Brampton UPtowns at Heart Lake | ?m | 4s | VANDYK

jbaa1 said:
Are you stuck in some vandyk properties too?

I’m emailing my lawyer and Vandyk’s lawyer, that I would like my deposits back due to Uptowns cancelling and in receivership. See if I can get it sooner lol. I really don’t want to wait 10 years.
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I don't think you'll get any response from SR LLP about getting the deposit now. Technically the project is not cancelled until the receivership proceeding is completed. Remember vandyk didn't file for insolvency, creditors are forcing into receivership.
 
jbaa1 said:
Are you stuck in some vandyk properties too?

I’m emailing my lawyer and Vandyk’s lawyer, that I would like my deposits back due to Uptowns cancelling and in receivership. See if I can get it sooner lol. I really don’t want to wait 10 years.
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I don’t have any vandyk offers. I know a lot who had offers in stateview. If the stateview purchasers are successful in the class action/ tarion claim for a constructive trust you may see a similar class action here. Vandyk appears to have less exposure as the deposits appear to be in trust still.
 
The receivership order is effective from January 31 2024. Giving Vandyk some time to pay off the debt in full without any complicated financing.
 
gquest said:
Directly from KSV...enjoy https://www.ksvadvisory.com/experience/case/vandyk
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thanks, I read below in that document

DEPOSITS


32. THIS COURT ORDERS that notwithstanding anything else contained herein, the


"Property" as defined in the preamble of this Order shall not include any current or future funds related to deposits held in trust by any law firm or credit union acting on behalf of a Debtor with respect to the purchase of a residential unit located on any of the Real Property, including, without limitation, the deposits held by Schneider Ruggiero Spencer Milburn LLP in trust pursuant to deposit trust agreements related to Uptowns' and Lakeview's respective Projects.

Does this mean they could touch our deposits as part of receivership?
 
SRAMP said:
thanks, I read below in that document

DEPOSITS


32. THIS COURT ORDERS that notwithstanding anything else contained herein, the


"Property" as defined in the preamble of this Order shall not include any current or future funds related to deposits held in trust by any law firm or credit union acting on behalf of a Debtor with respect to the purchase of a residential unit located on any of the Real Property, including, without limitation, the deposits held by Schneider Ruggiero Spencer Milburn LLP in trust pursuant to deposit trust agreements related to Uptowns' and Lakeview's respective Projects.

Does this mean they could touch our deposits as part of receivership?
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Shall NOT include. Our deposit is secured and safe
 
Regardless of the fact that the court order stated that our deposits are safe, this portion of KSV factum is a bit concerning:

'Uptowns' and Lakeview's diversion or misuse of certain funds and/or purchaser deposits in the aggregate amount of approximately $37 million contrary to the purposes for which such monies were advanced; Uptowns' failure to inject further equity to address cost overruns in connection with the development of the Uptowns Lands.

When the receivership process starts in February 2024, they will receive confirmation from SRSM LLP about the deposits
 
gquest said:
Regardless of the fact that the court order stated that our deposits are safe, this portion of KSV factum is a bit concerning:

'Uptowns' and Lakeview's diversion or misuse of certain funds and/or purchaser deposits in the aggregate amount of approximately $37 million contrary to the purposes for which such monies were advanced; Uptowns' failure to inject further equity to address cost overruns in connection with the development of the Uptowns Lands.

When the receivership process starts in February 2024, they will receive confirmation from SRSM LLP about the deposits
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Well I guess thats bye bye for the project and hope we get our deposits in 2024. No way Vandyk can come up with that cash to pay and they would not either .. they will just walk away .. i guess the five projects they file against should be able to cover their loans n debts.. they must have already calculate that..probably have buyers setup already..
 
Deanfeb said:
Well I guess thats bye bye for the project and hope we get our deposits in 2024. No way Vandyk can come up with that cash to pay and they would not either .. they will just walk away .. i guess the five projects they file against should be able to cover their loans n debts.. they must have already calculate that..probably have buyers setup already..
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Yeah. I wonder what they intend to achieve from now to January 31 2024. Imagine vandyk pull a uno reverse card and pay off all the debt before that date 🤣🤣
 
gquest said:
Yeah. I wonder what they intend to achieve from now to January 31 2024. Imagine vandyk pull a uno reverse card and pay off all the debt before that date 🤣🤣
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Wont happen.. cuz they will lose lots of cash.. to complete Uptown’s will cost them way more than they budgeted cuz of inflation cost of materials etc.. so they could walk away with millions that they took , only Dixie can bring in cash as thats completed and closing i think..the rest is just land, our project s about 28% so that kinda small value..
 
Deanfeb said:
Wont happen.. cuz they will lose lots of cash.. to complete Uptown’s will cost them way more than they budgeted cuz of inflation cost of materials etc.. so they could walk away with millions that they took , only Dixie can bring in cash as thats completed and closing i think..the rest is just land, our project s about 28% so that kinda small value..
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If they in business after this receivership i think people could file a class action lawsuit for Uptown , looks like debtors could file against their other projects too..was reading in that X thread that Dixie could sell for $300-400m. But need see how much loans o mrtg they still own on that!!
 
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