Alberta · Receivership (court-appointed)
Receiver’s Third Report dated January 22, 2018
Court officer report · 22 January 2018
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 filing10 verified
- cash on handnote: Lenaco Homes Masterbuilder Inc. only: excess of receipts over disbursements per its R&D for Aug 28, 2017 to Jan 11, 2018; the report calls it the 'current bank balance'. Other entities: 1860808 Alberta Ltd. $2,200,390.62 (before holdback and proposed ATB distribution); 1909479 Alberta Ltd. $123,826.07; 1847443 Alberta Ltd. $161,250.52; Lenaco Properties Inc. $13,738.60. No consolidated total is stated. · as at: 2018-01-11 · amount: 1105786.32 · currency: CAD
- closing confirmedscope: the Head Office · outcome: completed · effective: 2017-11-28 · purchaser: The Batchelor Group Inc. · date basis: stated · approval order date: 2017-11-10
- disbursementsnote: Lenaco Homes Masterbuilder Inc. only, through Jan 11, 2018; includes Receiver's fees of $1,073,529.30. Other entities: 1860808 Alberta Ltd. $49,617.90; 1847443 Alberta Ltd. $169,819.81; 1909479 Alberta Ltd. $19,323.93; Lenaco Properties Inc. $94,063.69. No consolidated total is stated. · since: 2017-08-28 · amount: 2964118.97 · currency: CAD
- operational summaryThe Receiver is marketing and selling the Companies' real estate projects and properties, keeping partially completed structures secured and winterized, and seeking Court approval of four sales and interim distributions to ATB. The restaurant operation (Vivo Downtown) has ceased and its premises were vacated.
- purchaserSorrentino's Restaurant Group; The Batchelor Group Inc.; Nelson Lumber; LeCerf
- receipts cumulativenote: Lenaco Homes Masterbuilder Inc. only, through Jan 11, 2018; includes a $1,500,000 Receiver's Certificate borrowing from ATB. Other entities report separate totals: 1860808 Alberta Ltd. $2,250,008.52; 1847443 Alberta Ltd. $331,070.33; 1909479 Alberta Ltd. $143,150.00; Lenaco Properties Inc. $107,802.29. No consolidated total is stated. · since: 2017-08-28 · amount: 4069905.29 · currency: CAD
- recovery outcomeentries: basis: estimated · quote: As it is expected there will be a significant shortfall to ATB, ATB is the only creditor that will be affected by the sale of these properties 2 . · pct of: unstated · outcome: shortfall · class key: secured · stated by: receiver · class label: ATB · creditor name: Alberta Treasury Branches · interim final: unstated · claims qualifier: unstated; basis: estimated · quote: | Less: proposed interim distribution to ATB | (2,100,000.00) | · pct of: unstated · outcome: distribution · class key: secured · stated by: receiver · amount low: 2100000 · amount high: 2100000 · class label: ATB (interim distribution from Head Office proceeds, 1860808 Alberta Ltd.) · creditor name: Alberta Treasury Branches · interim final: interim · conditional on: A holdback of $43,190.18 for the City of Edmonton's disputed pre-filing property taxes is retained pending resolution; the distribution is proposed and subject to Court approval. · claims qualifier: unstated · stated on: 2018-01-22 · table missing:
- report date22 January 2018
- report noThird Report
- sale outcometext: Marketing and sales process implemented; Receiver seeks approval of sales to Nelson Lumber and LeCerf with other sales proposed · scope: parcel · status: pending_approval