FW: RE: Breckenridge Mortgage Update

 

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This is a forwarded message
From: "Ken Tessis"  
To: rebecca@compasswealth.com
Received: 3/1/2010 10:13:44 PM
Subject: RE: Breckenridge Mortgage Update

Was this to go to the second mortgagees ? as it only went to me ?

 

______________________________________________________
Kenneth M. Tessis CA•CIRP 
Soberman Inc.
T: 416.963.7120
 
P Please consider the environment before printing this email.  

From: Rebecca Amoranto [mailto:rebecca@compasswealth.com]
Sent: Monday, March 01, 2010 9:55 AM
To: Ken Tessis
Cc: darlene@compasswealth.com
Subject: Breckenridge Mortgage Update

 

Please find below a message from Paul Ivany

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To All Breckenridge Second Mortgage Holders.

 

Shortly after the default of your second mortgages, there was a plan put in place and funded in the amount of $1,200,000 by one mortgagee. The purpose of that plan was to keep the Equitable Trust first mortgages current, complete the renovations, and lease the 41 units . These steps have been completed. The mortgagee had then intended to purchase all 41 units for a long term investment but will not be proceeding to do so. The funding stopped in December, 2009.

Terry Reiber, Richard Hall and I have been looking at various options to protect your mortgages. Equitable Trust has stated their intention to sell the properties as a whole which is anticipated to result in a much lower price than if these units were sold individually. In consultation with a receiver/trustee and the owners of the units an insolvency filing has been completed. The purpose of the filing is to limit Equitable Trust's ability to sell the units as a block but to seek an order from the Court instructing the individual unit sales. While the final outcome in unclear, it is certain that this process was the last option available to recover as much of your investment as is possible.

Richard Hall, the property manager has completed the required budgets and the pre-sale preparation. They are ready to list the units for sale upon the receiver/trustee's instructions.

The receiver/trustee is:

Ken Tessis CA•CIRP
Soberman Inc.
2 St. Clair Ave E 10th Fl
Toronto, ON M4T 2T5

Shortly you will be receiving the required notification of these proceedings. Mr. Tessis is now responsible for the oversight of the process and will be reporting in due course.

Regards,

Paul
__________________________
H. Paul Ivany CFP, CFSB, EPC
pivany@compasswealth.com

P: 905.428.0956 F: 905.428.9833 P: 1.800.862.8882 C: 386.871.1374




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