AlphaBow: the monitor asked the bank

For two years this was a working file. AlphaBow Energy Ltd. filed a notice of intention in March 2024, continued into the CCAA in April, ran a sale and investment solicitation process through Sayer Energy Advisors, and sold assets in tranche after tranche — to Cascade Capture, to Cenovus, to North 40 Resources, to Response Energy, with a reverse vesting order along the way transferring AlphaBow's shares to Resurgent, per Fourteenth Report of the Monitor, June 24, 2026, paras. 1.1(1)–(17).

Two transactions were left. One of them needed a security deposit posted with the Alberta Energy Regulator before it could close. On June 5, 2026, the buyer was ready and the deposit was not paid, per Fourteenth Report, June 24, 2026, para. 2.0(2).

Everything in this report follows from that.

What the deposit was for

The AER's renewed decision of March 16, 2026 required AlphaBow to post security to effect closing of the Remaining Transactions. For the Cascade Transaction, the amount required under AER Application #1960293 was $9,053,918. The Resurgent Corporate Transaction needs no deposit and would close once Cascade completed, per Fourteenth Report, June 24, 2026, para. 2.0(2).

That requirement had already been litigated. In September 2025 the company applied for a declaration that any AER request for a security deposit is stayed, and that its failure to pay one could not be relied on in deciding whether to approve a licence transfer. Justice Bourque dismissed the application, and in November 2025 the company sought permission to appeal, per Fourteenth Report, June 24, 2026, para. 1.1(21).

So the company had tried the legal route to avoid posting, lost it, and then simply did not post.

Three weeks in June

The monitor contacted Ben Li, who had acted as the company's corporate officer for the duration of the proceedings. He gave no substantive explanation for the deposit not being paid, per Fourteenth Report, June 24, 2026, para. 3.1(1).

On June 12, Bennett Jones filed a notice of withdrawal as lawyer of record. The monitor describes it as unexpected, per Fourteenth Report, June 24, 2026, para. 3.1(2).

Further attempts to reach Mr. Li produced no substantive response. Then his personal counsel wrote to say he had resigned as an officer, effective June 15. Since the withdrawal notice and the resignation letter, the monitor has had no contact from the company or any of its representatives or agents, per Fourteenth Report, June 24, 2026, paras. 3.1(3)–(5).

On June 16, counsel for Cascade contacted the monitor's counsel with allegations that Mr. Li may have personally, or through an entity he controls, withdrawn funds from the company, per Fourteenth Report, June 24, 2026, para. 3.1(6).

The monitor wrote on June 17. As at the date of the report, neither Mr. Li nor the company had responded to the allegations, provided an update on the company's financial status, or reported performance against the cash flow statement filed with the Thirteenth Report, per Fourteenth Report, June 24, 2026, para. 3.1(7).

The bank statements

Unable to reach anyone, the monitor asked the bank.

On June 22 BMO provided statements for March, April and May 2026 and a summary of June transactions. The company's cash balance as at June 12, 2026 was $4,076.87 — against an anticipated balance of approximately $9 million, per Fourteenth Report, June 24, 2026, para. 3.2(1).

Then the comparison that gives this report its appendices. On March 19, 2026 the company had provided the monitor with a BMO Cash Position Report showing a cash balance of $9,229,255. The statement obtained from BMO for the same date shows $29,255, per Fourteenth Report, June 24, 2026, para. 3.2(2).

The monitor attaches both — the bank's statement at Appendix "D", and at Appendix "E" what its own index calls the Falsified BMO March 2026 Cash Position Report.

It then obtained every statement from 2024 through 2026. Its account of what those show is that for the duration of the proceedings after January 2025, the company provided false financial reporting by manually manipulating the BMO cash position reports to support its ending cash balances and to conceal the payment of a bank draft to the shareholder, per Fourteenth Report, June 24, 2026, para. 3.2(5).

By January 2026, on the monitor's reading, the remaining cash could no longer fund the company's legitimate expenses. Between January and April 2026, transfers totalling $1 million came into the company's account from account #0010-1889-558 — the Returned Funds — and those transactions were themselves concealed and altered in the reporting given to the monitor. BMO's records identify the source account as belonging to the shareholder. On June 23, 2026, BMO told the monitor that account has since been closed, per Fourteenth Report, June 24, 2026, para. 3.2(6).