khris
Senior Member
I really hope Bazis doesn't lose in this court case. We should hear something within the next few hours about it I hope!
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daveto
Active Member
Furthermore, perhaps they should have applied that $1m towards the arrears payments owing on their defaulting loan?
Roy G Biv
Senior Member
Juding by Gold's logic for defaulting on a loan, they seem to have no chance.
jaborandi
Active Member
They certainly don't appear to be in a very good place, though given the troubled history of this proposal, I'm not sure that they ever were. There seemed to be an awful lot of wishful thinking (myself included) which seemed to cloud our judgement somewhat.
confusion
Active Member
Well something will get built here. It's pretty pointless to even suggest that it will become a parking lot if there is a 'war' going on for the property.
Personally, I am happy. I didn't like the design of 1 Bloor. I hope a more inviting supertall ends up here.
However, I feel sorry for those who are legally and financially tied up in this mess right now.
I don't feel bad for Bazi's though. Good business has contingency. You don't always assume that the economy always going to be solid. We've got a pretty decent model to show that is not how history has panned out. So, work that into your equation before committing to a project this large. My opinion of Bazi's between all of this and when they raised the prices once the line-ups started, is that their Greed is what took them down, and if so, they deserved it.
Personally, I am happy. I didn't like the design of 1 Bloor. I hope a more inviting supertall ends up here.
However, I feel sorry for those who are legally and financially tied up in this mess right now.
I don't feel bad for Bazi's though. Good business has contingency. You don't always assume that the economy always going to be solid. We've got a pretty decent model to show that is not how history has panned out. So, work that into your equation before committing to a project this large. My opinion of Bazi's between all of this and when they raised the prices once the line-ups started, is that their Greed is what took them down, and if so, they deserved it.
Roy G Biv
Senior Member
Those projecting their schadenfreude also seem to be living in fantasy-land. If this doesn't get built, we've already been told that something much less will be.
1 BE was proposed at the height of a development boom in the most booming city in North America... yet somehow something better will be proposed during a recession?
sunnyraytoronto
Senior Member
Hey Khristopher, you can "hope" all you want,... but let's face it, Bazis project was based on nothing but their "hope" and their greed. Bazis haven't made a loan payment since December,... it's July already,.... and you "hope" Bazis doesn't lose this court case,... they have no case!
Bazis been blaming everybody and everything else but themselves,... Bazis is claiming their the victims. Come on,... man up and move on! If you have a huge mortgage,... and haven't made a mortgage payment in 7 months,... I seriously doubt you'll come out the winner when the bank take you to court. But then again,... I guess you can always "hope"!
cdr108
Senior Member
If you have a huge mortgage,... and haven't made a mortgage payment in 7 months,... I seriously doubt you'll come out the winner when the bank take you to court. But then again,... I guess you can always "hope"!
if this was the US, Bazis would be in line for a mortgage adjustment/forgiveness courtesy of the US govt.
sunnyraytoronto
Senior Member
Courtesy of the US governement,.... with US taxpayer money.
Hey, are you a Canadian Taxpayer? Why don't you just cut out the middleman (government) and give Bazis your money directly,.... I'm sure they can use the money now.
Canadian taxpayers are already bailing out Chrysler and GM through the Canadian govenment,.... all the Canadian taxpaying Bazis supporters here can bailout Bazis directly. 
Automation Gallery
Superstar
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Observer Walt
Senior Member
No, why would that be the case?
The agreement to purchase the lane from the City was made well over a year ago. If you look at its location, it's hard to see how the development could have proceeded otherwise. I'm not sure why the sale of this little lane took so long to close, but apparently it has now. Its closing or lack thereof has nothing to do with the fact that the project has run into financing difficulty.
I continue to think that something will be built here, sooner than later. It may be by Bazis, or may be by someone else, but this location is just too good to sit vacant for very long at all.
unknown variable x
New Member
I’m aware that the lane had to be purchased to complete the site; I was questioning Michael’s statement that it happened on the 13th. I remember reading on the city website that all things involving Toronto Building would be affected by the strike (along with registering of buildings etc). But if in fact it was just a closing he was referring to, it's probable that it did happened...or a post dated cheque was written.
i hope it was certified!!
i hope it was certified!!
asiancolossus
Active Member
Confusion!
I'm so confused, how can the article from the Globe and Mail with the shorter version of 1 Bloor being built differ so much from the Star Article about receivership? Which is the truth because I cannot see both being true. If Bazis was not paying these three people on their loans I gather they have a legal right to take the land from Gold. But hypothetically speaking if they do and they retract all contracts signed with buyers, I would think that there would be serious damage control. In addition to the irate previous buyers, do you really think that a new crop of buyers would dare be interested in buying a unit again? Why can they not honour the contracts that have already been signed? Anyhow, I gather all contracts will get their money back because the money is in trust, but sounds like with this scandal all bets are off?
Does anyone really know anything from Bazis themselves? Seems like the Star article is more accurate as they actually got a quote from Michael Gold. Anybody hear of any of the buyers from the higher floors actually getting this letter from Bazis?
What a mess. If this doesn't go through, both the city of Toronto and Bazis has major egg of their faces. What's sadder is that the land will be in limbo for years to come...
I'm so confused, how can the article from the Globe and Mail with the shorter version of 1 Bloor being built differ so much from the Star Article about receivership? Which is the truth because I cannot see both being true. If Bazis was not paying these three people on their loans I gather they have a legal right to take the land from Gold. But hypothetically speaking if they do and they retract all contracts signed with buyers, I would think that there would be serious damage control. In addition to the irate previous buyers, do you really think that a new crop of buyers would dare be interested in buying a unit again? Why can they not honour the contracts that have already been signed? Anyhow, I gather all contracts will get their money back because the money is in trust, but sounds like with this scandal all bets are off?
Does anyone really know anything from Bazis themselves? Seems like the Star article is more accurate as they actually got a quote from Michael Gold. Anybody hear of any of the buyers from the higher floors actually getting this letter from Bazis?
What a mess. If this doesn't go through, both the city of Toronto and Bazis has major egg of their faces. What's sadder is that the land will be in limbo for years to come...
kety
New Member
More bad news yet to come from Bazis. Watch and see...
unknown variable x
New Member
a small victory
Bazis fends off receivership, for now, for 1 Bloor tower
Posted: July 20, 2009, 7:06 PM by Rob Roberts
By Giuseppe Valiante, National Post
Lawyers representing the owner of 1 Bloor reached a deal with creditors yesterday, holding off receivership proceedings on the landmark development until mid-August.
Bazis International has not made payments since December on the $46-million dollar loan it received to build an 80-storey tower, what was to be the largest residential building in Canada, at the southeast corner of Yonge and Bloor streets.
A court order that was agreed to by lawyers from both sides will be issued this morning and will outline what Bazis’s North American chief Michael Gold can do with the property until court resumes Aug. 18.
Mr. Gold’s creditors, a numbered company listed in the statement of claim, are demanding repayment of the initial loan, plus $1.2-million in structuring fees and accrued interest. His creditors are looking to appoint a receiver who will auction off the assets, estimated at around $50-million, to repay the loan.
Mr. Gold reportedly blamed the poor economy for his defaulting on the loans, and said he was being brought to court by three businessmen who are using private information he gave them to take control of the land.
The building was scheduled to include more than 592 units, a luxury hotel with 126 suites and three floors for office and other commercial spaces.
Lawyers for both sides negotiated for hours in a closed room at the downtown courthouse yesterday. Bazis lawyer Lawrence Thacker wouldn’t say what was in the court order, but confirmed Bazis still owns the property and no receiver has been appointed thus far.
“The question of whether there will be a receiver or not will not be [decided] until the [Aug] 18,†Mr. Thacker said.
When plans for the building were announced, people camped out for days hoping to buy footage in the elite real estate.
Bazis fends off receivership, for now, for 1 Bloor tower
Posted: July 20, 2009, 7:06 PM by Rob Roberts
By Giuseppe Valiante, National Post
Lawyers representing the owner of 1 Bloor reached a deal with creditors yesterday, holding off receivership proceedings on the landmark development until mid-August.
Bazis International has not made payments since December on the $46-million dollar loan it received to build an 80-storey tower, what was to be the largest residential building in Canada, at the southeast corner of Yonge and Bloor streets.
A court order that was agreed to by lawyers from both sides will be issued this morning and will outline what Bazis’s North American chief Michael Gold can do with the property until court resumes Aug. 18.
Mr. Gold’s creditors, a numbered company listed in the statement of claim, are demanding repayment of the initial loan, plus $1.2-million in structuring fees and accrued interest. His creditors are looking to appoint a receiver who will auction off the assets, estimated at around $50-million, to repay the loan.
Mr. Gold reportedly blamed the poor economy for his defaulting on the loans, and said he was being brought to court by three businessmen who are using private information he gave them to take control of the land.
The building was scheduled to include more than 592 units, a luxury hotel with 126 suites and three floors for office and other commercial spaces.
Lawyers for both sides negotiated for hours in a closed room at the downtown courthouse yesterday. Bazis lawyer Lawrence Thacker wouldn’t say what was in the court order, but confirmed Bazis still owns the property and no receiver has been appointed thus far.
“The question of whether there will be a receiver or not will not be [decided] until the [Aug] 18,†Mr. Thacker said.
When plans for the building were announced, people camped out for days hoping to buy footage in the elite real estate.
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