[jbaa1]

View attachment 558836
Recent update from KSV. Hopefully we would get an update soon.

This is why I was saying.. I think there's a chance they just complete and get their money asap, monetize the project and get everyone paid.

And on another front, the lenders could be suing Vandyk for misappropriated funds and attacking: estate, other businesses, assets, personal properties, cash.. in Canada, USA, and wherever it can be traced around the world.

 

[Deanfeb]

This is why I was saying.. I think there's a chance they just complete and get their money asap, monetize the project and get everyone paid.

And on another front, the lenders could be suing Vandyk for misappropriated funds and attacking: estate, other businesses, assets, personal properties, cash.. in Canada, USA, and wherever it can be traced around the world.

seems the judge granted the additional loan to KSV for UPTOWNS..document there April 22..

https://www.ksvadvisory.com/docs/default-source/insolvency-case-documents/vandyk/receivership-proceedings/kingsett-mortgage-corporation-and-dorr-capital-corporation-v-vandyk---uptowns-limited-et-al/court-orders/endorsement-of-justice-black-dated-april-22-2024.pdf?sfvrsn=c63bc0f2_1

 

[jbaa1]

seems the judge granted the additional loan to KSV for UPTOWNS..document there April 22..

https://www.ksvadvisory.com/docs/default-source/insolvency-case-documents/vandyk/receivership-proceedings/kingsett-mortgage-corporation-and-dorr-capital-corporation-v-vandyk---uptowns-limited-et-al/court-orders/endorsement-of-justice-black-dated-april-22-2024.pdf?sfvrsn=c63bc0f2_1

Interesting, things are happening. But What is the relevance of this?

 

[Deanfeb]

Interesting, things are happening. But What is the relevance of this?

Guess for ksv to initiate the construction .. need cash to start

 

[jbaa1]

Guess for ksv to initiate the construction .. need cash to start

Right makes sense

 

[Deanfeb]

Right makes sense

Looks like Kingsett will continue to finance the project probably to get their cash owed

 

[jbaa1]

Looks like Kingsett will continue to finance the project probably to get their cash owed

Is there any information on whether other cash / assets of VANDYK are being repossessed to redirect back to lenders and continuation of the projects?

 

[jbaa1]

Looks like Kingsett will continue to finance the project probably to get their cash owed

Doesn’t seem there is any indication of price or term increases as yet.

 

[SRAMP]

Doesn’t seem there is any indication of price or term increases as yet.

as per the reports, KSV is in the process of hiring construction manager. Hopefully we would get an update once it is done.

 

[jbaa1]

as per the reports, KSV is in the process of hiring construction manager. Hopefully we would get an update once it is done.

Our patience has reached level Ultra Instinct / Ego

 

[Michelle C]

as per the reports, KSV is in the process of hiring construction manager. Hopefully we would get an update once it is done.

When I spoke to KSV 6 weeks ago was told they were close to hiring a construction manager…..this will go on forever…bottom line we will be forced to wait it out with no deposits coming back forced to follow through on sale