FW: RE: Breckenridge

 

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This is a forwarded message
From: "Terrence S. Reiber"  
To: ktessis@soberman.com; pivany@compasswealth.com; rghall@canlighthall.com
Received: 3/3/2010 8:50:09 AM
Subject: RE: Breckenridge

If there is an agreement with Equitable please insure that they will provide partial discharges for each unit sold.

 

Please note our address change and amend your records accordingly.

 

This e-mail was sent by:

 

Terrence S. Reiber, B.A., LLB., LL.M.                                         

Barrister & Solicitor

T.S. Reiber Professional Corporation

1110 Sheppard Avenue East, Suite 211,

Toronto, Ontario, M2K 2W2

 

Tel: 416-927-9841  Fax: 416-975-1531

E-mail: terry@reiber.ca

Website: www.reiber.ca

 

THIS E-MAIL MAY BE SOLICITOR CLIENT PRIVILEGED AND MAY CONTAIN CONFIDENTIAL INFORMATON INTENDED ONLY FOR THE PERSON(S) NAMED ABOVE. ANY OTHER DISTRIBUTION, DUPLICATION, OR DISCLOSURE IS STRICTLY PROHIBITED. IF YOU HAVE RECEIVED THIS E-MAIL IN ERROR, PLEASE NOTIFY THE SENDER IMMEDIATELY BY TELEPHONE AND DELETE THE ORGINAL TRANSMISSION WITHOUT MAKING A COPY.

 

 

From: Ken Tessis [mailto:ktessis@soberman.com]
Sent: March-02-10 7:11 PM
To: 'pivany@compasswealth.com'; Richard Hall B.A. ARP, CPM; Terrence Reiber
Cc: 'Allan Lipman'; Evelyn Bowles
Subject: Breckenridge

 

Alan Lipman finally got through to another of Equitable’s lawyers-

 

Equitable advises that:

1.       Equitable was in arrears 2 years ago when they sent the BIA sec 244 notice in 2008 – and as never paid off – forbearance only – they feel that their notice defeats the Stay. The point is arguable

2.       They were / are upset with the second who was to finish off and pay them out – second indicated that they had lots of money & would do this – but did not & fell behind

3.        They will consider providing interim financing at a  rate  – maybe 18% - but after their first position which really does not matter to anyone other than them and if we went to court and they insisted on that – they most likely would be successful in any case

4.       We agree that ti sis not worth fighting over

5.       They want a letter from Soberman outlining (and Richard will have to provide the information) -

i.                     How much money is needed money  

ii.                   - when is it needed timing

iii.                  What interest rate will be paid

iv.                 How long will it be needed for

v.                   How money will be used  - i.e.  program to  renovate / refurbish & sell off – along with obtaining vacant possession etc   

vi.                 Time lines to pay back (I assume this is cash flow re selloff scenario)

I assume they will also want some proof of values etc  

Richard should also provide assumptions and how they were arrived at for all the above  

Maybe Richard should also I think that at the end of each month we should have some extra lines – (rows ) – (i) if according to  plan (ii) deal of five months  (iii) delay  of  -I month after 2 months  and compound that every 2 months – so if project is delayed a lot we will see what will happen  or (iv))

 

Question – any possibility of selling units to tenants – perhaps that should be canvassed ASAP  with current tenants

And second takes hit right away

We also have to file a cash flow (this Friday ) and the above (as discussed with Richard late last week )  will serve both purposes

 

                                                              

 

_______________________________________
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 
P Please consider the environment before printing this email.  

 

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