On November 13, 2013, the Court of Queen’s Bench of Alberta (the “Court”) granted an Order (the “Receivership Order”) whereby Alvarez & Marsal Canada Inc. (“A&M”) was appointed receiver and manager (the “Receiver”) of 1324206 Alberta Ltd. (referred to as “Whitemud Heights”).  Whitemud Heights was established in May 2007 to primarily finance, develop, construct, operate and sell units in a one hundred and twenty-three (123) unit residential housing project (the “Project”), together with all related infrastructure and improvements thereto on a portion of lands comprising the Stony Plain Indian Reserve No. 135 (being the lands occupied by the Enoch Cree Nation 440).

Pursuant to the Receivership Order, the Receiver is appointed, without security, over the Project and of all Whitemud Heights current and future assets, undertakings and properties of every nature and kind whatsoever, and wherever situated, including all proceeds thereof.