1. Initial Judgment and Counterclaim:

   • Background: 420 Investments Ltd (Four20) sued Tilray Inc. and its subsidiary High Park Shops Inc. over alleged breaches of an agreement (Arrangement Agreement) related to Tilray’s acquisition of Four20 for $70 million, plus $44 million in potential contingent payments. High Park counterclaimed for repayment of a $7 million loan provided to Four20 under a Loan Agreement.
   • Outcome: The Court granted summary judgment in favor of High Park on the $7 million loan claim in February 2024. Four20’s defense that the loan wasn’t due because the termination of the Arrangement Agreement was invalid was rejected??.

2. Appeal of Stay Denial:

   • Four20’s Position: Four20 sought to stay the enforcement of the $7 million loan judgment pending appeal, arguing that it would face irreparable harm if the stay was not granted.
   • Decision: The Court denied the stay, finding that Four20 failed to demonstrate irreparable harm or that the balance of convenience favored them. The funds collected from the judgment were ordered to be held in trust?.

3. Appeal of Summary Judgment:

   • Issue: The appeal centered on whether the termination of the Arrangement Agreement, which triggered the loan repayment, was valid. Four20 argued that repayment depended on a valid termination, which it claimed had not occurred.
   • Outcome: The appeal court reversed the summary judgment, concluding that the termination of the Arrangement Agreement had to be fully litigated to determine if the loan was repayable. This issue was not suitable for summary judgment, and a full trial was needed?.

4. Costs:

   • Final Costs Decision: High Park was awarded costs of $19,920.60 for the Stay Appeal, calculated as double Column 5 of the Alberta court tariffs?.

Final Outcome: The appeal against the loan repayment judgment was successful, sending the case for trial to resolve the termination issue, while High Park was awarded partial costs for defending against the stay application.