ALL IN WEST! CAPITAL CORPORATION ANNOUNCES DEFAULT UNDER MORTGAGES AND DEBENTURES

WINNIPEG, Nov. 23 /CNW/ -- 
WINNIPEG, Nov. 23 /CNW/ - All in West! Capital Corporation (the
 "Corporation") (TSX-V: ALW) announced today that, effective
 immediately, it plans to cease all monthly interest payments on its
 8.00% Series C Convertible Debentures (the "Series C Debentures") until
 such time that the Corporation determines that its financial condition
 and cash flows enable the Corporation to resume payments. Given the
 financial condition of the Corporation, there can be no assurance that
 the Corporation's financial status and cash flows will improve to a
 point which will enable it to pay any amounts (principal or interest)
 under its Series C Debentures.


"2009 and 2010 have been financially difficult years for the
 Corporation. The general economic conditions where the Corporation's
 portfolio of hotels is located declined drastically in 2009 and there
 has been little improvement in 2010" said Cornelius Martens, CEO of All
 in West! Capital Corporation. "Year-to-date the Corporation has been
 cash flow negative and as a result, the Corporation is not in a
 position to make monthly interest payments on the Series C Debentures".


Earlier in 2010, the Corporation implemented an action plan involving
 various stakeholders, including management, the board of directors,
 Series A and B debentureholders, and lenders. The action plan involved
 the following steps: (i) management and the directors of the
 Corporation indefinitely waived all asset management fees and director
 fees retroactive to January 2010; (ii) the Corporation ceased its
 monthly interest payments on the Series A and Series B debentures of
 the Corporation beginning in April 2010; and (iii) an agreement was
 reached with certain lenders to allow the Corporation to make
 interest-only payments on its mortgages, giving temporary principal
 payment relief to the Corporation. Two of these lender agreements have
 expired. While the Corporation continues to negotiate with such lenders
 for continued approval to make interest-only payments until the
 financial condition and cash flows of the Corporation improve, these
 mortgages are now in default. Since all of the Corporation's mortgages
 are cross-collateralized, the Corporation is in default of all of its
 mortgages and its lenders have the right demand the immediate payment
 of their respective loan principal and outstanding interest. Although
 no lender has made such a demand to date, if the payment of the full
 amount of any or all of the mortgages were to be demanded, the
 Corporation would not be able to satisfy any such demands. In addition,
 the indenture trustee for the Corporation's Series A, B and C
 Debentures is entitled to demand payment of all outstanding principal
 and interest thereunder, subject to the rights of senior lenders. There
 can be no assurance that the Corporation will be in a position to pay
 the principal amount or accrued interest on its outstanding debentures.


Even if the Corporation is able to obtain approval of its lenders for
 interest-only payments, there can be no assurance that the Corporation
 will be in a position to make such interest-only payments at any time
 in the future.


Management and the Board of Directors of All in West! Capital
 Corporation continue efforts to identify and evaluate alternatives
 which may be available to the Corporation with a view to the best
 interest of the Corporation.


This press release contains forward-looking statements, including
 statements about management's action plan, the financial condition of
 the Corporation and the ability of the Corporation to meet its ongoing
 obligation to its various lenders. Forward-looking statements are
 subject to risks and uncertainties that could cause actual results to
 differ materially from what the results expressly stated or implied in
 such forward-looking statements.  Some of these risks and uncertainties
 are described under "Risk Factors" in the Corporation's prospectus
 dated August 26, 2009 and its management discussion and analysis dated
 June 30 2010, copies of which are available at www.sedar.com and include the risk that management's action plan will not be
 successful. All forward-looking statements contained herein are
 expressly qualified by this cautionary statement.


The TSX Venture Exchange has not reviewed or approved the contents of
 this press release.




pplease contact Mr. Cornelius Martens, President and Chief Executive  Officer, or Cornelius William Martens, Investor Relations, Tel: (204)  947-1200./p

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