Alberta · Court officer
Judicial Trustee's First Report to the Investors
Court officer report · 30 September 2019
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What we verified from this filing14 verified
- proceeding typecourt_officer
- financial positionnote: Table reports estimated recovery total of $20,083,901 and recovery to date of $453,034; Trustee explicitly states these are not the expected recoveries and were not independently verified. No liabilities figure/total is given in these pages beyond separately stated creditor claims (Noteholders ~$18.3 million; professional fees ~$610,000). · page: 7 · as at: 2019-09-30 · basis: Estimated recovery amounts provided to the Trustee by the former Trustees; not independently verified by the Trustee · scope: Westpoint Investment Trust asset pool (mortgages, properties, and litigation held via the Companies in trust for WIT) · currency: CAD · total assets: 20083901
- secured creditorsnote: Related party; registered/blanket mortgage amount, not necessarily outstanding balance · page: 8 · amount: 1250000 · debtor: Luxury Greens by Soren Homes Ltd., Edmonton, AB · creditor: WCC (Westpoint Capital Corporation) · currency: CAD · security: Blanket second mortgage (registered amount)
- secured creditorsnote: Related party; registered/blanket mortgage amount, not necessarily outstanding balance · page: 8 · amount: 200960 · debtor: Luxury Greens by Soren Homes Ltd., Edmonton, AB · creditor: WCC (Westpoint Capital Corporation) · currency: CAD · security: Blanket third mortgage (registered amount)
- secured creditorsnote: Related party (WCC is one of the receivership Companies); balance not stated · page: 8 · debtor: Owner of 42 Auburn Sound Landing SE, Calgary, AB · creditor: WCC (Westpoint Capital Corporation) · currency: CAD · security: Second mortgage
- secured creditorsnote: Related party; balance not stated · page: 8 · debtor: Owner of 5222-58 Street, Beaumont, AB · creditor: WCC (Westpoint Capital Corporation) · currency: CAD · security: Second mortgage (expired, new agreement being drafted)
- secured creditorsnote: Currently in default per Receiver discussions · page: 9 · debtor: Owner of Luxury Greens by Soren Homes Ltd. properties, Edmonton, AB · creditor: KV Capital · currency: CAD · security: First mortgage
- secured creditorsnote: Approximate amount stated; property sold May 9, 2019, sale approved by Court · page: 9 · amount: 1000000 · debtor: Owner of 1465 Naramata Road, Penticton, B.C. · creditor: CIBC Mortgages Inc. · currency: CAD · security: First mortgage
- secured creditorsnote: Balance not stated; Receiver in discussions with Conexus on next steps · page: 10 · debtor: River Crossing Land property · creditor: Conexus · currency: CAD · security: First mortgage
- secured creditorsnote: Related party (one of the receivership Companies); applied for excess sale funds · page: 10 · debtor: Owner of 1465 Naramata Road, Penticton, B.C. · creditor: 178 (1780384 Alberta Ltd.) · currency: CAD · security: Second mortgage
- secured creditorsnote: Being kept current; approximate amount owed as stated · page: 10 · amount: 330000 · debtor: Owner of 112 Purcell Place, Cranbrook, B.C. · creditor: Capital Direct Lending Corporation (CDLC) · currency: CAD · security: First mortgage
- secured creditorsnote: Approximate amount stated · page: 11 · amount: 275000 · debtor: Drumheller Home, 812 - 3rd Street SW, Drumheller, AB · creditor: KV Capital · currency: CAD · security: First mortgage
- unsecured creditorsnote: Approximate figure as reported; comprises two subclasses per para 66 · page: 13 · basis: Reported by Judicial Trustee - approximately 800 former Unitholders who redeemed units (400 holding Class D Trust Units, 400 holding redemption notes) · amount: 18300000 · debtor: Westpoint Investment Trust · creditor: Noteholders (holders of Class D Trust Units and redemption notes) · currency: CAD
- unsecured creditorsnote: Administration-related professional fees; approximate figure · page: 15 · as of: 2019-09-30 · basis: Reported by Judicial Trustee as approximate amount owed · amount: 610000 · debtor: Westpoint Investment Trust / receivership estate · creditor: Professional fees owed to Trustee, its legal counsel and corporate legal counsel · currency: CAD