Alberta · Receivership (court-appointed)
Receiver's First Report to Court
Court officer report · 9 November 2026
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 filing25 verified
- secured creditorsnote: Amount is NBC's reported outstanding approximately $10.9 million as at July 29, 2026, exclusive of legal fees and disbursements, with interest continuing to accrue. The Receiver anticipates NBC will suffer a shortfall on the proposed sale price. NBC is described as the primary/senior secured creditor and supports the sale. · page: 7 · as of: 2026-07-29 · amount: 10900000 · debtor: Luxor Land Ltd. and Mesa West Capital Corp. · creditor: National Bank of Canada (successor to Canadian Western Bank by amalgamation) · currency: CAD · security: Mortgage registered Jan 24, 2019 (instrument 192 019 916) against the Azure and Cascadia Lands, original principal amount $12,000,000 (registered principal, not the balance); caveat re assignment of rents and leases (192 019 917); general security agreement registered Dec 27, 2018 at Alberta PPR (reg. no. 18122708633). Receiver's independent counsel opined the security is valid and enforceable, subject to usual assumptions and qualifications.
- unsecured creditorsnote: Statutory priority municipal tax claim, not an ordinary unsecured claim. Receiver is not aware of any other claims ranking ahead of NBC. No wage/WEPPA/source-deduction claims expected as the Debtors had no employees; CRA has been notified and the Receiver does not expect a priority claim to be filed regarding GST. · page: 13 · as of: 2026-10-15 · basis: Receiver states this claim ranks in priority to NBC in respect of certain sale proceeds; to be paid from sale proceeds on closing. · amount: 293528 · debtor: Luxor Land Ltd. and Mesa West Capital Corp. · creditor: City of Edmonton (unpaid property taxes, 2025 and 2026) · currency: CAD
- secured creditorsnote: Appears on PPR search results dated Nov 9, 2026; no amount stated. Lands described appear distinct from the Property being sold. · page: 71 · debtor: Luxor Land Ltd., Mesa West Capital Corp. · creditor: Computershare Trust Company of Canada (c/o Canada ICI Capital Corporation) · currency: CAD · security: Land charge registered Jan 23, 2019 (PPR 19012323575), infinite term, against lands described as Plan B, Block 9, Lots 44-46 (different lands from the Azure/Cascadia Lands).
- secured creditorsnote: Appears on PPR search results dated Nov 9, 2026; no amount stated. Collateral relates to a different property than the Lands being sold. · page: 73 · debtor: Luxor Land Ltd. · creditor: ATB Financial · currency: CAD · security: Security agreement registered Feb 14, 2019 (PPR 19021414870), renewed Jan 24, 2024, expiry Feb 14, 2049; collateral: all present and after-acquired personal property related to lands at 10611 Kingsway Avenue, Edmonton (Plan 7923176, Block 6, Lot A).
- secured creditorsnote: Appears on the PPR search results dated Nov 9, 2026; the First Report does not mention this creditor or state any amount owing. The $18,000,000 is a cap on the collateral description, not a balance. Priority relative to NBC is not stated in the report. · page: 75 · debtor: Luxor Land Ltd., Mesa West Capital Corp., GSRI Ltd. · creditor: Computershare Trust Company of Canada / MCAP Financial Corporation (PPR registration 24070335294) · currency: CAD · security: Security agreement registered Jul 3, 2024, expiry Jul 3, 2029; collateral: all intangibles, instruments, investment property, chattel paper, documents of title, goods and money constituting a maximum of $18,000,000 of the debtors' share of available net proceeds from sale of the Cascadia Lands (Descriptive Plan 0821851, Block 9, Lot 58A) and proceeds.
- secured creditorsnote: Appears on the PPR search results dated Nov 9, 2026; no amount stated and not discussed in the First Report body. · page: 76 · debtor: Luxor Land Ltd., Mesa West Capital Corp., GSRI Ltd. · creditor: Computershare Trust Company of Canada / MCAP Financial Corporation (PPR registration 24070335343) · currency: CAD · security: Security agreement registered Jul 3, 2024, expiry Jul 3, 2029; collateral description not included in the pages provided.
- cash on handnote: Held in the Receiver's trust account. · as at: 2026-11-03 · amount: 825914 · currency: CAD
- disbursementssince: August 10, 2026 (to November 3, 2026) · amount: 63607 · currency: CAD
- insolvency professionalKristin Gray
- insolvency professionalKristin Gray
- lawyerCorey Luda
- lawyerRyan Trainer
- lawyerCorey Luda
- lawyerNicholas Williams
- lawyerRyan Trainer
- operational summaryThe Debtors held two downtown Edmonton parcels with surface parking and vacant buildings; the Receiver is maintaining parking and billboard revenue while a court-approved sales process has produced an accepted offer for both parcels. The Debtors had no employees at the date of receivership.
- professional feesnote: Fees of $38,220 exclude GST of $1,911 (total $40,131). Legal counsel Dentons fees for August 2 to September 30, 2026 were $7,722 plus $473 disbursements and $410 GST (total $8,605). Receiver requests approval of additional fees up to $45,000 and counsel's up to $35,000 to complete the receivership. · party: MNP Ltd. (Receiver) · amount: 38220 · period: August 10, 2026 to September 30, 2026 · currency: CAD
- purchaser2660906 Alberta Ltd.
- receipts cumulativenote: Receipts into the Receiver's trust account; includes a $500,000 property sale deposit and $365,338 of pre-receivership parking revenue. · since: August 10, 2026 (to November 3, 2026) · amount: 889520 · currency: CAD
- recovery outcomeentries: basis: estimated · quote: Based on the sale price in the contemplated OTP we anticipate NBC will suffer a shortfall on its indebtedness. · pct of: unstated · outcome: shortfall · class key: secured · stated by: receiver · class label: National Bank of Canada · creditor name: National Bank of Canada · interim final: unstated · conditional on: subject to completion of the proposed sale transaction · claims qualifier: unstated · table missing:
- report date9 November 2026
- report noFirst Report
- sale advisorJLL Capital Markets
- sale outcometext: The Receiver accepted the Purchaser's combined offer (OTP) for both the Cascadia Lands and Azure Lands on October 18, 2026, and seeks court approval and a vesting order. · scope: whole_business · status: pending_approval
- stalking horsestate: stated_none