Receiver releases list of creditors owed money over Millennium's Olympic Village

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      The court-appointed receiver for Vancouver's Olympic Village has released a four-page list of creditors.

      The document on an Ernst & Young website shows that the owner of the Millennium Water development is carrying $65.8 million in debts in addition to the $738.6 million owed to the City of Vancouver for an unpaid loan.

      The city holds security on the property, which is owned by Millennium Southeast False Creek Properties Ltd.

      Unpaid creditors as of November 17 include Rennie Marketing Systems, which is owed $188,650.63. It was retained to sell the units.

      The law firm Fraser Milner Casgrain LLP is owed $299,635.91. Trail Appliances is on the list for $152,934.46; and PricewaterhouseCoopers LLP hasn't been paid $139,050.49, according to the records.

      Other creditors include Cairns Electric ($125,501.43), Keystone Environmental ($101,721.72), and London Drugs ($64,693.70).

      There are also public-sector creditors, including B.C. Hydro ($77,000.78) and the City of Vancouver's revenue services ($138,076.32).

      The largest amount—$62.6 million—is owed to Millennium Development Corp. Another $289,230.93 is owed to Millennium Property Management Ltd.

      The book value of the property is $629.4 million.

      If the city as the secured creditor on the loan is first in line, it means that the other creditors won't receive anything. Ernst & Young, which is the receiver, has not made anyone available for comment.


      City manager previously claimed there were no private-sector creditors

      At a November 17 news conference, city manager Penny Ballem denied that there were private-sector creditors.

      This came after the Straight asked if private-sector creditors of Millennium Water would receive pennies on the dollar or if they would be paid in full.

      "Actually, we have no creditors outstanding to the project itself," Ballem replied.

      The Straight repeated the question by asking Ballem if she was saying Millennium Water had no creditors.

      "This is Millennium Southeast False Creek," she responded. "And, so, that is the Village project, and there are no outstanding creditors other the City of Vancouver."

      Ernst & Young's "notice and statement", which is required to be filed under the Bankruptcy and Insolvency Act, states: "Millennium Southeast False Creek Properties Ltd. constructed the 'Millennium Water' project which consists of residential and commercial property. The company owns residential and commercial property in an area known as Southeast False Creek Area 2A, bound by 1st Avenue, Columbia Street, Ontario Street and False Creek in Vancouver, British Columbia."

      Follow Charlie Smith on Twitter at twitter.com/csmithstraight.

      Comments

      3 Comments

      James Green

      Nov 29, 2010 at 4:20pm

      Please let me know if any money was paid directly or indirectly to Jim Green from city funds or monies the city guaranteed for Millenium.
      It is rumored this Vision Vancouver member and former councillor was paid $50,000 a month by Millenium and if the company could not pay its bills who paid Jim Green?

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      politics101

      Nov 30, 2010 at 8:55am

      I see that the Straight is one of the creditors - $9400.00 owed which Charlie didn`t mention in this article.

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      Birdy

      Nov 30, 2010 at 4:22pm

      Hold on... you mean to say that Penny Bellend lied to us? Well I for one am shocked!

      Don't worry I'm sure this whole olympic village train wreck bailout is just part of Vision's uber-sustainable 500 year plan to save mother Gaia.

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