mountainistall
New Member
It doesn't look like bankruptcy but they certainly won't be building anything for a while, it looks like ..... So they just hold the deposit for another 2 years? What a limbo ...
- Thread starter innsertnamehere
- Start date
Chris R.
Senior Member
You'd want to read the contract you signed. When I purchased a pre-build condo, I had a lawyer look over the contract before signing. If you did the same I'd check with that same lawyer about options available to you if you're not familiar with the language outlining options. To my knowledge you can pull out your deposit in many cases like this.
berklon
Active Member
That's surprising. Of all the developments you've criticized, I thought this would definitely be on that list .
There aren't even any cornices to blind your judgement in its favor.
Chronamut
Senior Member
I know! I surprise myself sometimes too.. I dunno.. the whole book shelf look I found.. titillating.
mountainistall
New Member
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....