324 replies to this topic

[Lorenzo]

Lorenzo, don't worry.......

What, me worry?

Thanks Manuel. I'll come in off the ledge now!

[VicHockeyFan]

Bear Mountain overseer can proceed with bankruptcy

Decision will provide some return for unsecured creditors

By Andrew A. Duffy, Times Colonist May 26, 2010

The chief restructuring officer overseeing the Bear Mountain Master Partnership has been granted the right to assign the companies that make up the development into bankruptcy.

Read more: http://www.timescolo...l#ixzz0p2ce72R8

[spanky123]

edited

[snub]

Bear Mountain on march to bankruptcy

Another article, in todays ( Friday May 28 2010) Goldstream Gazoo:



http://www.bclocalne...s/94881179.html

[manuel]

Two update reports from the CRO (the 4th is more interesting).

Hopefully Gary Cowan (likely new CEO) can turn this thing around. Also it sounds like the historic financial details will be released in the next CRO report.

There is proposed to be a 250,000$ pool for payment of General Contractors who have an acceptable proof of claim. Assets will be sold by HSBC over the next few years. Much more in the documents

http://www.pwc.com/e...-036_062410.pdf

http://www.pwc.com/e...-037_062910.pdf

[mysage]

Hmmm, Nothing contained in the reports that wasn't already fairly common knowledge.

I am interested tho to know more about Len Barries position in all this. He has always seemed to me to be a "fighter" and it seems that he has dissapeared from this whole scenario. I find this strange. Has he gone "underground" and is wating for the right moment to resurface or is he truly done like dinner? I have a feeling that he might resurface soon and suprise a few people.

[spanky123]

The $250K pool is to be split amoungst all "general creditors" not general contractors. In effect this means that anyone other than HSBC gets nothing which is what has been said all along.

If HSBC sells the properties for more than $190M then 1/3 of the excess will be split amoungst the general creditors but there is certainly no motivation here for anything other than a quick sale.

[spanky123]

Hmmm, Nothing contained in the reports that wasn't already fairly common knowledge.

I am interested tho to know more about Len Barries position in all this. He has always seemed to me to be a "fighter" and it seems that he has dissapeared from this whole scenario. I find this strange. Has he gone "underground" and is wating for the right moment to resurface or is he truly done like dinner? I have a feeling that he might resurface soon and suprise a few people.

I think that you need to give it up Mysage. The only place I ever see Barrie resurfacing is in Costa Rica or some other place where he feels he has "escaped"!

[mysage]

Maybe your right ,but maybe your wrong. Human natue being what it is I don't think that he has given up just yet.

Too bad we can't bet on line here. I think I have very little support for my positon but that just means the odds would be long and I could make some dough.

[Holden West]

Globe & Mail, June 7, 2010:

“Just watch over the next month,” Mr. Barrie said. “The world is getting better. We’ll see. It will be an interesting month.”

The month is almost up. What's the exciting news?

[manuel]

The $250K pool is to be split amoungst all "general creditors" not general contractors.

Ah, the dangers of trying to write with a three year old hanging off of your arm

[VicHockeyFan]

The Bear Mountain Master Partnership has a new CEO.

The B.C. Supreme Court has approved the appointment of Gary Cowan to the position to oversee the running of the company as it hopes to return to profitability over the next three years.

Cowan, who most recently was involved with the development of Whistler’s athlete’s village for the 2010 Olympics, was not available for comment.

However, court documents show he will take over a number of the duties and responsibilities of chief restructuring officer Robert Holmes who has been overseeing Bear Mountain’s Companies' Creditors Arrangement Act proceedings.

Read more: http://www.timescolo...l#ixzz0t7Y4qelj

[manuel]

they at least could have given vibrantvictoria (or moi) a hat tip

[Zoe]

Bear Mountain developer claims HSBC is being "unfair" to him.

[concorde]

On an unrelated matter, and I am not sure where to post this, Len Barrie's brother, Mike Barrie, is behind a new development in Sooke expected to break ground this fall.

http://marinersvillage.ca/

[spanky123]

Bear Mountain developer claims HSBC is being "unfair" to him.

According to the PWC documents, Les Bjola claimed that he was owed nearly $25M. The monitor disallowed much of that claim stating that invoices were created and submitted after the March bankruptcy filing.

The irony is that although Les claims that he is being treated unfairly by HSBC, it appears as though he tried to do pretty much the same thing to other unsecured creditors by submitting his own claims.

Either Les is out $25M or he isn't. I doubt that he actually has $25M to lose so if he is in fact owed the money it will be interesting to see how this trickles downstream.

I would have thought that a noteable developer in town being out $25M due to the BM collapse would have been newsworthy.

[Zoe]

Revenue Canada has applied to seize cash from recent condo sales for unpaid taxes dating back to 2006. Notice and affidavit (warning: 93 page pdf.)

[Sparky]

^ You are happy now...right?

[Holden West]

^ You are happy now...right?

We shouldn't talk about this? Is it a taboo topic? What's your beef?

BTW, what is the Times Colonist's Freudian reasons behind the URL of this Bear Mountain story...http //www.timescolonist.com/health/sexual-health...etc

Barrie ousted as Bear Mountain CEO; partnership placed under creditor protection

By Andrew A. Duffy, Times Colonist March 26, 2010

Read more: http://www.timescolo...l#ixzz0vi995MX2

[Sparky]

^ I'm sorry, perhaps I am ill informed. Help me out please.