Olds Institute for Community & Regional Development and Olds Fibre Ltd. (o/a O-NET), two related Olds, Alberta-based telecommunication companies, were placed in receivership on June 25 on application by the Town of Olds (the "Town"), owed approximately $14 million pursuant to two loans extended by the Town so that the companies could install a high-speed fibre optic cable through the Town. BDO was appointed receiver. Brownlee is counsel to the Town.