In his affidavit dated March 24, 2009 Mike Coolen stated that the Canadian Western Bank (CWB) is trying to have a Receiver appointed so that it can liquidate Canadian Superior Energy's Western Canadian Basin Assets to pay off the debt that Canadian Superior Energy owes to CWB.

Item # 14: on page 4 Mike Coolen states: "I believe that the unsolicited offer [ $110 million dollars for Canadian Superior's Western Canadian Sedimantary Basin assets by an anonymous company ] demonstrates that the CWB is more than sufficiently protected. The CWB is currently owed less than $40 million, and the offer for the Western Canadian Sedimentary Basin Assets demonstrates that the Western Canadian Basin Assets themselves are worth more than two and a half times the CWB debt. I understand that the CWB has asked that CSEI find another banker, and I further understand that the CWB wishes to have a Receiver installed so that they can liquidate these assets quickly to their benefit."

Item #15: "I do believe however, that this offer is real and demonstrates the value of the Western Canadian Sedimentary Basin Assets. I further believe that the Receivership sought by the CWB would result in reduced value, and ultimately, potential losses to the other stakeholders, including the unsecured creditors, and the shareholders."

http://relieffromdebt.ca/documents/c...

So it appears that the Canadian Western Bank is attempting to pull off a date rape and devalue Canadian Superior Energy's shareholders assets here. Thankfully Canadian Superior Energy is under CCAA protection and Mike Coolen is drawing these unsavoury tactics of this predatory bank to the Courts notice. Too bad the general newpapers don't pick this item up and run with it nationally.

Best Wishes; Scott