Alberta · Receivership (court-appointed)
Second Report of the Receiver
Court officer report · 3 March 2008
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 filing13 verified
- courtIN THE COURT OF QUEEN'S BENCH OF ALBERTA
- court file no4801-123478
- appointeeErnst & Young Inc.
- appointee roleReceiver and Manager
- commencement date24 August 2007
- cash on handnote: Made up of receipts and disbursements for the Reporting Period · as at: 2008-01-31 · amount: 157196 · currency: CAD
- disbursementssince: Date of the Order (August 24, 2007) to January 31, 2008 · amount: 1280841 · currency: CAD
- financial positionnote: Components stated, not summed: Short-term investments - $NIL; Oil & gas properties and other assets - approx. $225,000; Long-term investments - $256,332 (comprising $50,012 Tara Shanti interest, $137,500 Copper Point interest, $68,820 promissory note balance, plus investments of unknown FMV); Royalties and lease rental liabilities - $NIL; Other payables - approximately $200,000; ending cash on hand $157,196. · as at: 2008-01-31 · basis: Receiver's preliminary review of incomplete/not up-to-date Records · scope: entity - CML Resources Ltd. only · currency: CAD
- operational summaryCML continues to operate its oil and gas wells (Fletwode, Bemersyde) and working interests, with the Receiver working to normalize accounting records, resolve outstanding payables, and coordinate an AJM reserve valuation ahead of an eventual sales process; TOJOKO, Silgam and Blackshell are believed to be inactive shell companies.
- professional feesnote: Includes Receiver's and legal counsels' fees; forecast professional fees to May 31, 2008 separately estimated at approximately $310,200 · party: Receiver and its legal counsel and other legal firms · amount: 197533 · period: Since the date of the Order (August 24, 2007) through January 31, 2008 · currency: CAD
- receipts cumulativesince: Date of the Order (August 24, 2007) to January 31, 2008 · amount: 1420898 · currency: CAD
- report date3 March 2008
- report noSecond Report