Alberta · Receivership (court-appointed)
Fourth Report of the Court Appointed Receiver
Court officer report · 20 June 2022
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 filing12 verified
- cash on handnote: Estate balance per interim statement of receipts and disbursements; all held in the CMPC estate (Eaglesmed Group Inc. estate balance is nil). Receiver's borrowings of $100,000 are included in receipts. · as at: 2022-06-17 · amount: 303011 · currency: CAD
- disbursementsnote: Combined total: Eaglesmed Group Inc. $124,867 and Chris Musah Professional Corporation $230,205. · since: February 12, 2021 (Date of Receivership), to June 17, 2022 · amount: 355072 · currency: CAD
- operational summaryEaglesmed ceased operations before the receivership; the Receiver is selling CMPC's remaining Canadian investment properties (proposed sale of the Pine Lake Property under an APA dated June 15, 2022) and expects no funds to be available for unsecured creditors.
- process resultsbids: 1 · note: eleven parties viewed Pine Lake Property, one offer submitted
- professional feesnote: Approximately, excluding GST, for which approval is sought in this report. Legal counsel (Cassels Brock & Blackwell LLP) fees for February 1, 2022 to May 31, 2022 total approximately $61,600 excluding GST (four interim invoices). Approximately $64,000 (excluding GST) of Receiver's fees and disbursements have been paid from Eaglesmed net proceeds under the CRA Administrative Agreement. Cumulative disbursements to June 17, 2022 per the statement: Receiver's fees $156,306 and legal fees $137,399. · party: Deloitte Restructuring Inc. (Receiver) · amount: 21700 · period: April 26, 2022 to May 18, 2022 · currency: CAD
- purchaserSimeon Joannes Dewit; Ashley Young
- receipts cumulativenote: Combined total: Eaglesmed Group Inc. $124,867 and Chris Musah Professional Corporation $533,216. Includes $100,000 of Receiver's borrowings. · since: February 12, 2021 (Date of Receivership), to June 17, 2022 · amount: 658083 · currency: CAD
- recovery outcomeentries: basis: estimated · quote: As at the date of this Fourth Report, the Receiver anticipates providing such notice for an interim distribution to BMO of approximately $225,000 in the near term. · pct of: unstated · outcome: distribution · currency: CAD · class key: secured · stated by: receiver · amount low: 225000 · cumulative: false · amount high: 225000 · class label: BMO · creditor name: BMO · interim final: interim · related party: false · currency quote: $CAD · claims qualifier: unstated; basis: estimated · quote: The Receiver estimates that the available estate funds and any future asset realizations will be applied against future costs incurred to oversee the remaining Canadian Properties until the CMPC Sales Process concludes such that no funds will be available for distribution to unsecured creditors. · pct of: unstated · outcome: nil · class key: unsecured · stated by: receiver · class label: unsecured creditors · interim final: unstated · claims qualifier: unstated · stated on: 2022-06-20 · table missing:
- report date20 June 2022
- report noFourth Report
- sale advisorREMAX; Royal LePage
- sale outcometext: Recommendation to approve the APA with Simeon Joannes Dewit for the Pine Lake Property, and CMPC Sale Process ongoing for remaining Canadian Properties · scope: parcel · status: pending_approval