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Ridgemount FS Ltd and Clare Cowan – Statement of Claim [Court Case CV-15-535661] II

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Here is another document for discussion regarding the case Ridgemount FS Ltd and Claire Cowan – Statement of Claim [Court Case CV-15-535661].  BU posted another document [redacted] which conveys that Paul Bynoe of B’s Recycling attempt to access financing […] from overseas is being blocked because of the Cahill Barbados transaction and Minister Lowe.

Cowan document
Cowan document

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146 responses to “Ridgemount FS Ltd and Clare Cowan – Statement of Claim [Court Case CV-15-535661] II”

  1. Due Diligence Avatar
    Due Diligence

    RastaR

    You said in your comment September 23, 2015 at 11:02 AM

    “Ridgemount FS was clearly set up as an SPV specifically for the mortage /share agreement only our sophisticated CEO was either desperate for funding or had to pay off the maturing second mortgage which she didwith $800k leaving 700k to service the first mortgage with home trust ….”

    I am not a lawyer, but it is my understanding that had there been an earlier second mortgage registered on 4803 50 Yorkville a title search would record the earlier Charge and the Discharge. A current title search records only the $4,000,000 first to Home Trust Company registered on May 17, 2013 (the date title was transferred to MECC) and the $1,500,000 second to Ridgemount registered on November 27, 2014.

    Just curious about your statement that MECC “had to pay off the maturing second mortgage which she didwith $800k”.

  2. Simple Simon Avatar
    Simple Simon

    @Shattered=Dreams September 25, 2015 at 7:59 AM “When she says these fellas/guys are ruthless I hope you appreciate she is talking about Bajan bribe organisers and takers.”

    We understand.

    Think that they can control their children and grandchildren from beyond the grave, when some of them can’t even have control of the pre-teen and teen children living in their houses.

  3. Simple Simon Avatar
    Simple Simon

    Think that they are immortal.

    Or that he/she who dies with the most marbles wins.

  4. Due Diligence Avatar
    Due Diligence

    PODRYR

    Sorry to be so long getting to you about your questions about MECCs Income Tax Returns

    De ole man really is a picky ole fart.

    This old man is no income tax expert or income tax preparer, just an income tax payer.

    But I will try to help.

    Based on two of the documents it is clear the 2013 Tax Year return was prepared and submitted electronically by by SB Partners LLC, formed in 1974. See their website http://www.sbpartners.ca/about/. They certainly look legit.

    As the 2014 tax year documents do not include any documents from the return submitted, just the Notice of Assessment with summary data, we do not have a clue as to who prepared it.

    The date 7/3/2015 at the bottom of the 2013 Assessment – May 12, 2014, is the date the document was printed from the CRA website by MECC or someone who was able to access her files. Same with the 2014 Notice of Assessment.

    All of the forms appear to be electronic documents.

    Based on the scant information I have able to dig up (Google) about her background back to the 1990s, I am pretty sure she is Canadian. The Information Relating to Immigrants and Emigrants form in her 2013 return showing date of arrival 2013-05-17 may be the date she returned from UK setting up this Guernsey scheme. The date that title to the condo was transferred to MECC also is 2013-05-17.

    She seems to be filing on time. The date on the last page of her 2013 return, the one showing Balance Due on Line 485 is 2014-04-26, four days before the April 30 filing deadline.

    We do not have a detailed breakdown of her 2014 income, but it is interesting to compare her income in the two years.

    In 2013 she reported Total Income of $78,741, comprised of dividends of $2,184, Interest and other investment income of $22,156, Capital Gains of 9,535, and $44,915 from Registered Retirement Savings Plan withdrawals. No employment income reported.

    Apparently she needed to cash in her RRSPs for her cash flow needs in 2013, and probably thought that the big payoff from Cahill Barbados would adequately provide for her retirement needs.

    The the $9,191.22 shown in her 2013 return as Income Tax Deducted, is likely the income tax deducted from the $44,915 RRSP withdrawal.

    We do not have a breakdown of the $130, 206 Total Income in 2014; but that there was $35,104 deducted by a payer suggests the bulk of her income was from employment income – from Cahill? The balance paid on filing, would be the tax on dividends and interest and other income and capital gains.

    In November 2014 she also had the proceeds of the $1,500,000 2nd mortgage on the condo for her cash flow needs.

    Now that MECC “has been abandoned by the current administration and that this Cahill WTE project is DEAD” and “She is being left to drown in the quagmire that she has created” the woman soon won’t have her residence from which to scam others.

    And has left others struggling to escape the quagmire.

    My invoice for cvntsulting services is in the mail

  5. Mockingbird Avatar
    Mockingbird

    Saints be praised
    I take a week off and all hell breaks loose
    Well done BU
    At last the fraud lady is being exposed for what she really is
    Keep the pressure on

  6. jayzee Avatar
    jayzee

    DD
    To answer your question as another poster already stated, Cowan had a second mortgage with a company called Cameron Stephens Mortgage Company for 800k Canadian. this mortgage was in between the home trust mortgage and the Ridgemont mortgage. she used 800k of the 1.5m she got from Ridgemont to pay them in full because she thought they were ripping her off in interest. I hope this clears up your confusion.

  7. Hants Avatar
    Hants

    Due Diligence wrote “My invoice for cvntsulting services is in the mail”

    Does this woman owe you money ?

  8. Due Diligence Avatar
    Due Diligence

    Hants

    Thankfully she does not owe me money

    The invoice is to piece for my efforts to answer his questions about the income tax forms.

    And this cvntsultant does not come cheap.

  9. Nostradamus Avatar
    Nostradamus

    @Due Diligence September 25, 2015 at 12:51 PM #
    It was in March 2014 that Minister of Finance and Economic Affairs Chris Sinckler made the announcement in the House of Assembly during his near three-hour introduction of the 2014-2015 Estimates Of Revenue And Expenditure, that Barbados had finally signed off on the much discussed multimillion-dollar state of the art plasma gasification waste-to-energy project set for Vaucluse in St Thomas.

    He stated “A major international energy company out of Canada is proposing and will invest in Barbados at least a minimum of US$240 million with the potential to raise it to US$300 [million], and it portends massive spin-offs in the economy”

    XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX

    You quote Minister Sinckler as stating in Parliament, “A major international energy company out of Canada…..” Now if he really said that was he misleading Parliament? We know that Cahill is not an energy company and we know it definitely is not major company. It has absolutely no track record of doing anything, far less being involved in energy. If he was not misleading then was it a case of ignorance and lack of due diligence by him and his Ministry and fellow Ministers and the Cabinet. Whichever it is, it’s a sad and reflection on our Government.

  10. pieceuhderockyeahright Avatar
    pieceuhderockyeahright

    @ Due Diligence

    Your accounting skills are premiere.

    Please send the bill to my Holiday Inn address at the Airport in Miami.

    I would appreciate if you could hold on until November when I am going to be getting some money from some investors who are putting money in my WTF Assification Plant in Bulbados

    This is an even more advanced plant than the WTE Gasification plant that Clare Cowan was seeking to scam the Barbadian public with ergo the improvement and the versions from WTE to WTF (and no that does not stand for What the Badword)

    I would have paid you earlier from the pension money and my back taxes but you should have been hearing the problems that the Tax office has been having and the NIS

    I will however sort you out from an account in my aunts name that had about $5,000,000 as soon as that is resolved and freed up – it is in a court wrangle since my aunt died.

    Dont worry about your money though cause the PM, Prime Monkey is on the matter and will soon sign off

    You know how these monkeys are – cantankerous- as with all Banana Republics, just have to show who is Primus Inter Pares.

  11. Due Diligence Avatar
    Due Diligence

    PODRYR

    LOL

    Can you send me a copy of the Confidential Offering Memorandum for the WTF Assification Plant.

    Good luck with sorting out your aunty’s estate – I understand the court wrangles can take some time in Bulbados – especially if the assets are in Miami or some other “Offshore” jurisdiction.

    And by the way, I understood the account in your aunty’s name had $6,000,000 in it. What happen to the other million – you trying to hide something from me?

    Primus Inter Pares? I had to go to Wikipedia to learn what your big words mean.

    Primus inter pares (Ancient Greek: Πρῶτος μεταξὺ ἴσων, prōtos metaxỳ ísōn) is a Latin phrase meaning first among equals.

  12. Gabriel Avatar
    Gabriel

    VOB 4.30pm news quoted Denis Lowe’s BGIS preview statement that the WTE is subject to TP permission in all its requirements.We wonder what those 4 ministers signed and what is the effect of the minister’s backpeddling….

  13. Due Diligence Avatar
    Due Diligence

    Jayzee and RastaR

    Thanks for your input.

    I just learned that if I want a title search to show deleted (discharged) items I have to request it “with deleted items”

    To save me another trip to the Land Titles Office, it would be much appreciated if you would tell us the date the $800,000 Cameron mortgage was registered and discharged.

  14. Prodigal Son Avatar
    Prodigal Son

    Yes, Gabriel……………I heard the 4.30 news and went ………..wait!

    The man brazen though. After signing away the future of our country to a woman now being exposed as a con artist and after refusing to take the woman’s calls, he now gets off of his sick bed to tell bold faced nasty lies. Is he not afraid of God?

    To now come and say that if the project does not meet the standards, there will be no deal is being disingenuous, to say the least. What a liar! Freundel seem to have cat spraddled them so he has to say something, stupid though it may be……. and this is after the email published on BU from this woman to “Philip and Bjorn”.

    Boy…………..look at trouble coming our way. What did one of the ac”s tell me last night?

    “Everything around that woman stinks of chaos”……………….talk about a yardfowl!

    Well ac…………….”everything around than low man reeks of corruption and chaos! Want to see chaos, wait until Clare Cowan reads this news! She is going to be angry and is going to take out her vengeance on us innocent Barbadians who had nothing to do with your four greedy ministers.

    Kellman is not going to be happy that he was tricked into this as I agree with Caswell………Kellman is naive……. though he thinks he is intelligent………….wuhloss!

  15. David Avatar
    David

    Members of the BU household listened with interest to the VoB news but for another reason. No credit was given by them to Kammie Holder, Future Trust or social media for fighting this fight. They made reference to ”some quarters” and the Opposition. At some point traditional media should accept we are in this together.

    On 25 September 2015 at 21:56, Barbados Underground wrote:

    >

  16. Caswell Franklyn Avatar
    Caswell Franklyn

    We don’t need an assification plant, we have too many asses walking around, getting into deals with Cahill.

    Sent from my iPad

    >

  17. Hants Avatar
    Hants

    The project can be terminated and let the “lawyers” fight for ” compensation”.

    Nuh big ting.

  18. Caswell Franklyn Avatar
    Caswell Franklyn

    Gabriel

    The effect is that some people will have to pay back their bribes.

    Sent from my iPad

    >

  19. Simple Simon Avatar
    Simple Simon

    Ouch!!!!!!!!!!!!

  20. Simple Simon Avatar
    Simple Simon

    @Gabriel September 25, 2015 at 4:45 PM “VOB 4.30pm news quoted Denis Lowe’s BGIS preview statement that the WTE is subject to TP permission in all its requirements.”

    @Hants September 25, 2015 at 6:22 PM “The project can be terminated and let the “lawyers” fight for ” compensation.”

    If Clare is from a Commonwealth jurisdiction she ought reasonably have know that projects cannot start unless approval is received from the planning authorities…so if she has not done her due diligence why should she or anybody else be compensated?

  21. Simple Simon Avatar
    Simple Simon

    @Caswell Franklyn September 25, 2015 at 6:22 PM …Gabriel…The effect is that some people will have to pay back their bribes.

    And what if the prouges are in the Miami/London bank accounts of Piece’s late g aunty?

  22. Hants Avatar
    Hants

    @David who wrote “At some point traditional media should accept we are in this together.”

    Let traditional media “stay where they are”. The have major constraints that BU does not.

    Bu contributors will continue to do what is best for Barbados. Well at least most of us.

  23. pieceuhderockyeahright Avatar
    pieceuhderockyeahright

    @ hants

    I was just about to say the same thing

    This is someone else in the BU Household not David, he is on vacation.

    He has never and would never make a comment like that

    “At some point traditional media should accept we are in this together…..”

    But this is forgiven the party who is sitting in for the Blogmaster in his absence

    BU does not seek kudos nor does not answer to the traditional media standards

    BU will never get an International Media Award, A regional Media Award or a Local Media Award.

    Furthermore it is my belief that if at any time the BU household is invited anywhere to accept an award you should graciously decline because it will be to perform a “rendition” and incarcerate the BU representative.

    Should you not be arrested forthwith, you will be followed to your home and you will be followed and your phone lines tapped as per “destroying the Cell” in Spycraft 101.

    Oh by the way, please be sure not to eat any Horse Divers while at the IMA…

  24. Due Diligence Avatar
    Due Diligence

    @Simple Simon September 25, 2015 at 6:37 PM

    “If Clare is from a Commonwealth jurisdiction she ought reasonably have know that projects cannot start unless approval is received from the planning authorities…so if she has not done her due diligence why should she or anybody else be compensated?”

    Last time I looked Canada was still in the Commonwealth.

    And clearly she is not the only one(s) who did not do their due diligence, so why should they get to keep their (Minister) jobs

  25. pieceuhderockyeahright Avatar
    pieceuhderockyeahright

    @ Due Diligence

    http://imgur.com/5QReTsg

    As per your recent request for the Confidential Offering Memorandum for the WTF Assification Plant at 4.38 p.m this evening please see the attached.

    Kindly note that outside of Chris, Downlowe, Quisling, the other Dennis and dem two ingrunt looking Permanent Secretaries Edison and **, we is de only peeples dat know and derefore dis is to be kept confidential.

    I got a keen investor dat know all about Ass-ets waiting down under, dat is to say in Australia, a multimillionaire from the outbacks..

    You are to keep this in all confidences and Please do not send me no exposing email

    I shall be reverting to homing pigeons and smoke signals from the pilot Assification Plant to be located at the Oliver Messels Plantation in St James

    I would have affixed my seal but you had recently said that the two CCs so close together would make people think that I was Clare Cowan

    I think though that your comment that they looked like the two halves a botsie would also have hastened my retracting that seal.

    Oh and do remember that we will have to speak during daylight hours, because reading smoke signals is not possible at night and has been prohibited by the Ministry of Health by John Whisper Boyce

  26. Nostradamus Avatar
    Nostradamus

    Mnister Lowe is quoted in the BGIS release a saying:
    “What we have before us is a proposed project. Once this proposed project meets the requirements of the Environmental Protection Department, the Town and Country Development Planning Office, the Ministry of Transport and Works, the Department of Emergency Management, the execution of two town hall meetings, which has been done,……”

    Is he delusional? What two Town Hall Meetings? When? Where? The two meetings held so far by Cahill were described by Cahill as “open houses”. Town Hall Meetings mandated by Town Planning are held after the preparation of an EIA and the EIA is made available to the public before the Town Hall Meeting is held.

  27. Due Diligence Avatar
    Due Diligence

    Piece

    Thank you for getting back to me so quickly. An acquaintance has told me that she has been calling one of your Ministers for over a month and he will not return her calls, so it is good to know I will be investing with someone who is investor friendly.

    With a couple of exceptions, those are asstounding assets in your portfolio.

    That Jen Selter asset is outstanding, but I bet if you looked round you could probably find 10 assets that are better.

    And the Confidential Information Memorandum (COM) is is a work of art.

    Did you get some help from the grandson with the art work?

    I am certainly interesting in taking a “piece” of that action.

  28. pieceuhderockyeahright Avatar
    pieceuhderockyeahright

    @ Due Diligence

    As per your “piece” we cud always work out a pari passu much like FS suk out something with Clare.

    You have any overseas accunts in ovah and away? we kin send de money to the same place the $300 million went that the Central Bank Governor Delisle still ent able to report about.

    De Grandson was did help me causing Dem ummens is a little too boney fuh me and ent gots de right pigmentation

    I is mo’ a Serena Williams sort of man meself so de assets under DIs COM ent too attractive tuh me and I sure dat Hants gine send de right alternatives for consideration

  29. Due Diligence Avatar
    Due Diligence

    PODRYR

    You must be oversubscribed by now

    i see your CIM has 206 views – and probably as many likes

  30. pieceuhderockyeahright Avatar
    pieceuhderockyeahright

    @ Due Diligence

    Yes Yes Yes do ole man seem to have get a few hits dem or so me grandson say

    <>

    <>

    Yes me bruddah, I got to pay a little piece, sorry bribe to Ministah of Edyhashun Ronald We Jonesing causing Assification is undah he ministry, I doan know why but …>>

    Having reached de first target of $50M under the CIM which equates to 3 months of Govment Worker salaries i will be issuing an second round at Xmas so that I can pay taxes to bajans and all of us can have a merry Xmas before the 5000 employees get fired during my next round of laying off

    Because of the season and the 50th Anniversary Celebrations I propose to issue a Special Bond called the 00.7 Floating Point Double Digits Bond

    That issue will attract a special percentage of 0.07.7% or 7.7 or 77% per annum/per month/per year jes depending on whey i feel like putting the decimal point that month.

    It is not called double digit because of its yield but because Minister The Chilrun are is reading well Ronald We Jonesing have said dat he will be inserting two digits into the rectum of every ingrunt Bajan entering the Central Bank to secure these bonds of one *** into their bald pooch

    Will you be cuming to buy any bonds DD??

    Please do bring grease cause WeJones is reputed to be as rough in his actions as in his abrasive speech…

  31. pieceuhderockyeahright Avatar
    pieceuhderockyeahright

    @ DD

    dem funny brackets dat is to only leh you and me see whu i posting, does mek de text in between disappear so here is de text dat disappear BELOW

    [He did was call me and tell me dat I apparently did not PUBLISH (SH) IT properly and dere fore de first round was not subscribed to as fast as was necessary (260 peeples) tuh collect de money for de minister who is receiving de kickback for de Assification Plant]

    {To whichin de granson say dat des funny brackets does do de same ting – which is only allow you and me to see whu i write between dese brackets]

  32. Due Diligence Avatar
    Due Diligence

    PODRYR

    LOL

    I missed the Guv when he was up hey selling Savings Bonds, so I was hoping to be able to drop by to see him at the Central Bank to pick up some of those bonds when I am in Barbados in Spring 2016.

    But, now I am not so sure I want to take the risk that Minister Jones will be there with his double digits

  33. Due Diligence Avatar
    Due Diligence

    Here is an update on the Ridgemount Statement of Claim.

    In the Statement of Claim dated September 3, 2015, Ridgemount FS Ltd, claims possession of the property, Unit 4803, 50 Yorkville Ave. Toronto, occupied by MECC, on a $1,500,000 second mortgage dated and registered against the property dated November 27, 2014, as # AT3751569. Interest was payable monthly. The last payment (principal and interest) was due on November 1, 2015. Ridgemount claims the default in payment of principal and interest occurred on January 1, 2015, and at the date of the Claim the amount due, including principal, interest fees and legal costs, is $1,584,565.

    On October 21, 2015 a Statement of Defence and Counterclaim was issued on behalf of MECC by Ricketts Harris LLP, and filed in the Ontario Superior court of Justice on October 30, 2015.

    In the Statement of Defence and Counterclaim, MECC states that the second mortgage was granted as a part of a larger transaction, to obtain necessary funding for a company she owns and controls (Goldcare Limited) to complete the sale (the Cahill Sale) of the shares of a subsidiary, Cahill Energy Barbados Limited. MECC states that she directed the conveyance of shares of Goldcare owned by her to a company, RCWT Inc. , related to Ridgemount as required and directed by the principals of Rigemount as a condition of providing the mortgage advance.

    MECC states the Goldcare shares transferred (to RCWT) were, and are entitled to share in the proceeds of the Cahill Sale. The shares were valued at CAN$700,000, and are expected to increase significantly by the time of closing of the Cahill Sale, scheduled to take place before the end of 2015.

    MECC further states the shares (of Goldcare) were conveyed on the basis that interest payments might be missed but on the understanding that:
    – Proceeds from the transaction would be available to MECC from the sale of the property (unit 4803) and the closing of the Cahill Sale to discharge the mortgage and cover all the outstanding payments
    – Ridgemount would be made whole by receiving proceeds from the shares
    – Proceeds of the Cahill Sale would provide more than enough to RCWT and the principals of Ridgemount to compensate for any risks, costs, and outstanding payments.

    MECC also states it was an understanding of the parties that in consideration of the shares it (Ridgemount) would not take any enforcement action on the mortgage for any default until 2016.

    MECC also states that the amounts by which the mortgage is claimed to be in default are incorrect and that the interest (and fees) claimed by Ridgemount is unenforceable as illegal and criminal, in that it exceeds 60% per annum.

    And the property, unit 4803, has been listed for sale at a price that will pay off Ridgemount’s second mortgage, and it is predicted there will be a satisfactory offer made and accepted within the next 90 days; the action is ill conceived at this time and premature, and MECC asks that the action be dismissed with costs

    The Counterclaim against Ridegemount and RCWT is for the conveyance of the shares of Goldcare back to MECC, and costs and such further relief as the Honourable Court sees just.

    In DD’s view, the Defence and Counterclaim, is simply a delaying tactic by MECC to buy her some time until she gets the big payoff when she unloads the GOB contracts to an unwitting investor.

    The interesting part is this in the Statement of Defence “The Goldcare shares transferred concurrently with the granting of the mortgage were, and are, entitled to share in the proceeds of the Cahill Sale.’

    So if Goldcare is entitled to share in the proceeds of the Cahill Sale,: what is Goldcare’s share, and with whom is the proceeds to be shared – other Canadian, UK or Barbadian investors?

  34. Nutron Sky Plane Avatar
    Nutron Sky Plane

    DD,
    This is going to get messy. Buckets of shit soon to be dumped on all of the players and schemers involved herein.

  35. NorthernObserver Avatar
    NorthernObserver

    DD
    excellent…just gets funnier…..how stupid are some peeples

  36. David Avatar
    David

    @DD

    Thanks, that was proper reporting.

  37. Due Diligence Avatar
    Due Diligence

    David

    Was waiting for Alvin to Cumin and report the status of the this action to BU, but I guess he is too busy having coffee with his friends at Tim Hortons to bring his friends at BU up to date, so decided check the status myself and report in.

  38. Due Diligence Avatar
    Due Diligence

    Here is history of the condo property Unit 4803 at 50 Yorkville Avenue (Four Seasons Residences) Toronto, registered in the name of Marie Elizabeth Clare Cowan.

    The property, unit 4803, 50 Yorkville , was purchased by MECC for CDN $6,524,245, closing on May 17, 2013.

    On May 17, 2013, two mortgages were registered; a first for $4,000,000 to Home Trust Company, and a second to Cameron Stephens Financial Corp (for $800,000?).

    On November 27, 2014, a new second mortgage for $1,500,000, was registered in favour of Ridgemount FS Ltd., and the Cameron Stephens mortgage was discharged/deleted.

    The Ridgemount mortgage was probably advanced on the basis of an appraisal or valuation of somewhere in the $7,000,000 range.

    The property was listed for sale for CDN$6,988,000 on a contract dated January 28, 2015, with an expiry date of June 15, 2015.

    The property was re-listed for sale on a contract dated July 3, 2015, for CDN$6,800,000, with an expiry date of December 15, 2015, Toronto Real Estate Board # C3250784.

    In an email dated Septenber 4, 2015, from Clare to Neeta Chiryal (at TW) and copied to Dominic,, Clare explains that she has reduced the asking price for the condo to CDN $6,380.000 to make it competitive for a quick sale, at which “there will be just barely enough to cover Liz”.

    On September 17, 2015, the asking price was reduced to $5,998,000..

    Now, two months later, it has not sold; so $5,998,000 is obviously still too high.

    In the circumstances, it appears the principals at Ridgemount were not “rather ruthless fellows” in requiring additional security (the Goldcare shares); but are simply high risk lenders (loan sharks) who were shoring up their security before advancing, and now want their money back.

    Now, since the price is clearly going to have to be reduced further to, say $5,500,000, to find a buyer, Ridgemount will not be “made whole” from the sale of 4803, and will have to rely on the Goldcare shares conveyed/transferred to RCWT to get its money back.

    And Liz Spencer is SOL.

    It will be interesting to see how investment banker Alex Iscoe, who controls Ridgemount and RCWT, and now apparently Goldcare, deals with GOB.

    GOB will now be dealing with a far more sophisticated counter party.

  39. NorthernObserver Avatar
    NorthernObserver

    Interesting interpretations. You will note a similar property in the same building is offered by the same realtor in the high 6’s. The challenge is that demand in this price bracket is minimal. The taxes and monthly fees are not.
    You assume that shares in Goldcare “have value”?
    Ridgemount wants cash. With a Dec 15 date looming, the realtors (who are also sharks) will be circling, for the lowest priced property in its range is prey for all. The MECC condo is already fire sale priced, by Toronto standards.
    How far in arrears is mortgage #1?

  40. Due Diligence Avatar
    Due Diligence

    NorthernObserver

    Fire sale price?

    Not so sure.

    Asking $5,988,000 = $1,750/sq ft

    Have a look at this site

    http://condos.ca/toronto/four-seasons-private-residences-50-yorkville-ave-55-scollard-st?gclid=CjwKEAiAvauyBRDwuYf3qNyXmW4SJACX9-fXjA8dVlfMDelKQfdzLCOc6tWt3NCHllCwYZzWKrpzoxoC6Ubw_wcB

    Says average price per square foot at Four Seasons Private Residences (50 Yorkville) is $1,165. 4803 is 3,422 sq. ft., so at $1,165 its price should be about $4,000,000, which will just cover the Home Trust first if there it is not in arrears.

    Also says prices at 50 Yorkville are down 8% year over year.

    Do not know about arrears on mortgage #1 – Home Trust – but gotta think it is in arrears. Monthly payments of about $16,000 add up in a hurray.

    Interesting too that Home Trust recently terminated a bunch of the brokers who send them mortgage prospects for falsifying (overstating) borrowers’ income.

  41. NorthernObserver Avatar
    NorthernObserver

    That building DD has a lot of snob appeal. The sf prices get dictated by floor, as the higher floors have the exterior balconies the lower ones do not. Hence one cannot extrapolate a value on the 10th flr and apply to the 48th.
    I can only find 3 sales in 2015 and all were on the lower floors.
    MECC’s comment about wealthy parents dropping off kids and buying a lil place for themselves is true, just not in this building LOL
    See #4403, its at 6.98m and appears vacant? Her price should be in the ballpark based on historical sales prices.

  42. Due Diligence Avatar
    Due Diligence

    I think I am going to wait until she drops her price by another half million or so before I make an offer; and am not sure I really need 3,400 sq ft.

  43. pieceuhderockyeahright Avatar
    pieceuhderockyeahright

    @ Due Diligence

    I see that you have come into a recent windfall and are buying big up peeple property

    Hopefully you will put a few dollars in the IPO offering of the Assification Plant my investors have been promoting on Imgur.

    Grateful if you keep this on the Downlowe and not let any Bajan parliamentary representatives hear about it because they are sure to eff it up

  44. Due Diligence Avatar
    Due Diligence

    PUDRYR

    Apparently you have forgotten that I wired money to your Guernsey bank account for a piece uh de IPO.

    Sorry, but I have to ask you to return that money, cause I am going to need it for my deposit on the condo when MECC drops her asking price to real fire sale price.

    I will need the condo so I can offer the Bajan parliamentary representatives and the Guv a big up peeple place to stay when they are up here to address the party faithful.

  45. Due Diligence Avatar
    Due Diligence

    Just read a story in Toronto Star that explains why the condo, Unit 4803 has not sold.

    http://www.thestar.com/news/gta/2015/11/19/housing-market-adapts-to-some-uneasy-numbers-4-and-13.html

    “The word for 4 in Mandarin and Cantonese is alarmingly similar to the pronunciation of “death.””

    So it is not that the price is wrong; but rather that the unit number starts with 4.

    Is it any wonder that the wealthy Chinese investors who were being counted on to buy 4803 as a 3,400 sq ft pad for their children to live in while studying in Toronto, are not snapping it up at the fire sale $5,988,000 price tag.

    Would you want your kids to be living in a “Death Pad” ?

    Accordingly, DD has now decided against buying this big up people place to offer to the Bajan parliamentary representatives and the Guv to stay when they are up here to address the party faithful.

    DD would not want to be responsible if something bad to happen to them in his Death Pad.

  46. NorthernObserver Avatar
    NorthernObserver

    Unit 4003 has just sold, for $5.45 million on an asking of $5.78. It is essentially identical in size and layout, 2+1 bedrooms, 4 bathrooms as are its monthly carrying costs and taxes.
    It appears I stand corrected that the asking on MECC’s condo at $5.98 is not a fire sale price, but as DD suggested $500,000 high.
    Note this unit also begins with “4”.

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