-------- Your tax dollars at work ---------
SWSDA WORKING ON MORTGAGES ?
In November 2007 ... SWSDA's CEO submitted a sworn Affidavit to the Supreme Court of Nova Scotia. In the Affidavit he claimed that SWSDA had, between July and November 2007, "dissipated" more than a quarter of a million dollars that was left in the Maintenance Fund after the Boys School was sold in June as well as the $550,000 received from the sale.
As a result of this declaration by SWSDA .... the parties to the Fraudulent Conveyance case agreed that SWSDA was to replace the Boys School's "dissipated funds" (the unspent portion of the $625,000 Maintenance Fund + $550,000 + interest going back a number of years) by using the proceeds from the sale of the Former Naval Base when it was sold and the Court so ordered SWSDA to set aside these funds.
Fast forward more than a year later to March 2008 when the Base was sold....
It would appear... that SWSDA received less than a million in cash from the sale of the Base and $716,000 of that was set aside to satisfy the court order. In addition, SWSDA quickly moved $150,000 to pay off a loan held by the Yarmouth Area Industrial Commission. The RDA now holds a mortgage on the Base of $1.75 million which it has been trying to sell off at a discount to others including the Provincial Government so that it can get its hands on a more liquid form of asset.... cash! (Now Mr. Anderson's briefing of the SWSDA Board at their May meeting about SEACOAST and their prospects makes sense!!!)
Now we hear on the grapevine ... that even the disappearing government of Rodney MacDonald wouldn't bite that poison fruit in its final six months in power... but ever peristent Mr. Anderson .... we understand is pitching municipal members of his Board of Directors and the new provincial government to reconsider and take the mortgage off his hands and give him cash.
I guess holding a mortgage for $1.75 million whose terms provide for delayed payment is like having a gold credit card where you've exceeded both the total and daily credit limit.....is it burning a hole in Mr. Anderson's pocket? Seems that way!
10 comments:
I would like to see what the Registry of Deeds has to say about these sales.
Earlier in this blog there was mention of some $30,000 in lawyer fees to sell the old school.
As a licensed realtor, THAT IS UNHEARD OF. CRAZY
Great to hear another view point !
Licensed realtors and lawyers with helpful ideas keep the words flowing !
I can't imagine a current warden or mayor considering this request, especially after learning of the supposed recent sale of ten waterfront lots on this property! Another case of secrecy coming back to bite the hands that fed it - and no PC member to rely on these days. ~S.Fry
I wonder if you have had time to find the deeds associated with the sale of these properties?
Who signed them? How much deed transer tax was paid ? That could tell you something.
Regarding the Fraudulent Conveyance, important points are, who advertised the properties before the sale, how were they advertised, Did SWSDA actually own the property? or were they the agent for someone else? That is not allowed under the Real Estate Trading Act, Was the entire sale sometype of scam? cooked up between seller and buyer? What happened between a local realtor who showed the base to the current owner, did SWSDA ever pay a commission?
There are a lot of important points to rember when you consider, was there? Fraudulent Conveyance ?
What do you think a big old boys school for $550,000? A real fire sale price. It makes me sick to drice thru there and see all of those perfectly good building just sitting there, because the people incharge did not know how to sell them to someone who could use the.
IT MAKES ME SICK
To think we each were too quiet during the time the terrible land deals were made....and even more annoying to know many people lost jobs and had to move awaay!!!!!!!!!Where were the brainy people at that time ????Maybe you were too comfortable in your own dream world !!!!
What about the 10 million $'s from the feds at the time of the base closure?
The "unforeseen" overruns were very fortuitous considering who the consultant/contractor was for the Sound Stage PROJECT and its related expenses - as if the Digby Wharf fiasco wouldn't raise red flags.
Well,who else is out there trying to do something!It is much easier to write about it than actually do it.............
What about the 10 million $'s from the feds at the time of the base closure?
Where did the base monies go? The answer will help pave the way of understanding!
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