This is a forwarded message
From: "Allan Lipman"
To: sja@giffenlawyers.com; ktessis@soberman.com; pivany@compasswealth.com; terry@reiber.ca; adouglasburns@burnsargiropoulosllp.ca
Received: 3/16/2010 7:56:12 AM
Subject: Re: Breckenridge
Ken
A meeting is necessary. I recommend we proceed with the application for the extension and schedule a "mass meeting" for next week
In the interim we need to source a DIP lender to be second mortgagee
Allan Lipman
Simon Adler
Giffen LLP Lawyers
Mailing address: P.O. Box 2396,
Kitchener, Ontario N2H 6M3
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Kitchener, Ontario
Tel: (519) 578-4150 ex. 545
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e-mail: sja@giffenlawyers.com
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From: Ken Tessis [mailto:ktessis@soberman.com]
Sent: Monday, March 15, 2010 7:50 PM
To: 'pivany@compasswealth.com'; terry@reiber.ca; Simon J. Adler; 'adouglasburns@burnsargiropoulosllp.ca'
Cc: Evelyn Bowles; 'Allan Lipman'; rghall@canlighthall.com; 'byoung@croftonhouse.ca'; 'carol.evans@kone.com'; 'carolevns@yahoo.ca'
Subject: Breckenridge
I spoke to Richard Hall today to discuss a few issues-
1. As Equitable is collecting rents he with respect to the pooled rental units, he has nothing to really manage on behalf of the rental pool at this time
2. With respect to the sales of the units – no for sale signs have gone up. and possibly that Equitable is not familiar that his related sales operations- which had been “planned” to be used in selling the units
3. No funds are available to pay him from as there are no rental revenues
4. He is concerned for the rental pool that Equitable will not maintain the units or do anything other than what is legally required - which will impair the value of the rental units and …
As condo property manager
5. he has concerns as to #3 above as it will reflect on the whole project
6. He has concerns as to the lien rights and priority re condo fees if in arrears – If Equitable does not pay
7. How or who will now pay the superintendent ass before the amount was split between all three entities – the 2 rental pools & the condo corp.
We told him that we have no objection to him speaking to Equitable (who still has not formally said “no” to providing the financing in second position:
i. Explain his concerns
ii. Provide the sales “plans” - for maybe Equitable will agree to allow some signs to be put up to evaluate the “action” that occurs – which may assist them in their decision to fund or not
Finally it would appear that without obtaining the financing of about 600.000 per pool - we will not be able to keep the proposals going, and /or to make some arrangements with Equitable to allow some time to allow us to obtain a higher realization to lessen the losses by the mortgage holders.
Regards to all
_______________________________________
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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