Bank of Montreal v 2093924 Ontario Inc, 2024 ABKB 457
2024-07-26
Read full decision. Summary prepared by Alan Macek:
The Receiver now applies pursuant to s. 243 of the Bankruptcy and Insolvency Act, for court approval of an Amended Asset and Real Estate Purchase Agreement dated April 10, 2024, for the sale of substantially all of 209’s assets to Klair as well as certain ancillary relief. ... 164 is the owner of the registered trade name “Rock-N-Wash” and the former owner of the lands comprising the Wash Factory facility. 164 is a competitor of Klair. A company related to 164, Slazs Investments, is the named holder of a patent which protects certain intellectual property which has been incorporated into the land and buildings comprising the Wash Factory. ... Having considered all of the parties’ submissions, I find that the Receiver’s application must be granted. By operation of the doctrine of patent exhaustion, 164 is no longer entitled to control the sale or use of the land comprising the Wash Factory. Further, the Receiver has made sufficient efforts to obtain the highest price for the Wash Factory and has not treated the Shareholders unfairly.