Alberta · Receivership (court-appointed)
5. Fifth Report of the Receiver
Court officer report · 1 June 2010
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What we verified from this filing11 verified
- courtIN THE COURT OF QUEEN'S BENCH OF ALBERTA
- court file no0701-09478
- appointeeErnst & Young Inc.
- appointee roleReceiver
- commencement date27 September 2007
- secured creditorsnote: Total K2 Indebtedness comprised of approximately $10,500,000 estimated as of April 29, 2009 plus approximately $4,677,974 in Receiver's Certificates funded to date, plus related interest of approximately $400,000. Receiver opines K2 holds priority position vis-à-vis all other creditors based on Cyprus and Ontario legal opinions confirming validity/perfection of share pledge. · page: 4 · as of: date of the Fifth Report (June 1, 2010) · amount: 15177974 · debtor: Fuel-x International Inc. · creditor: The K2 Principal Fund L.P. · currency: CAD · security: K2 Security Agreement (senior secured loan); K2 Share Pledge Agreement dated February 7, 2006 pledging shares of Fuel-x Cyprus Limited
- secured creditorsnote: Component of Total K2 Indebtedness; included above in aggregate figure, listed separately as it is specifically tied to Receiver's Certificates funding for Tungkal joint venture cash calls. · page: 11 · as of: date of the Fifth Report (June 1, 2010) · amount: 4677974 · debtor: Fuel-x International Inc. · creditor: The K2 Principal Fund L.P. (Receiver's Certificates) · currency: CAD · security: Five outstanding Receiver's Certificates
- fee scheduleengagements: form: invoice_listing · rows: · money: tax: label: Tax Total · quote: Totals: | | 306,243 | 15,351 | 321,594 · amount: 15351 · fees: quote: Totals: | | 306,243 | 15,351 | 321,594 · amount: 306243 · total: quote: Totals: | | 306,243 | 15,351 | 321,594 · amount: 321594 · includes tax: true · includes disbursements: true · approximate: false · period: kind: invoice · approval: state: unstated · averages: · currency: · invoices: tax: 263 · date: 2007-12-11 · fees: 4380 · quote: 10038277 | Dec./11/2007 | 4,380 | 263 | 4,642 · total: 4642; tax: 122 · date: 2008-02-08 · fees: 2436 · quote: 10040969 | Feb/08/2008 | 2,436 | 122 | 2,557 · total: 2557; tax: 340 · date: 2008-03-11 · fees: 6798 · quote: 10042683 | Mar/11/2008 | 6,798 | 340 | 7,137 · total: 7137; tax: 443 · date: 2008-04-03 · fees: 8857 · quote: 10044133 | Apr/03/2008 | 8,857 | 443 | 9,300 · total: 9300; tax: 257 · date: 2008-05-09 · fees: 5145 · quote: 10046232 | May/09/2008 | 5,145 | 257 | 5,402 · total: 5402; tax: 87 · date: 2008-06-23 · fees: 1742 · quote: 10048359 | Jun/23/2008 | 1,742 | 87 | 1,829 · total: 1829; tax: 1138 · date: 2008-08-05 · fees: 22767 · quote: 10050647 | Aug/05/2008 | 22,767 | 1,138 | 23,906 · total: 23906; tax: 1364 · date: 2008-09-04 · fees: 27279 · quote: 10052273 | Sep/04/2008 | 27,279 | 1,364 | 28,643 · total: 28643; tax: 786 · date: 2008-10-02 · fees: 15713 · quote: 10053690 | Oct/02/2008 | 15,713 | 786 | 16,499 · total: 16499; tax: 1457 · date: 2008-11-12 · fees: 29137 · quote: 10056086 | Nov/12/2008 | 29,137 | 1,457 | 30,594 · total: 30594; tax: 1583 · date: 2008-12-08 · fees: 31660 · quote: 10057524 | Dec/08/2008 | 31,660 | 1,583 | 33,243 · total: 33243; tax: 352 · date: 2009-01-21 · fees: 7042 · quote: 10060353 | Jan/21/2009 | 7,042 | 352 | 7,394 · total: 7394; tax: 552 · date: 2009-02-05 · fees: 11032 · quote: 10061251 | Feb/05/2009 | 11,032 | 552 | 11,583 · total: 11583; tax: 556 · date: 2009-03-10 · fees: 11212 · quote: 10062800 | Mar/10/2009 | 11,212 | 556 | 11,767 · total: 11767; tax: 1986 · date: 2009-04-06 · fees: 39721 · quote: 10064305 | Apr/06/2009 | 39,721 | 1,986 | 41,707 · total: 41707; tax: 796 · date: 2009-05-05 · fees: 15917 · quote: 10065858 | May 05/2009 | 15,917 | 796 | 16,713 · total: 16713; tax: 238 · date: 2009-06-04 · fees: 4756 · quote: 10067289 | Jun/04/2009 | 4,756 | 238 | 4,993 · total: 4993; tax: 136 · date: 2009-07-07 · fees: 2722 · quote: 10068836 | Jul/07/2009 | 2,722 | 136 | 2,858 · total: 2858; tax: 85 · date: 2009-08-13 · fees: 1707 · quote: 10070662 | Aug/13/2009 | 1,707 | 85 | 1,792 · total: 1792; tax: 1382 · date: 2009-09-11 · fees: 27634 · quote: 10072014 | Sep/11/2009 | 27,634 | 1,382 | 29,015 · total: 29015; tax: 341 · date: 2009-10-09 · fees: 6812 · quote: 10073440 | Oct/09/2009 | 6,812 | 341 | 7,152 · total: 7152; tax: 165 · date: 2009-11-04 · fees: 3303 · quote: 10074873 | Nov/04/2009 | 3,303 | 165 | 3,468 · total: 3468; tax: 106 · date: 2010-02-09 · fees: 2118 · quote: 10080394 | Feb/09/2010 | 2,118 | 106 | 2,224 · total: 2224; tax: 319 · date: 2010-03-10 · fees: 6384 · quote: 10081517 | Mar/10/2010 | 6,384 | 319 | 6,703 · total: 6703; tax: 111 · date: 2010-04-09 · fees: 2226 · quote: 10083059 | Apr/09/2010 | 2,226 | 111 | 2,337 · total: 2337; tax: 387 · date: 2010-05-20 · fees: 7746 · quote: 10085072 | May 20/2010 | 7,746 | 387 | 8,133 · total: 8133 · firm text: Macleod Dixon LLP · firm quote: Macleod Dixon LLP · context quote: Appendix E Receiver's Counsel Fee Summary; form: invoice_listing · rows: · money: fees: quote: Totals: | | 3,897 | N/A | 3,897 · amount: 3897 · total: quote: Totals: | | 3,897 | N/A | 3,897 · amount: 3897 · includes disbursements: true · approximate: false · period: kind: invoice · approval: state: unstated · averages: · currency: · invoices: date: 2010-04-30 · fees: 3897 · quote: 00202/10 | Apr/30/2010 | 3,897 N/A | | 3,897 · total: 3897 · firm text: Stylianou & Drakou LLC · firm quote: LLC Law Stylianou & Drakou LLC · context quote: LLC Law Stylianou & Drakou LLC
- purchaserMont D'Or Petroleum Limited; Pan Orient Energy Corporation; price: sealed: false · scope: the Assets (subject of the K2 PSA) · status: terminated · name note: referred to only as K2 in the K2 PSA, unnamed as contracting purchaser entity distinct from K2 itself · structure: assets · name source: operative · relationship: secured_lender_credit_bid
- recovery outcomeentries: basis: estimated · quote: The Receiver has held these assets since September 2007 and does not anticipate that any further sale activities would result any result other than a shortfall to K2 for the amount of their total indebtedness. · pct of: unstated · outcome: shortfall · class key: secured · stated by: receiver · class label: K2 · creditor name: K2 Principal Fund L.P. · interim final: unstated · claims qualifier: unstated · stated on: 2010-06-01 · table missing:
- sale outcometext: Following the closing of the Mont D'Or SPA, the Receiver's administration of the estate will essentially be complete · scope: whole_business · status: pending_approval