MILLENNIUM IN RECEIVERSHIP

Millennium In Receivership

Entire Risk Transfers To City

The following is from a news story in today's Vancouver Province:

The troubled Olympic Village has been placed into receivership.

And that means the billion-dollar development has lost value and Vancouver taxpayers are on the hook, says Coun. Suzanne Anton.

“It’s a sad day for the taxpayers of Vancouver,” Anton said Wednesday following a hastily called news conference. 

“The developer [Millennium] has gone into receivership and the entire risk has been transferred to the city,” she said.

Ballem said a transfer of assets will be made from Millennium, but refused to disclose the amount of assets being discussed.

“Vancouver will own the Olympic Village,” she maintained. She said Millenium was not been absolved of paying its $740 million debt to the city.

How Will This Affect Nanaimo's Claim 
With Millennium?

When the city first began it's costly legal claim against Millennium I asked the Mayor how much research had been done to see if the company had the assets to satisfy the City of Nanaimo's claim for $3,000,000.00.

His reply:

"The City expects the defendants to have sufficient assets to meet their obligations. Legal costs are expected to be substantial."

I asked for the specifics of the research which staff presented to support suing Millennium and was told he could not discuss that, while the matter was before the courts. 

The VICC and our deal with Millennium, seems to be the gift that just keeps on giving!