Alberta · Receivership (court-appointed)
Affidavit of Thomas Hazlett
Affidavit · 27 September 2022
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 filing1 verified
- secured creditorsnote: Outstanding balance as of 2022-09-22 inclusive of principal and interest, plus per diem interest of $583.69 and legal costs on full indemnity basis; prose reference elsewhere to the Resort Credit Facility principal of $2,750,000.00 is the facility limit, not the balance. Secured also by personal guarantee of Ryan Vold (director/voting shareholder) and corporate guarantee of Wolf Creek Village Ltd., both dated 2018-09-12. Affidavit also references (i) a subordinate mortgage registered against the Cobra Mortgaged Lands by an unnamed third party in contravention of the Cobra Collateral Mortgage, (ii) a Western Economic Diversification loan of $340,000,000 to Resort, (iii) a judgment of approx. $564,000.00 obtained by NU Edge Construction Ltd. against Resort, and (iv) property tax arrears exceeding $160,000.00 owed by Resort — none of these are shown to be secured claims of Cobra and are not separately extracted as secured creditors due to insufficient evidence of security/creditor identity in the pages provided. · page: 4 · as of: 2022-09-22 · amount: 2985617.57 · debtor: Wolf Creek Golf Resort Ltd. ("Resort"), with Wolf Creek Village Ltd. and Ryan Vold as guarantors · creditor: Cobra Mortgage Services Ltd. · currency: CAD · security: Collateral mortgage dated 2018-09-12, registered 2018-10-02 as reg. no. 182 246 658, securing principal of $2,750,000.00 (registered/facility amount, not outstanding balance) plus interest and costs; Assignment of Rents and Leases (caveat reg. no. 182 246 659); General Security Agreement over Resort's present and after-acquired personal property (Resort GSA); General Security Agreement over Village's present and after-acquired personal property (Village GSA); Assignment of Lease Proceeds dated 2019-05-01; Promissory note dated 2018-09-12. GSAs perfected by PPR registration.