|
|
|
Eron Lenders
Project Name: Caesars Lakeshore Estates Ltd.
Lender update
May 23, 2000
Further to our letter dated July 29, 1998, we are writing to provide you with a further update on the status of the above noted mortgage
Project Status
In our last letter to you with respect to Caesars Lakeshore Estates Ltd. we indicated that an agreement had been reached to extend the mortgage from November 13, 1997 to January 1, 1999. The borrower was to pay extension fees totalling $183,750 plus $40,000 in interest payments per month. The borrower made a deposit of $25,000 against the extension fees due upon signing the agreement. Although the Judicial Trustee and the Lenders' Committee were prepared to proceed with the extension agreement, the borrower chose not to complete the agreement.
In early 1999, the Court granted Conduct of Sale. A number of real estate firms provided listing proposals, but the Judicial Trustee and your Lender Lead felt that Colliers would provide the best local, national and international exposure for the property. The property has been listed at $8,000,000 with Colliers. Several potential buyers have expressed an interest in the property, but no firm offers have been received.
Lender Communications
We will continue to communicate directly with all lenders. However, we urge you to take advantage of the web site at http://www.eron-pwl.com for project specific updates as well as related court orders and other general information. The Eron Lenders Committee has set up an information line, which can be reached by dialling (604) 878-4484. We would also encourage you to contact your Lender Lead, Paul Jaffe at (604) 687-2326 for updates on the Caesars project. If you need information on reclaiming tax on interest income in prior years, please call David Craig at (604) 713-6680.
Yours truly
Judicial Trustee
BACK
|
|
|