www.thespec.com
Developer his filed for bankruptcy.
Stoney Creek condo developer granted creditor protection to restructure
LJM Developments (Hamilton) Inc. is working to restructure in the face of mounting debts.
Having dealt with Aviva on the return of my deposit from One Bloor West, get ready to wait a while and go through a lot of hoops.
Aviva Insurance has taken over the liquidation proceedings, replaced the monitor to kpmg, removed the the developer's DIP facility with their own, and is now searching for the missing $19 million that LJM siphoned off from LJM Tower....
Defaulted on 3 loans to 3 different credit unions in Halton Hills, Cambridge, and Kitchener...
In total, owing about 31 million from LJM Tower plus 20 million to defaulted lenders...
more legal proceedings coming soon....
I ran some court documents through gemini ai and it looks like LJM siphoned off deposits from LJM Queenston and LJM Harbourfront to salvage LJM Towers...
I wouldn't rely on AI to decipher legal documents. Please speak with a lawyer or your lawyer.
The deposits should be insured, so hopefully buyers will be ok
I read (most of it...hundreds of pages) the documents to verify the summary and it's mostly true.... Crazy stuff.
