Saturday, November 27, 2010

Another 'Millennium' Project In Trouble

Millennium 'Evelyn' Properties Owe $75 Million

It is reported in today's Province newspaper that another 'Millennium' company is not making payments on their loans of more than $75 million.

This is a development in West Vancouver that was backed by Peoples Trust Company, bcIMC Construction Fund Corporation and bcIMC Specialty Fund Corporation, who have filed petitions in B.C. Supreme Court against Millennium Evelyn Properties Ltd., Millennium Development Corporation and Shahram Malekyazadi one of the brothers who own Millennium.

This includes $71 million owed to two backers and another $4 million owed to another mortgage holder. The $71 million loan is racking up interest at the rate of $12,000 per day. The backers are looking for the court to appoint a receiver to sell the property to help recover their loans.

Comment: This is the same 'Millennium' that previous Mayor Gary Korpan, and retired ex-city manager Gerry Berry agreed to pay over $3,000,000.00 to with the understanding they would construct a hotel downtown next to the convention centre. The city of Nanaimo is currently in court seeking to recover the $3 million from Millennium 'Nanaimo' Properties.

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