Panjaab Transport denies wrongdoing, outlines plan to emerge from receivership

I love the line;
"Oakville properties were appraised at $17 million and it has been approved for a $13 million mortgage, “leaving significant equity to cover creditors in full.”
So what? 'No problem, we're getting $13Million and owe $12Million. What's the issue? '

The issue? $13Million mortgage at prime amortized over 25 years is still $900k per year. They're not getting prime and not amortizing it over 25 years. How are they going to pay that off?
Even if they get $13Million, pay $12Million to RBC, there is a paltry $1Million left for a $600K CRA penalty and a pile of unsecured creditors.

It isn't going to work. If you're owed money better kiss it goodbye now. If they're successful in enticing RBC to accept this there'll be nothing left after CRA cleans them out.
 
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Jim L said:
I love the line;
"Oakville properties were appraised at $17 million and it has been approved for a $13 million mortgage, “leaving significant equity to cover creditors in full.”
So what? 'No problem, we're getting $13Million and owe $12Million. What's the issue? '

The issue? $13Million mortgage at prime amortized over 25 years is still $900k per year. They're not getting prime and not amortizing it over 25 years. How are they going to pay that off?
Even if they get $13Million, pay $12Million to RBC, there is a paltry $1Million left for a $600K CRA penalty and a pile of unsecured creditors.

It isn't going to work. If you're owed money better kiss it goodbye now. If they're successful in enticing RBC to accept this there'll be nothing left after CRA cleans them out.
Click to expand...
Another dog and pony show. The accusations of non payment to drivers owner ops running around the net think makes me think there is a lot more to the story on who is and isn't getting paid.
 
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