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Eron Lenders
Project Name: South Thompson Inn & Guest Ranch (The Inn)
Lender update
December 2, 1999
Further to our letter dated October 8, 1998, we are writing to provide you with an update as to the status of the above noted mortgage.
Project Status
In our last letter to you with respect to the South Thompson Inn & Guest Ranch we indicated that the Court had granted the Judicial Trustee conduct of sale of the Inn while David Patriquin, who held the 3rd mortgage on the Inn had proceeded with a foreclosure action.
The Inn was co-listed with Royal LePage in Kamloops and Colliers International in Vancouver. No offers were received. On May 3, 1999, Mr. Patriquin's assignee, South Thompson Holdings Inc., took Order Absolute in the foreclosure proceeding. As a result, the Lender's 5th mortgage position was foreclosed off the Inn.
Part of the security granted the Eron Lenders was a 1st mortgage on two 10-acre lots across the street from the Inn. On September 13, 1999, the Judicial Trustee was granted conduct of a Court-Ordered sale of the lots. Following consultation with the Lender Lead for the project, the two lots are in the process of being listed with ReMax Realty in Kamloops at listing prices of $109,000 and $95,000.
The two lots represent the only remaining source of recovery and after expenses, we do not expect that any funds will be available for distribution to the Lenders.
Lender Communications
If you have any specific questions or need further information concerning the project, please contact us in writing at 601 West Hastings Street, Vancouver, B.C., V6B 5A5 or by fax at (604) 688-6128 marked to the attention of South Thompson Inn & Guest Ranch - Project Lead. 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
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