Toronto IMMIX | 131.06m | 38s | QuadReal | a—A

Cresford usually delivered something close to what was promised. Odd that the COO was at the helm for many of those projects. Would assume many COO calls to architects and project managers to deliver.

If they start to sell off on-going projects (assumes trouble at the top, and trouble with bottom line), my selfish hope that a new owner takes another run at the YSL design originally offered. Typically selfish UT comment. Shameful but I'm in the cheap tower fanboy seats. Best wishes to Cresford,
 
WislaHD said:
It's not some disgruntled employee either. It was the COO, and by the sounds of it, she was basically the one running the show at Cresford over the past several years.
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The COO is not an employee ? If she was running everything as some assume is this not her responsibility? It seems that all of the projects are still being constructed as none of the have stopped , at the moment it's her word only and nothing has been proven in court.
 
thaivic said:
The COO is not an employee ? If she was running everything as some assume is this not her responsibility? It seems that all of the projects are still being constructed as none of the have stopped , at the moment it's her word only and nothing has been proven in court.
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"some employee" sounded like a random associate working at the office unhappy by their unjust termination. I thought it was prudent to clarify that it was the COO to avoid confusion.

The document makes it quite clear that the financing was the one area of the business that the COO was not involved with, and that she had (according to her story) full assurances from the owner that the financing side was well taken care of and Cresford's current projects all had sufficient equity to proceed business as usual. All this falling out is a result of the COO eventually learning of the state of the financing and trying to address the issue before it impacted Cresford's business, whereupon she was terminated (for among other reasons (and again according to her side of the story) not being willing to sign off on using the YSL Construction Loan to pay the contractors for other Cresford projects).
 
WislaHD said:
"some employee" sounded like a random associate working at the office unhappy by their unjust termination. I thought it was prudent to clarify that it was the COO to avoid confusion.

The document makes it quite clear that the financing was the one area of the business that the COO was not involved with, and that she had (according to her story) full assurances from the owner that the financing side was well taken care of and Cresford's current projects all had sufficient equity to proceed business as usual. All this falling out is a result of the COO eventually learning of the state of the financing and trying to address the issue before it impacted Cresford's business, whereupon she was terminated (for among other reasons (and again according to her side of the story) not being willing to sign off on using the YSL Construction Loan to pay the contractors for other Cresford projects).
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The whole verbal promise of being given a cut for each project without attendant written documents is a little weird though.

AoD
 
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AlvinofDiaspar said:
The whole verbal promise of being a cut for each project without attendant written documents is a little weird though.

AoD
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Yea, I feel like anyone halfway competent would understand that even in a trusting relationship you should grab something like that in writing, even if it is as simple as an email. Especially if it's something like millions of dollars like claimed. I sure as hell know if I was promised a profit of about 160x my annual salary I would be looking for something in writing.
 
innsertnamehere said:
Yea, I feel like anyone halfway competent would understand that even in a trusting relationship you should grab something like that in writing, even if it is as simple as an email. Especially if it's something like millions of dollars like claimed. I sure as hell know if I was promised a profit of about 160x my annual salary I would be looking for something in writing.
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In the document, 3 projects will have no profit except 33 yorkville can have nominal profit, then where is the 220m total profit coming from?
 
WislaHD said:
The document makes it quite clear that the financing was the one area of the business that the COO was not involved with, and that she had (according to her story) full assurances from the owner that the financing side was well taken care of and Cresford's current projects all had sufficient equity to proceed business as usual. All this falling out is a result of the COO eventually learning of the state of the financing and trying to address the issue before it impacted Cresford's business, whereupon she was terminated (for among other reasons (and again according to her side of the story) not being willing to sign off on using the YSL Construction Loan to pay the contractors for other Cresford projects).
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Except that "quite clear" means nothing here. At least not until a court decides. The document could easily be 100% lies.
 
Today.
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There is rumor that Cresford is currently in receivership, 33 Yorkville , YSL and Halo will be cancelled.
 
^If this is is true (and traditional funders won't even talk to them) I guess there are no wise minds at Cresford capable of forging links with a strategic partner in the biz. Litigation does cast a pariah shadow...

Hope someone like Great Gulf picks up the pieces (no Concord plz). If the number crunchers say 33 Yorkville would return a modest profit, then surely this one could move forward with a partner (court approval). I fell asleep during Business 101, as this post reveals.
 
yyzguy said:
There is rumor that Cresford is currently in receivership, 33 Yorkville , YSL and Halo will be cancelled.
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yyzguy said:
Unfortunately, My agent just told me that cresford is filing for bankruptcy. He got phone call from his boss, they are going to have a meeting to discuss with all agents tomorrow morning.
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Yes, this is already public. PWC is the receiver and running the process. Link here:

The Clover on Yonge Inc., The Clover on Yonge Limited Partnership, 480 Yonge Street Inc. and 480 Yonge Street Limited Partnership (Cresford Group)

This page is for information purposes only and you should consult your professional adviser if you have any questions or are uncertain as to your rights or obligations.
www.pwc.com www.pwc.com
 
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