|
|
|
570 DUNSMUIR
LENDERS COMMITTEE
Summary of Results
Number of Investments - 454
Number of Lenders that returned ballots - 215
% of Investments that return ballots - 47%
Number of Investments voting "Yes" to list building for sale - 73
% of Investments that voted "Yes" - 34%
Number of Investments voting "No" to list building for sale - 142
% of Investments that voted "No" - 66%
Total Amount of Investments - $ 9,467,280
Amount of Investments that returned ballots - $ 5,419,410
% of Investments that return ballots - 57%
Amount of Investments voting "Yes" to list building for sale - $ 1,539,288
% of Investments that voted "Yes" - 28%
Amount of Investments voting "No" to list building for sale - $ 3,880,122
% of Investments that voted "No" - 72%
On August 20, 2002, the BC Supreme Court was presented with the voting results and heard arguments for and against listing the building for sale.
Judge Tysoe ruled in favour of the holding the building on two conditions:
1. That the Judicial Trustee monitors the downtown Vancouver real estate market and if the market appears to be declining that Judicial Trustee approach the Court for further directions;
2. That there should be some interest that is payable by the 570 Dunsmuir project on the amount of direct costs and indirect costs for which it is ultimately found to be responsible. This rate should be equal to the rate of the 1st mortgage.
In addition, if the Judicial Trustee is in a position to start making distributions due to realizations in other Eron projects and other Eron Lenders are prejudiced by the fact that they would not be receiving money which was due to them due to the holding of building, then the Judicial Trustee also has leave to approach the Court for directions.
BACK
|
|
|