On February 16, 2016, 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 Bumper Development Corporation Ltd. and Bumper Development Corporation (referred to as “Bumper”).    Bumper Development Corporation (the “Guarantor”) is a wholly owned subsidiary of Bumper Development Corporation Ltd.   Bumper is diversified, private, family-owned company and headquartered in Calgary, Alberta. Bumper was founded in 1952 by Robert M. Borden and has been in continuous operation for over 60 years.  Originally organized as a drilling company, it currently operates in the fields of oil and gas exploration and production, venture capital, real estate, and art. In addition to its head office in Calgary, Bumper maintains an office in Lyon, France.

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