Alberta · Receivership (court-appointed)
First Report of the Receiver dated October 5, 2026 and filed October 6, 2026
Court officer report · 5 October 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 filing4 verified
- secured creditorsnote: Stated as 'approximately $44.6 million' with interest and costs continuing to accrue. Described as the only registered secured creditor and fulcrum creditor; loan advanced about Dec 18, 2018 and matured Jan 1, 2024. No payments since September 2023. Security opinion PENDING: Receiver's counsel is still assessing validity and enforceability, and no distribution to the Lender will be sought until a satisfactory opinion is received. Alleged defaults not independently investigated by the Receiver. Guarantors' property is not covered by the Receivership Order. · page: 8 · as of: 2026-07-13 · amount: 44600000 · debtor: Luxor Land Ltd. and Mesa West Capital Corp. (co-borrowers) · creditor: MCAP Financial Corporation, as agent for Computershare Trust Company of Canada, as custodian for Real Estate Asset Liquidity Trust (the Lender) · currency: CAD · security: First mortgage in original principal amount of $38,000,000 registered against the Lands (original loan principal, not the balance); general assignment of rents and leases; general security agreement registered in the Alberta PPR; unlimited guarantees from Pacific LP, GSRI and George Schluessel; indemnity from the Debtors, GSRI and George Schluessel (fraud, environmental, misrepresentation, misappropriation of funds)
- unsecured creditorsnote: Municipal tax claim, a priority-type payable. McCor has since confirmed WSP Place is enrolled in the City's monthly tax payment plan and is current. · page: 10 · as of: 2026-07-13 · basis: Rashid Affidavit as relayed by the Receiver: 'municipal property taxes of $18,154.49 were owing' · amount: 18154.49 · debtor: Luxor Land Ltd. and Mesa West Capital Corp. · creditor: City of Edmonton (municipal property taxes) · currency: CAD
- unsecured creditorsnote: Aggregate only; no individual creditors named. The Receiver has not received the Debtors' books and records and cannot quantify the unsecured claims against the Debtors. The Receiver does not presently expect any recovery to unsecured creditors. No employee-related claims (BIA ss. 81.3-81.5 / WEPPA) are anticipated, as the Debtors have no employees. · page: 10 · as of: Appointment Date (August 14, 2026) · basis: Information provided by McCor Management (AB) Inc.; stated as 'approximately $69,000' · amount: 69000 · debtor: Luxor Land Ltd. and Mesa West Capital Corp. · creditor: Trade payables and accrued liabilities relating to operation of WSP Place (aggregate) · currency: CAD
- secured creditorsnote: Post-filing receivership borrowing, not pre-filing debt. The Receiver obtained funding from MCAP by issuing a Receiver's Certificate for $300,000 after the Appointment Date (Aug 14, 2026). Receiver's Charge for professional fees is capped at $400,000 and ranks first on the Property. · page: 16 · amount: 300000 · debtor: Luxor Land Ltd. and Mesa West Capital Corp. · creditor: MCAP Financial Corporation (Receiver's Certificate holder, funding the receivership) · currency: CAD · security: Receiver's Borrowings Charge on the Property, authorized to $400,000 and ranking behind the Receiver's Charge and the BIA s.14.06(7), 81.4(4), 81.6(2) charges, but ahead of other security interests