Alberta · Receivership (court-appointed)
Trustee's Third Report to Court filed July 2, 2026
Court officer report · 2 July 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 filing7 verified
- cash on handnote: Disputed Funds held in trust by MLT Aikens LLP, which the Court ruled remain Fallon's property for purposes of the Proceedings; the report also notes approximately $300,000 previously paid into Court (disputed between Fallon and 399) and $100,000 funding from 399 currently held in trust by the Proposal Trustee. Not a stated bank balance of Fallon itself. · as at: 2026-06-30 · amount: 465498.01 · currency: CAD · qualifier: approximately
- operational summaryFallon has no prospect of making a proposal and its interim financing LOIs were withdrawn; absent a transaction with 399 via receivership and reverse vesting order, it would be deemed bankrupt on July 9, 2026 with its assets (including 170 licensed wells) likely disclaimed for lack of funds.
- professional feesnote: Billed and unbilled. Components: Proposal Trustee approx. $78,561.01; Proposal Trustee's counsel approx. $31,543.05; Cassels approx. $179,122.08. Total stated as approximate; excludes fees for the 399 Application and potential RM Appeals; tax treatment not stated. · party: Administrative Professionals (Proposal Trustee, its counsel, and Cassels, Fallon's counsel) · amount: 290000 · period: to date in the Proceedings · currency: CAD
- purchaser3994856 Canada Inc.
- report date30 June 2026
- report noThird Report of the Proposal Trustee
- sale outcometext: 399 applied for approval of a subscription agreement and a Reverse Vesting Order for its purchase of the Company; the Proposal Trustee supports the RVO and recommends the Court approve the 399 Application. · scope: whole_business · status: pending_approval