Alberta · Court officer
First Report of Judicial Trustee
Court officer report · 1 April 2019
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What we verified from this filing3 verified
- statutory basisTHE TRUSTEE ACT, RSA C T-8 SECTOINS 43 AND 46
- unsecured creditorsnote: Stated as 'The Noteholders are owed approximately $18.3 million' (para 18) - a round approximation. Comprises the ~800 of ~1,600 unitholders who had requested redemption of units in Class A and/or B as of February 25, 2019 and thereby became noteholders: approximately 400 holders of Class D Trust Units (~27.5 million units) and approximately 400 holders of redemption notes (a redeeming unitholder received a promissory note or a Class D Unit). The report characterizes Unitholders and Noteholders as the two main bodies of creditors of the Trust, which may have conflicting interests (paras 23-25). Per para 22, as of the report date the Trustee is not aware of any other creditors of WIT. All references to '$' are Canadian dollars. · page: 7 · as of: 2019-02-25 · basis: Judicial Trustee's First Report (BDO Canada Limited), amount owed as reported; information unaudited and not verified by the Trustee · amount: 18300000 · debtor: Westpoint Investment Trust · creditor: Noteholders · currency: CAD
- unsecured creditorsnote: Stated as 'The initial investments for these 800 Unitholders is approximately $25,000,000' (para 21). This is an initial-investment / equity figure for the ~800 remaining trust unitholders, NOT an outstanding claim balance - a reader must not treat it as debt. Outstanding units as of Feb 25, 2019: Class A Trust Units ~29.5 million, Class B ~2 million, Class C 2 (para 20). WIT is an unincorporated open-ended limited-purpose mutual fund trust; unitholders are beneficiaries. The report nonetheless characterizes Unitholders as one of the two main bodies of 'creditors' whose interests may conflict with the Noteholders (paras 23-25), which is why the figure is recorded here. · page: 8 · as of: 2019-02-25 · basis: Judicial Trustee's First Report; figure stated as the unitholders' initial investments (not a claim balance); information unaudited · amount: 25000000 · debtor: Westpoint Investment Trust · creditor: Unitholders (Class A / B / C trust unitholders) · currency: CAD