469 replies to this topic

[spanky123]

I agree with you Spanky. I will be at the creditor's meeting tomorrow. I will keep you posted. Can you help me out with a link to the web site that shows the number of lawsuits against Asfar?

https://eservice.ag....rviceId=4215125

[Caramia]

There was a very good letter in Monday Magazine pointing out that these motels represent a massive piece of our current strategy for emergency housing. Without them, we are up **** creek. Think homelessness and affordability are bad now? Wait until we remove a however many hundred of the cheapest, most low barrier housing we've got from the general housing stock.

Can we not work out some way to put some of these in the hands of Pacifica Housing?

[VicHockeyFan]

There was a very good letter in Monday Magazine pointing out that these motels represent a massive piece of our current strategy for emergency housing. Without them, we are up **** creek. Think homelessness and affordability are bad now? Wait until we remove a however many hundred of the cheapest, most low barrier housing we've got from the general housing stock.

Can we not work out some way to put some of these in the hands of Pacifica Housing?

I don't think any are going to close any time too soon.

[spanky123]

No doubt there were some units being used as emergency housing but I suspect that most were rented out at $60+ a day instead of $400 a month!

[Sparky]

Thanks for the link Spanky. This guy should not be allowed to continue. Caramia has brought up a good point. Pacifica Housing or Cool Aid should buy some of these buildings at fire sale prices. The problem that I discovered today at the creditor's meeting is that if the unsecured creditors pull the plug on this guy, they might not get paid. Personally I would be happy to not get paid as long as he looses everything he owns.

[VicHockeyFan]

Thanks for the link Spanky. This guy should not be allowed to continue. Caramia has brought up a good point. Pacifica Housing or Cool Aid should buy some of these buildings at fire sale prices. The problem that I discovered today at the creditor's meeting is that if the unsecured creditors pull the plug on this guy, they might not get paid. Personally I would be happy to not get paid as long as he looses everything he owns.

If you plug his last name into that databank and look at page #2, it looks like he has a couple foreclosure items as recently as yesterday.

Can the unsecured creditors get anything from the three, or maybe 5 now, hotels that are in the hands of the receiver?

[Sparky]

Only time will tell. This guy is a mastermind of corporate shuffle. The limited companies that these buildings are owned by (there are 21 companies that operate 14 buildings) "hold the property in trust" for........you guessed it . So the way I understand it, if there is a surplus from a sale, that surplus does not automatically go to the unsecured creditors.

[VicHockeyFan]

Is the receiver obligated to find a buyer within a certain time period? Right now is a lousy time to sell a hotel, if the banks that hold the mortgages had their way, they would probably likely rather let them run for a year or three to get a better price, but there must be some type of limit to finally settle the unsecured creditors.

[Sparky]

You have hit the nail on the head. The proposal in front of the unsecured creditors however is that the principal of the company is asking for 6 months to sell off the properties, not the the receiver.

[Sparky]

I answered your question incorrectly. There are two classifications of buildings. Class 1 is the ones that have been forclosed on by the mortgage holders and Class 2 are the ones where the mortgage holders have not yet woken up. In either case, we the unsecured do not know what the equity might be in this market. We also do not know how the surplus might be dispersed.

[spanky123]

Sparky,

What were the total amounts of secured and unsecured debts owing and how much was claimed as assets?

[Sparky]

The assets are estimated at about $100 mil. for the 14 buildings. The problem is that we do not know what the amount of the mortgages is on these buildings.

[spanky123]

The assets are estimated at about $100 mil. for the 14 buildings. The problem is that we do not know what the amount of the mortgages is on these buildings.

That is suprising, you would think that the receiver would have a listing of all of the secured and unsecured debts.

[Sparky]

That is why the meeting was adjourned until September 8, there was a lot of missing information that is required, especially the piece about how the holding companys hold the buildings in trust for the owner.

[VicHockeyFan]

Between August 20 and August 27 there are 12 more foreclosure actions listed on the court registry. It's tough to tell what they all mean, but clearly properties involved include City Center, In-Town, Cowichan Bay and Central.

The only ones that you can book through their website now are Downtown, Central, on Blanshard (Queens?) and Gorge.

http://www.traveller...owntown_map.php

[riversticks80]

John once told me that Blanshard/Queens is owed by a family trust. He said if all his other hotel's failed, he would always have Blanshard.

It would be terrible to see all the Travellers Inn hotels shut down, especially Express, Extended and Gorge. Alot of low income people tend to live there since the rent is much more affordable than most apartments in this city. I agree though that John should no longer run them and that Cool Aid should buy them.

[martini]

John once told me that Blanshard/Queens is owed by a family trust. He said if all his other hotel's failed, he would always have Blanshard.

It would be terrible to see all the Travellers Inn hotels shut down, especially Express, Extended and Gorge. Alot of low income people tend to live there since the rent is much more affordable than most apartments in this city. I agree though that John should no longer run them and that Cool Aid should buy them.

This has been my concern as well. To lose these extended stay rooms would be devastating to homeless families.

[VicHockeyFan]

John once told me that Blanshard/Queens is owed by a family trust. He said if all his other hotel's failed, he would always have Blanshard.

It would be terrible to see all the Travellers Inn hotels shut down, especially Express, Extended and Gorge. Alot of low income people tend to live there since the rent is much more affordable than most apartments in this city. I agree though that John should no longer run them and that Cool Aid should buy them.

I don't think you'll see many, if any, shut down.

[spanky123]

How about we take part of the $63M we were planning to spend on replacing a perfectly good bridge and use it to buy the hotels and turn them over to a responsible organization to run.

[D.L.]

because we don't have $63 million