Sunday July 18th – Registration 7AM, Events and BBQ lunch 8AM – 5PM at Westshore Motorcross Park, 2207 Millstream Road (next door to Western Speedway)

Suggested donation $5.00

For more info. – http://westshoremx.com/

One of the reason HSBC gave for wanting to bankrupt the companies right away was because the Federal Government had imposed a $3.5M GST assessment. It sounds like PWC believes that the GST owing would revert to an unsecured claim during a bankruptcy.

You can verify this by reading section 7.8 of the Monitors 3rd report.

I don’t know if that is the case or not. I remember back in the fall when the two BM properties were put for sale because of outstanding taxes and nobody made an offer on them. At the time I thought that it was funny as the worst case would be that the buyer received their money back plus interest. Perhaps there is truth to the comment then.

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http://en.wikipedia.org/wiki/Bankruptcy_in_Canada

I have not seen the contract between Langford and the Spencer Road participants so it is quite possible that each is liable for the entire amount of any funds advanced which would mean then that Ms. Kramer and/or the other Skirt Mountain developers would pay the outstanding amounts.

I realize that the Mayor said a while ago that Langford taxpayers would not be on the hook for any amounts owing by Bear Mountain but given the recent bankruptcy announcement I would like too see some re-iteration of the same or at least disclosure of the financial statements and loan repayment status.

I’m sure i remember the Mayor stating that we needn’t worry about the loan since if BM defaulted the City of Langford would obtain ownership of some of BM properties to offset the amount owing???

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Perhaps the City “protected” themselves but it doesn’t seem that PWC shares that opinion. According to court documents the City is NOT a secured creditor of Bear Mountain and as result would be entitled to trade their millions of dollars in loans, unpaid property taxes and antyhing else outstanding for the grad sum of $500 and a signed release.

If you can point me to anything to support your opinion then I would be happy to see it.

Well Zoe Blunt or Should I say Tracie Park which name do you prefer, or will you go under another assumed name if you want to have a cause put your REAL name to it instead of hiding behind screen names like some kind of avatar

If VIC FAN is truly about environmental causes then why not work with local government in assisting in them planning, why not ask them to help in environmental impact studies. Instead of getting huge mobs of people, protesting about out the atrocities of Local Governments look at the big picture less cars idling equals lower carbon footprint, but I sure most of you university drop out have a problem of looking at the bigger picture.

My spin on it, it just proves the Langford has more fiscal Responsibility than you average person. I am sure that most of the other “bloggers” on this site, and possibly you have mortgages, car loans Etc that the banks lent you, and I am sure they did a credit check. Of course it is possible that the City of Langford has also protected themselves. So instead of Shooting your mouth off I would advise get all the facts first before making bold statements.