Nascent (Tisdale) Inc.

Nascent (Tisdale) Inc., a real estate company with the primary purpose of servicing residential lots and constructing townhouse units in a building project located in Toronto, Ontario (the "Project"), was placed in receivership on March 31 on application by Fiera FP Real Estate Financing Fund, L.P. ("Fiera"), owed approximately $13.7 million under a loan between the parties pursuant to which Fiera agreed to provide senior construction financing to the company. The company committed various events of default under the loan, including failing to, among other things, respond to specific information requests made by Fiera, meet certain pre-sales requirements, and make all required equity injections into the Project. Fiera currently alleges that it is receiving incomplete and contradictory information about the company's re-financing efforts and it has seen nothing to date that indicates any material interest by another lender in the Project. Grant Thornton was appointed receiver. Counsel is DLA Piper for the receiver, Fogler Rubinoff for Fiera and Miller Thomson for the company.