The Falls Resort - Blackburn Developments Ltd.
CCAA
This page is for information purposes only and you should consult your professional adviser if you have any questions or are uncertain as to your rights or obligations.
Status of the file as of March 28, 2012
All further enquiries should be directed to Ernst & Young as follows:
Ernst & Young
700 W Georgia St. P.O. Box 10101
Vancouver, BC V7Y 1C7
Telephone: (604) 899 3566
Facsimile: (604) 899 3530
Email: mike.bell@ca.ey.com
Status of the file as of March 19, 2012
On March 19, 2012, PwC was discharged and Ernst & Young was appointed Receiver of Blackburn Developments Ltd. An update will be made to this website once contact information has been confirmed and a website has been set up by the Receiver.
Status of the file as of March 9, 2012
At the March 7th hearing, the Court ordered that the activities and professional fees of the Monitor, Monitor's counsel, and former counsel of the Company, as detailed in the Monitor's Fifteenth Report to Court, be approved and the Monitor be discharged as CCAA Monitor. Also at the hearing, the Monitor was appointed Interim Receiver of the Company for purposes of preserving and securing the Company's assets until the next hearing anticipated to be the during the week of March 19, 2012. The remaining applications were adjourned also to the week of March 19, 2012. A further update will be posted to the website upon confirmation of the hearing date.
Status of the file as of February 23, 2012
The Monitor will be making an application to the Court on Monday, February 27, 2012 at 10:00 am for an Order:
- granting the Monitor exclusive conduct of sale of the Petitioner's property;
- terminating the October 5, 2011 Order authorizing and directing the Monitor to manage and carry on the business, financial affairs and operations of the Petitioner;
- authorizing the Monitor to pursue a process to monetize the Petitioner's tax attributes; and
- extending the Stay of Proceedings to June 30, 2012.
In support of the February 27, 2012 application the Monitor's 14th Report to Court, and Notice of Application, both dated February 22, 2012 are available under the "Monitor's Reports" and "Motion Materials" tabs, respectively.
Status of the file as of February 13, 2012
At the January 31, 2012 hearing the Monitor withdrew its application for the authorization to pursue an alternative restructuring transaction or sale of the property.
At the same hearing, the Court granted the Monitor's application for an extension of the Stay of Proceedings to February 27, 2012.
Status of the file as of January 27, 2012
The Monitor will be making an application to the Court on Tuesday, January 31, 2012 at 9:00 am for an Order:
- extending the Stay of Proceedings to February 24, 2012; and
- authorizing the Monitor to pursue an alternative restructuring transaction or sale of property.
In support of the January 31, 2012 application the Monitor's 13th Report to Court, and Notice of Application, both dated January 26, 2012 are available under the "Monitor's Reports" and "Motion Materials" tabs, respectively.
Status of the file as of January 4, 2012
As noted in the Monitor's Twelfth Report to the Court, the Monitor required that Streetwise and Landus provide the Monitor with the framework of an alternative restructuring transaction by no later than January 5, 2012. The Monitor has received this framework and is now working towards the January 18, 2012 deadline which requires the execution of an alternative restructuring transaction.
Status of the file as of December 7, 2011
On November 24 and 25, 2011, the Monitor made an application to the Court for an Order:
- Disallowing the votes of Streetwise Capital Partners Inc. cast at the Creditors' Meeting held on November 21, 2011;
- Sanctioning the Plan; and
- Extending the stay of proceedings to January 15, 2011.
The Court, in its Reasons for Judgment, has dismissed the application of the Monitor. As a result, the Plan has NOT been sanctioned. A copy of the Reasons for Judgment dated December 7, 2011 is available under the "Court Orders" tab.
The Stay of Proceedings will continue until December 15, 2011.
The Monitor continues to work with the appropriate parties towards a resolution.
Status of the file as of November 23, 2011
In preparation for the November 24, 2011 Court hearing, the Monitor's 11th Report to Court and Notice of Application, both dated November 22 , 2011, are available under the "Monitor's Reports" and "Motion Materials" tabs, respectively.
Status of the file as of November 18, 2011
The Monitor's 10th Report to Court is now available under the "Monitor's Reports" tab.
In preparation for the Monitor's application to court on November 21, 2011, the Notice of Application dated November 17, 2011 is available under the "Motion Materials" tab.
Status of the file as of November 17, 2011
The Creditors' Meeting adjourned on November 15, 2011 will be reconvened on Monday, November 21, 2011 at the following location:
Mezzanine Room
PricewaterhouseCoopers Place
250 Howe Street
Vancouver, British Columbia
Start Time: 9:00 a.m. (Vancouver Time)
For those Affected Creditors who are not able to attend this meeting in person, you are encouraged to submit your Proxy to the Monitor by 5:00 p.m. (Vancouver Time) on Friday, November 18, 2011 by courier, email or fax to the Monitor as follows:
PricewaterhouseCoopers Inc.
250 Howe Street, Suite 700
Vancouver, BC V6C 3S7
Attention: Ms. Blair Linnen
Telephone: (604) 806-7780 x 4441
Facsimile: (604) 806-7806
Email: blair.w.linnen@ca.pwc.com
We understand the inconvenience of the adjournment and reconvening of the Creditors' Meeting but we encourage you to make an effort to attend on Monday.
The purpose of the Creditors' Meeting is to provide Affected Creditors the opportunity to consider the Plan, as amended. If you are unable to attend the meeting in person but would like to be able to listen to the meeting, the Monitor has made arrangements for telephone access to the meeting. Voting Letters which will be available at the Creditors' Meeting can be emailed to you and you will have the opportunity to submit your vote by email once the vote is called.
If you would like to have telephone access to the Creditors' Meeting and be given the opportunity to vote by email, please contact Ms. Blair Linnen at the information above.
We appreciate your patience as we work to bring these matters to completion.
Status of the file as of November 15, 2011
On November 15, 2011, the Creditors' Meeting was held at the Marriott Pinnacle Hotel located at 1128 West Hastings Street to consider the Amended Plan. The meeting was adjourned generally to allow for further review of the allocation of the sale proceeds.
The Monitor will send notice of all Affected Creditors when the meeting is scheduled to be reconvened.
Please check the Monitor's website regularly for updates. Thank you.
Status of the file as of November 10, 2011
The Plan has been amended to add certain value for the Affected Creditors of Blackburn. Copies of a Cover Letter to Creditors, the Amended Plan, and Amended Proposal are available under the "Creditor Meeting" tab.
Status of the file as of November 4, 2011
The Monitor's Ninth Report to Court is available under the "Monitor's Reports" tab.
Status of the file as of November 3, 2011
In preparation for the Monday, November 7, 2011 application, the Monitor's Notice of Application is available under the "Motion Materials" tab.
Status of the file as of November 2, 2011
Streetwise Capital Partners Inc. has filed a Notice of Application for a court hearing on November 7, 2011 at 9:00 am. In support of this application, a copy of the Notice of Application and Affidavit #1 of M. Manki is available under the "Motion Materials" tab.
Status of the file as of October 28, 2011
At the October 27, 2011 hearing, the Court:
- extended the Stay of Proceedings to November 30, 2011;
- approved the Plan for filing;
- authorized the Company to call a meeting of the Affected Creditors (the "Creditor Meeting") to consider and vote on the Plan.
The Creditor Meeting will be held on Tuesday, November 15, 2011 at 9:30 a.m. (Vancouver time) at the Marriott Pinnacle Hotel, located at 1128 West Hastings Street, Vancouver, BC.
Pursuant to the Order of the Court, the following documents are available under the "Creditor Meeting" tab:
- Notice to Creditors;
- Plan Information Letter;
- Proxy;
- Deercrest Election Notice;
- The Plan of Compromise and Arrangement;
- The Monitor's Eighth Report to Court dated October 21, 2011; and
- A copy of the Order of the Court dated October 27, 2011
687202 British Columbia Ltd. ("687")
The Plan of Compromise and Arrangement references 687 in relation to the Deercrest Election Form. Various corporate documents of 687 are available under the "687202 British Columbia Ltd." tab.
The Landus Group
On October 27, 2011, the Landus Group, as holders of mortgages registered against all of the Company's lands, was granted Order Nisi with a redemption period expiring on November 21, 2011. Should the Plan not be approved by the Affected Creditors and the Court, it is the Landus Group's intention to apply for an order absolute of foreclosure, which would have the effect of vesting Blackburn's lands in the Landus Group free and clear of all encumbrances other than those ranking ahead of the Landus Group's mortgages.
A copy of the Entered Order Nisi dated October 27, 2011 is available under the "Court Orders" tab.
Status of the file as of October 24, 2011
The Monitor will be making an application to the Court on Thursday, October 27, 2011 at 9:00 am for an Order:
- extending the stay of proceedings to November 30, 2011;
- authorizing and directing the Monitor to file a Plan on behalf of the Company; and
- authorizing and directing the Monitor to call a meeting of the Affected Creditors to consider and vote on the Plan.
In support of the October 27, 2011 application, the Monitor's Eighth Report to Court is now available under the "Monitor's Reports" tab. The Monitor's Notice of Application dated October 21, 2011 is available under the "Motion Materials" tab.
Status of the file as of October 13, 2011
A copy of the Monitor's letter to creditors dated October 12, 2011 is available under the "Creditor Communications" tab.
Status of the file as of October 7, 2011
A copy of the entered Order from the September 30, 2011 hearing is now available under the “Court Orders” tab.
Service List Update
An updated Service List is now available under the “Service List” tab.
Monitor’s Seventh Report to Court
In preparation for the October 5, 2011 hearing, the Monitor filed its Seventh Report to Court on October 4, 2011. A copy of the Monitor’s Seventh Report to Court is available under the “Monitor’s Reports” tab. The Monitor’s application materials are available under the “Motion Materials” tab.
Status of the Company and the Sale Process
On September 30, 2011, the Court approved the Restructuring Term Sheet (“RTS”) between the Company and Pinnacle International Lands Inc. (“Pinnacle”).
The Company, notwithstanding repeated requests by its legal counsel, refused to execute the RTS. On October 4, 2011, the Monitor was advised by legal counsel for the Company that Mr. Rick Wellsby and Mr. Robert Wilson, the only directors of the Company, had resigned as directors of the Company. As a result, the Company was left without any operating mind or management.
On October 5, 2011, the Court, on application by the Monitor, ordered that the Monitor be authorized to manage the business of the Company, thereby allowing the Monitor to execute the RTS on behalf of the Company.
The Monitor continues to work with Pinnacle to complete the transaction on or before November 30, 2011.
Status of the file as of October 3, 2011
Claims Process
The Claims Process has been concluded; no further claims will be accepted. For creditors who received a Notice of Disallowance from the Monitor relating to the termination of game packs, annual passes and golf course memberships, please refer to Section 5.5 of the Monitor's Fifth Report to Court for the appropriate timelines to deal with your claims.
Monitor's Sixth Report to Court
In preparation for the September 30, 2011 hearing, the Monitor filed its Sixth Report to Court on September 29, 2011. A copy of the Monitor's Sixth Report to Court is available under the "Monitor's Reports" tab. The Monitor's application materials are available under the "Motion Materials" tab.
Sale Process
On September 30, 2011, the Court approved the Restructuring Term Sheet between the Company and Pinnacle International Lands Inc. ("Pinnacle") which will see Pinnacle purchase all of the Company's assets. The Monitor will continue to work with the Company and Pinnacle to complete the transaction, which is anticipated on or before November 30, 2011. Table 1 of the Monitor's Sixth Report to Court, which details the various milestones of the Restructuring Term Sheet between the Company and Pinnacle, is reproduced below for your reference.
The Monitor will post the entered Order from the September 30, 2011 hearing under the "Court Orders" tab as soon as it is received from the Court.
Status of the file as of September 29, 2011
The September 30, 2011 hearing has been scheduled for 10:00am.
Status of the file as of September 26, 2011
The Monitor's fifth report to the Court is available for download under the Monitor's Report tab.
The September 26, 2011 hearing was adjourned to Friday September 30, 2011 at a time to be determined. The hearing time will be confirmed via this website.
Status of file as of September 13, 2011
In furtherance of the marketing and the approved sale process for the assets of Blackburn Developments Ltd., the Monitor has received numerous proposed Asset Purchase Agreements ("APA") and is currently working with the preferred bidder to assist in the satisfaction of conditions precedent in order to finalise its APA.
A report will be submitted to the Court during the week of September 19, 2011 detailing the marketing and sale process undertaken by the Monitor and seeking approval of the preferred bidder's APA. The time and date of the hearing where the preferred bidder's APA will be considered by the Court will be posted on this website when known.
Regarding the claim process, the Monitor has sent Notices of Disallowance ("NOD") to those creditors whose claims could not be admitted as filed. The NOD provides a reason for the disallowance. The Monitor is willing to consider creditor appeals where proper documentation can be provided to rectify claim deficiencies. Creditors may appeal the Monitor's disallowance of their claim by no later than 5:00pm, Friday, September 23, 2011. Further details regarding the claims filed and their status will be provided in the Monitor's next report to the Court.
Status of file as of August 3, 2011
The Monitor has sent out a claims package to all known creditors of Blackburn. If you have not received a claims package, you may access it under the "Claims Process" tab on the left. Please be aware of the strict timelines of the claims process.
Key points of the process include:
- Creditors must submit their claims to the Monitor by 5:00 pm (Vancouver Time) on August 19, 2011 or risk having their claim extinguished.
- Claims must be submitted with all relevant backup (e.g. documentation, calculation of amounts owed, etc.).
Please contact the Monitor should you have any questions via the contact information at the top of this page.
Status of file as of July 25, 2011
The entered orders following the July 22, 2011 court hearing are available from the Court Orders tab.
Status of file as of July 22, 2011
The Notice of Application for the July 22, 2011 hearing is available under the Motion Materials tab.
Status of file as of July 19, 2011
The Monitor's Fourth Report to Court is available under the Monitor's Reports tab.
Status of file as of July 6, 2011
The Monitor has received Letters of Intent pursuant to its marketing and sale plan. The Monitor has also granted extensions where appropriate. As such, if there are any parties who have not already contacted the Monitor interested in the assets of the Company, please contact Brad Ristivojevic of the Monitor's office via the contact information at the top of this page.
Status of file as of May 31, 2011
The Monitor has contacted prospective purchasers for the Company’s assets by email. Interested parties should contact Brad Ristivojevic of the Monitor’s office via the contact information at the top of this page.
Status of file as of May 27, 2011
The Monitor has commenced the sale process as ordered by the Court. A dataroom has been established by the Monitor for qualified prospective purchasers to view documents pertaining to Blackburn's assets and operations.
Status of file as of May 18, 2011
The Company was granted the following at the May 17, 2011 court hearing:
- An extension of the stay of proceedings to August 31, 2011.
- An increase in DIP financing loan from $1,000,000 to $1,250,000.
- A increase in the Administration Charge from $150,000 to $600,000.
- Approval of an asset purchase agreement with Wells Fargo Financial Corporation for the purchase of Golf Carts and other items.
The Company will continue to pursue a restructuring concurrently with the sale process being conducted by the Monitor.
Status of file as of May 17, 2011
The entered order from the May 17, 2011 hearing is available under the Court Orders tab.
Status of file as of May 16, 2011
The Monitor’s third report to the Court is available under the Monitor’s Reports tab.
The notice of application, an asset purchase agreement and a revised affidavit #5 of Rick Wellsby are available under the motion materials tab.
Status of file as of May 13, 2011
The next court hearing has been scheduled for Tuesday May 17, 2011 at 9:30am in the Supreme Court of British Columbia, 800 Smithe Street, Vancouver, BC.
Status of file as of May 13, 2011
Affidavit #5 of Rick Wellsby is available under the motion materials tab.
Status of file as of May 12, 2011
The Monitor’s next report will be filed during the week of May 16, 2011.
Status of file as of April 20, 2011
The Monitor is working on a status update report which will be posted on the Monitor’s website in early May, 2011.
Status of file as of April 15, 2011
The Company has prepared letters to creditors who have pre-paid for services or hold accounts with credit balances ("Credit Accounts"). These letters address the use of Credit Accounts effective April 4, 2011. The letters are available under the Creditor Communications tab and relate to the following credit accounts:
- Pre-paid weddings.
- Golf game packs.
- Lifetime memberships.
- Annual pass holders.
- Accounts with credit balances (Falls Bucks, Incentive credit, Trade credit and Investor credit).
Status of file as of April 4, 2011
The entered order from the March 28, 2011 hearing is available under Court Orders.
Status of file as of March 28, 2011
On March 28, 2011 the Supreme Court of British Columbia ruled that the stay of proceedings in relation to the Company be extended to May 29, 2011. The limit for Debtor in Possession Financing has been increased to $1,000,000 in total.
The Company has been authorised to honour certain pre-February 23, 2011 credit accounts (e.g. wedding deposits) subject to the Monitor’s satisfaction that honouring such accounts will not cause the Company any financial loss. Further information regarding credit accounts will be communicated in due course via the Monitors website.
Status of the file as at March 24, 2011
The entered order from the March 21, 2011 hearing is available under Court Orders.
Status of the file as at March 21, 2011
The March 21, 2011 hearing in the Supreme Court of British Columbia was adjourned to Monday, March 28, 2011. An extension of the stay of proceedings was granted to March 28, 2011 along with approval for a further draw of $250,000 from the DIP loan. An amount of $85,000 is to remain in trust pending the outcome of the hearing on March 28, 2011.
Materials for the March 28, 2011 hearing will be uploaded to the Monitor's website following receipt.
Status of file as of March 18, 2011
The Monitor’s second report to the Court is available under Monitor’s Reports.
Status of file as of March 18, 2011
Motion Materials filed in relation to the March 21, 2011 hearing including the Notice of Application and Affidavit #4 of Rick Wellsby are available in the Motion Materials tab.
Status of file as of March 17, 2011
The comeback hearing is scheduled for March 21, 2011 at 10:00am in the Supreme Court of British Columbia, 800 Smithe Street Vancouver, BC.
The Monitor is in the process of completing its second report to the Court which will be uploaded to this webpage upon completion.
Status of file as of February 25, 2011
The entered initial order and DIP order have been uploaded under Court Orders.
Status of file as of February 25, 2011
On February 25, 2011, the B.C. Supreme Court approved the DIP Order and extended the stay of proceedings to March 25, 2011.
Status of file as of February 24, 2011
On February 23, 2011, the British Columbia Supreme Court granted a 48 hour Stay of Proceedings.
A hearing is scheduled for 10am on February 25, 2011 at the British Columbia Supreme Court, Vancouver, B.C. Motion materials will be posted to this web-site as they are received.
Status of file as of February 22, 2011
The Notice of Hearing has been added to the Motion Materials tab on this webpage. The Petition of Blackburn Developments Ltd. dated February 22, 2011 will be heard at the Vancouver Courthouse, 800 Smithe Street, Vancouver, BC on February 23, 2011 at 10:00am.
Status of file as of February 22, 2011
The petition of Blackburn Developments Ltd. for protection under the Companies’ Creditors Arrangement Act and Affidavit #1 of Rick Wellsby are available under the Motion Materials tab on this webpage.
Status of file as of February 18, 2011
Motion materials will be uploaded to this website as soon as they are available. Please check this website to review the materials prior to the hearing of the court application. The court date is yet to be determined and will be confirmed on the website.
This Web site will be updated as information becomes available.
For more information, please contact: PricewaterhouseCoopers Inc., Telephone: +1 604 806 7780 x 4441, Fax: +1 604 806 7806 Attention: Blair Linnen, email
