · effective: 2018-02-12 · purchaser: Rocker Masonry Ltd. · date basis: stated · approval order date: 2018-01-29
- disbursementsnote: Total disbursements for Lenaco Homes Masterbuilder Inc. only, through March 15, 2018, resulting in excess of receipts over disbursements of $6,224,042.42. Other entities' disbursements: Lenaco Properties Inc. $152,146.86; 1847443 Alberta Ltd. $172,970.77; 1860808 Alberta Ltd. $2,241,156.82; 1909479 Alberta Ltd. $92,302.88. No consolidated total is stated. · since: 2017-08-28 · amount: 4921221.53 · currency: CAD
- operational summaryThe Receiver has completed sales of the Duplex Inventory, Eaux Claires Project, 116 Avenue Condo and Oliver Property, continues to secure and winterize remaining assets, is marketing the Wedgewood Home, and now seeks approval to sell the Fort McMurray Project and distribute proceeds and released holdbacks to ATB. The companies are not operating.
- process resultsnote: Colliers contacted approximately 500 prospective purchasers over about 1 month · solicited: 500
- professional feesnote: Receiver's Fees per Lenaco Homes Masterbuilder Inc. R&D statement; legal fees of $269,761.63 and other professional fees of $188,811.66 are also shown for that entity. Other entities' Receiver's Fees: Lenaco Properties Inc. $52,757.42; 1847443 Alberta Ltd. $75,347.48; 1860808 Alberta Ltd. $25,315.15; 1909479 Alberta Ltd. $15,667.16. No combined total is stated; tax treatment not stated. · party: Receiver (PricewaterhouseCoopers Inc.) - Lenaco Homes Masterbuilder Inc. estate · amount: 644712.05 · period: 2017-08-28 to 2018-03-15 · currency: CAD
- purchaserNelson Lumber Company Ltd; LeCerf Communities; Rocker Masonry Ltd.; 210
- receipts cumulativenote: Total receipts for Lenaco Homes Masterbuilder Inc. only, through March 15, 2018 (includes $1,500,000 Receiver's Certificate borrowing). Separate R&D statements are given per entity; no consolidated total is stated. Other entities' receipts: Lenaco Properties Inc. $167,807.46; 1847443 Alberta Ltd. $281,084.71; 1860808 Alberta Ltd. $2,253,482.81; 1909479 Alberta Ltd. $1,725,073.65. · since: 2017-08-28 · amount: 11145263.95 · currency: CAD
- recovery outcomeentries: basis: estimated · quote: As it is expected there will be a significant shortfall to ATB and the registered lien claims are subordinate to ATB, ATB is the only creditor that will be affected by the sale of these properties. · pct of: unstated · outcome: shortfall · class key: secured · stated by: receiver · class label: ATB · claims amount: 35000000 · creditor name: Alberta Treasury Branches · interim final: unstated · claims qualifier: estimated · stated on: 2018-03-19 · table missing:
- report date19 March 2018
- report noFourth Report
- sale advisorColliers
- sale outcometext: The Receiver seeks approval of the sale of the Fort McMurray Project to 210, with the application returnable March 28, 2018 · scope: parcel · status: pending_approval