FW: Breckenridge - mortgage

 

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This is a forwarded message
From: "Ken Tessis"  
To: terry@reiber.ca; pivany@compasswealth.com
Received: 3/22/2010 5:48:14 PM
Subject: Breckenridge - mortgage

The mortgage broker called  wondering was happening –

We need $15,000 to be soon available ($5,000 now and $10,000 with the commitment)  – and  we will have to determine about how the  appraisals will be done/ provided.

If we cannot come up with those funds – we can still move ahead – but the proposals  will then fail, and bankruptcies for both entities  will  then occur.

By the time we get to the creditors’ meeting – as we have to still must -
i.              prepare a statement of affairs for signature etc

ii.             send out notices,

iii,            respond to creditors etc

iv.           prepare a report ,

v.            chair creditors meeting

vi.           attend at court for approval of the proposals- we may need to arrange to make an application to transfer the files to Toronto or we will have to engage out of town lawyers for that.

We will have no funds at all left in our retainer and will be short as there will be no funds available for dealing with

a.       Equitable or

b.      spend any time with the mortgage broker

c.       appraisals or any other information required etc

d.      legal fees in dealing with the mortgage etc

  

Along with the lawyers bill to date,  you can see that we are going to be out of funds very quickly ( as expected -- as the original retainer request was short).

Therefore in addition to the above ($15,000) we suggest that you get another $20-30,000 so we will not have to stop  working in the middle of this matter.

Regards  

 

_______________________________________
Kenneth M. Tessis CA•CIRP 
Soberman Inc.
Trustees and Receivers
2 St. Clair Ave. East, 10th floor, Toronto On M4T 2T5 
Phone :  416-963-7120
Toll Free 1-877-929-2501 X 7120
Fax      :  416-929-2555
Email   :ktessis@soberman.com
www.soberman.com 
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