Update, Tuesday Oct 13: Today’s court hearing
Today’s hearing before Justice Steele was short. Here’s what happened:
- Firm Capital and Monarch each asked the court to let them go ahead against the properties they hold mortgages on. Everyone agreed, and the judge asked for the final papers so she can sign them. It’s not yet clear whether she will grant the orders as asked. The lawyers are talking today, and getting clarity on owner funds and trust claims may play a part.
- The trustee told the court there’s no board and no property manager at the 43 condo buildings SIREG used to manage. It raised concerns about insurance, repairs and unpaid utility bills.
- LDDC, acting for owners of about 827 units, asked the court to appoint a temporary administrator to run the condos until owners can elect their own boards. The proposed administrator is Brian Antman. The trustee and Firm Capital both spoke in support.
- The judge wants written evidence first, so the next hearing is tomorrow, Oct 14, at noon.
- The trustee said it may also ask to move the case into bankruptcy.
We’ll share more as it becomes available.
Want to watch Oct 14 (noon) or Oct 20? Request the Zoom link here.