Twin Butte Energy Ltd TBTEF

RE:How Did CRA Claims Get Dismissed?

[Oldfart74]

PetroExplorer wrote: Getting back on track to the important topics at hand, and ignoring that cyberbullying fool energconsultant, how did the Reciever magically dismiss the claims from CRA and Alberta Treasury?  I'd like to see more discussion on this matter.  Did someone in the Government submit a claim too late?

I am all in favour of getting as many claims dismissed, to maximize my recovery on the Debenture investment.  But Mr. TaxMan usually has special powers, that give him the ability to collect taxes that are rightfully owed, on behalf of all Canadians.  There may be a Court filing by the CRA, to try and recover some funds.

In think Debenture Holders should be prepared for a substantial payment, with a partial holdback for disputed claims, to the CRA.  If there is going to be a Court challenge, it could take some time to settle the matter.  But we lack the full knowledge of the claims that CRA had.

Ironically, if the Government's claims are truly dismissed, it would be their own fault in the first place, for not supporting the numerous financially challenged small oil companies, in this market collapse.  The entire TBE receivership should never have come to pass, had proper CCAA procedures been followed, and some sort of restructuring occurred, staving off the National Bank.  Maybe the Government should go after the National Bank, who took the money by forcing receivership that wasn't properly contested?  Not supporting the Canadian oil companies, allowed numerous people's investments to evaporate, flushing money into the hands of foreign investors.  Canada would have been further ahead having a national oil company, pick up the scraps.

I guess we can say that the Government is giving our money back for this bad investment, by the CRA's claims being dismissed.  Combine this with capital-loss carry-backs from the losses, and we do have a case to prove energconsultant wrong, in that we did get money back from the Government, although it is a shallow victory.

Clearly the government claims were filed on time; otherwise the Receiver would have advised that fact.  The issue of disputed by the court who will make a decision as to whether they are valid or not. That decision can be appealed to a higher court but it should be noted in situations such as TBE, the appeal courts often defer to the trial judge ruling.