Alberta · Receivership (court-appointed)
Seventh Report of Receiver (June 21, 2023)
Court officer report · 21 June 2023
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What we verified from this filing1 verified
- recovery outcomeentries: basis: estimated · quote: Notwithstanding the proposed final distribution to be made to CFCU (as discussed below), CFCU will experience a significant shortfall on its outstanding loan and, as such, is considered the fulcrum creditor. · pct of: unstated · outcome: shortfall · currency: CAD · class key: secured · stated by: receiver · class label: Connect First Credit Union (senior-secured lender) · creditor name: Connect First Credit Union · interim final: unstated · currency quote: All references to dollars are in Canadian currency unless otherwise noted. · claims qualifier: unstated; basis: estimated · quote: The Receiver anticipates making a Final Distribution of approximately $101,000 from its cash on hand as follows: · pct of: unstated · outcome: distribution · currency: CAD · class key: secured · stated by: receiver · amount low: 101000 · cumulative: false · amount high: 101000 · class label: Connect First Credit Union (senior-secured lender) · creditor name: Connect First Credit Union · interim final: final · currency quote: All references to dollars are in Canadian currency unless otherwise noted. · claims qualifier: unstated; basis: actual · quote: The Receiver has provided CFCU, as senior secured lender to the debtor, with three interim distributions totalling $11,607,280 towards LREIT's total outstanding debt, which does not include the repayment of the Receiver's borrowings as discussed above. · pct of: unstated · outcome: distribution · currency: CAD · class key: secured · stated by: receiver · amount low: 11607280 · cumulative: true · amount high: 11607280 · class label: Connect First Credit Union (senior-secured lender) · creditor name: Connect First Credit Union · interim final: interim · currency quote: All references to dollars are in Canadian currency unless otherwise noted. · claims qualifier: unstated · stated on: 2023-06-19 · table missing: