Alberta · Receivership (court-appointed)
First Report of the Receiver
Court officer report · 28 September 2007
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 filing5 verified
- unsecured creditorsnote: Approximate figure ('Approximately $7.6 million'); currency not specified in document; document names no individual creditors · page: 7 · as of: July 2005 to October 2006 · basis: Amount raised through sale of securities in the Fund, as admitted by the Friedmans in ASC investigation/Settlement Agreement · amount: 7600000 · debtor: Klytie's Developments Inc. · creditor: Investors in the Fund (Canada, US, Israel - aggregate)
- unsecured creditorsnote: Represents approximately 19% of total U.S. Investor funds; plus interest from date of investment and legal fees of $25,000 also owed if settlement implemented; settlement not yet approved by Receiver · page: 12 · as of: U.S. Settlement Agreement (pre-receivership, entered into prior to Aug 2007) · basis: Investor claims for return of investments pursuant to U.S. Settlement Agreement in Colorado Proceeding · amount: 308000 · debtor: Klytie's Developments Inc. and Hidai/Efrat Friedman · creditor: U.S. Plaintiffs (seven U.S. investors, Colorado Proceeding) · currency: USD
- unsecured creditorsnote: Approximate figure ('approximately $1.6 million U.S.'); document names no individual creditors beyond the 7 settling plaintiffs · page: 12 · as of: per ASC public documents · basis: Aggregate investor funds raised from U.S. investors per ASC public documents · amount: 1600000 · debtor: Klytie's Developments Inc. · creditor: U.S. Investors (23 investors, aggregate) · currency: USD
- secured creditorsnote: Described as a mortgage lender; amount is the mortgage granted, not a stated outstanding balance; three post-dated cheques from BMO account payable to this entity · page: 18 · debtor: Klytie's Developments Inc. · creditor: 1294342 Alberta Ltd. · currency: CAD · security: Second mortgage granted on a third property in the amount of $456,600, granted without Receiver's consent
- secured creditorsnote: Property sold Aug 10, 2007 prior to Receivership Order; mortgage outstanding amount as at stated date per Consent Order NISI/Order for Sale · page: 19 · as of: 2007-03-27 · amount: 1188828 · debtor: Hidai and Efrat Friedman · creditor: Royal Bank of Canada (RBC) · currency: CAD · security: Mortgage on Friedman Property at 57 Aspen Ridge Way S.W., Calgary