Millard Properties: Locations and Ownership

Alethea Dice said:

Could I please just ask for some clarification as to how we know this is DM's condo? I know there are a few condos for sale in that building. That listing says unit 611, but your previous post said that it was unit 609 that DM owned.



I don't recall ever reading that he owned two condos there.

TIA

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I did see AB posted something on her site as well, in regards to MB listing the Woodbridge condo:

Another one of the properties once owned by Dellen Millard, the accused murderer of Tim Bosma, has been put up for sale. This time it’s the Woodbridge condo that he transferred to his mother for one dollar shortly after he was arrested. The listing is here.

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http://www.annrbrocklehurst.com/201...rd-puts-his-woodbridge-condo-up-for-sale.html

Did Millard own two condos apartments in that building (Woodbridge)? TIA

ETA: Oh I see, first he transferred it to his mom a while ago I think and now she's selling it.

Alethea Dice said:

Could I please just ask for some clarification as to how we know this is DM's condo? I know there are a few condos for sale in that building. That listing says unit 611, but your previous post said that it was unit 609 that DM owned.



I don't recall ever reading that he owned two condos there.

TIA

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Alethia, it's not unusual that the legal description and the actual unit number vary. I took the time to verify that this is in fact the unit I made reference to earlier in this thread. I was the one that actually provided the address here on WS and that came off the info I put up as a pic. So, when the condo was registered legally, it says level 6, unit 9, after construction, it became known as unit 611. Also, same listing agent as Riverside and Distillery. MOO

SnooperDuper said:

I can't help but think of the mess he left behind for MB to clean up: if he sold 5 Maplegate Crt and he was living there up to his arrest, MB would have to sort out and pack up all of his personal effects and store them someplace, plus come by and feed the fish or dismantle the aquariums, etc. It just seems so inconvenient to sell that property. Of course since DM is going to be in prison for 2-3 years even if 'innocent', and the property has some negative vibes coming from WM's death there, perhaps it was better to sell the property sooner rather than later.

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I was thinking the same thing ..... the long-time home of WM and DM would accumulate a lot of stuff .... and with the investigation also focused on WM's death , I expect LE would have searched everything , and every scrap of paper in that house ... computers and photos too ..... I would love to be a fly on the wall to see what all was found !!!!!!

As far as the house being sold .... there will also be a "possession date" .... could be months down the road for all we know. These things are always stipulated in the real estate info and purchase contracts.

DM may have more properties than we know about. I can see the sales of his properties happening because the bank needs and wants their monies in regard to hangar. We do not know if it was free and clear of debt. We do know WM borrowed money for tools and employees wages and I do not think they would happily sit back and wait for this case to get settled. I highly doubt DM paid that loan off after his father's death. I could see him draining that loan after cancelling the certificate/folding up shop and putting that loan money into real estate such as the Distillery Condo. I could see him thinking along those lines, as the bank would not be able to go after his personal property to make him accountable for business debts. Make me wonder if in time DM would have just walked away from the hangar when the well went totally dry and he was forced out of the hangar; foreclosure. As I mentioned before, there are still monthly bills which have to be paid. Selling off DM's properties is MB's way of accessing money to make payments regarding MA and covering lawyers fees.

JMO.

How to Stop Foreclosure on a Business

Businesses that have purchased equipment and/or property with loan money, credit line, or commercial mortgage product that default on installment payments may be foreclosed on by sued in a foreclosure action in the courts or through the power of sale clause. There are options for borrowers, and "the good news is that lenders don't like foreclosures because they're costly and difficult. The bad news is that lenders won't hesitate to foreclose on past due loans if they aren't given better options," according to Lawyers.com.

Step 2
Find alternative financing. Seek other funding to pay the arrears. Research possible source, including as taking out a commercial or private debt instrument, such as a equity or collateral loan. Also review the possibility of using personal retirement plan funds and/or selling equipment.

MsSherlock said:

Alethia, it's not unusual that the legal description and the actual unit number vary. I took the time to verify that this is in fact the unit I made reference to earlier in this thread. I was the one that actually provided the address here on WS and that came off the info I put up as a pic. So, when the condo was registered legally, it says level 6, unit 9, after construction, it became known as unit 611. Also, same listing agent as Riverside and Distillery. MOO

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Thanks, MsS. Do you know if the Riverside property ever sold? I know it was listed in August, but don't remember if it sold yet.

Alethea Dice said:

Thanks, MsS. Do you know if the Riverside property ever sold? I know it was listed in August, but don't remember if it sold yet.

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Your welcome Alethea-the agent that has Woodbridge listed also has Riverside showing as active on his website. Same price as before.

<SNIP>

swedie said:

DM may have more properties than we know about.

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<SNIP>

Just yesterday I listened to the lengthy interview of DP (CTV News I think) .... and he was asked about M.Air (etc) and said very clearly that there were other companies besides M.Air

This is very typical for folks with significant assets , the "other" are most likely holding companies.

For example the M.Air would encompass the new hangar operation and all that it entails. If there was debt it would apply strictly to that corporation , not to DM or WM .... sometimes the banks will demand a personal guarantee (on the loans) from the person starting the new corp but that is just a side issue between the person and the bank. In WM's case I doubt it .... he was not a new "upstart" , and besides the lenders would use the new hangar building as security anyway .

Most likely there would be a separate holding company where all the real estate assets were held and managed .... it would be a completely separate entity altogether , legally and financially . For all we know the Maple court home and farm were held there as well , it would show up in land titles registered as *advertiser censored* HOLDINGS .... which of course DM owns , so indeed it is "his farm".

Anyway , trying to give the short version .... the point is it separates everything properly for financial and tax purposes and legal purposes,

Here is an example .... if they put a new $30k roof on their apartment building the invoice would not be mixed in with invoices for Rolls Royce Turbine Blades for a Boeing 757 at M.Air

If the turbine blade failed and M.Air was liable , nobody could sue for the apartment block or farm or condo

The tax man would not allow a roof repair on an apartment to be claimed as an expense in an airline operation.

Limited liability , and proper separation of different business , is the name of the game , and it is not to "hide anything from anybody" , it is simply a proper business model.

By the sounds of the DP interview there are at least 3 different "companies"

trivia: the limited liability is not absolute ..... for example if WM or DM instructed their aviation mechanics to install an improper turbine blade then that person would be personally liable and possibly charged

But if it was a mistake by the kid in the parts department it would simply be "an accident" and insurance would pay the liability claim.

etc etc ......

I have total faith in DM's mom she is doing the right thing and playing be the books. I'm certain she has got herself a very wise lawyer who is advising her and helping her to sort all this mess out and helping her to rid herself of DM's properties to avoid future issues. I think she just wants to be done with it all of it and not have this hanging over her head.

Maybe she had someone else sort through DM's belongings or hired a company such as "Got Junk". That would be the simplest and less stressful way of doing it. ALL JMHO.

Arnie M said:

<SNIP>
<SNIP>

Just yesterday I listened to the lengthy interview of DP (CTV News I think) .... and he was asked about M.Air (etc) and said very clearly that there were other companies besides M.Air

This is very typical for folks with significant assets , the "other" are most likely holding companies.

For example the M.Air would encompass the new hangar operation and all that it entails. If there was debt it would apply strictly to that corporation , not to DM or WM .... sometimes the banks will demand a personal guarantee (on the loans) from the person starting the new corp but that is just a side issue between the person and the bank. In WM's case I doubt it .... he was not a new "upstart" , and besides the lenders would use the new hangar building as security anyway .

Most likely there would be a separate holding company where all the real estate assets were held and managed .... it would be a completely separate entity altogether , legally and financially . For all we know the Maple court home and farm were held there as well , it would show up in land titles registered as *advertiser censored* HOLDINGS .... which of course DM owns , so indeed it is "his farm".

Anyway , trying to give the short version .... the point is it separates everything properly for financial and tax purposes and legal purposes,

Here is an example .... if they put a new $30k roof on their apartment building the invoice would not be mixed in with invoices for Rolls Royce Turbine Blades for a Boeing 757 at M.Air

If the turbine blade failed and M.Air was liable , nobody could sue for the apartment block or farm or condo

The tax man would not allow a roof repair on an apartment to be claimed as an expense in an airline operation.

Limited liability , and proper separation of different business , is the name of the game , and it is not to "hide anything from anybody" , it is simply a proper business model.

By the sounds of the DP interview there are at least 3 different "companies"

trivia: the limited liability is not absolute ..... for example if WM or DM instructed their aviation mechanics to install an improper turbine blade then that person would be personally liable and possibly charged

But if it was a mistake by the kid in the parts department it would simply be "an accident" and insurance would pay the liability claim.

etc etc ......

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:tyou: Gotcha! And thanks for the great information. So DM very well could have used the loan money which was meant for tools and employees and purchased a condo. Cash advances. Or the tools which were purchased were sold by DM and the money went toward the purchase of a condo. DP claims DM is smart; maybe he is right. After all, there are many different types of smarts. C Olsen was very smart in swindling, robbing, lying, ect. but not book/schooling smart. JMO.

swedie said:

:tyou: Gotcha! And thanks for the great information. So DM very well could have used the loan money which was meant for tools and employees and purchased a condo. Cash advances. Or the tools which were purchased were sold by DM and the money went toward the purchase of a condo. DP claims DM is smart; maybe he is right. After all, there are many different types of smarts. C Olsen was very smart in swindling, robbing, lying, ect. but not book/schooling smart. JMO.

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Bbm - no, sorry but I didnt get that at all. If the loan is institutional (i.e.bank loan vs. Private loan) it could get very specific as to where the funds should be directed and the borrowers often sign declarations and directions to this effect.

With respect to the sales, jmo but I honestly think it has been agreed that MB has no interest in, or obligation to, becoming a property manager, dealing with rent, repairs, maintenance and service contracts. If these were rental properties, the tenant may choose to not pay while his/her landlord is in jail. So with no income (maybe), what decent choice she have but to sell?

Snoofo said:

Bbm - no, sorry but I didnt get that at all. If the loan is institutional (i.e.bank loan vs. Private loan) it could get very specific as to where the funds should be directed and the borrowers often sign declarations and directions to this effect.

With respect to the sales, jmo but I honestly think it has been agreed that MB has no interest in, or obligation to, becoming a property manager, dealing with rent, repairs, maintenance and service contracts. If these were rental properties, the tenant may choose to not pay while his/her landlord is in jail. So with no income (maybe), what decent choice she have but to sell?

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Snoofo, I'd agree with you as far as Maple Gate and Riverside are concerned, but the 2 condo's? Those would be pretty care free. Nothing to do with those except collect the rent. There is a common factor in the Woodbridge Condo and the place that DM was listed online on while helping a friend sell back in 2011. These two virtual tours seem to have some pretty similar furniture. I do find that interesting and odd. MOO

http://mikedonia.mediatours.ca/611-281-woodbridge-avenue-vaughan-treb/
Go to **www.youtube.com/watch?v=jx8F4gY8jn0

MsSherlock said:

Snoofo, I'd agree with you as far as Maple Gate and Riverside are concerned, but the 2 condo's? Those would be pretty care free. Nothing to do with those except collect the rent. There is a common factor in the Woodbridge Condo and the place that DM was listed online on while helping a friend sell back in 2011. These two virtual tours seem to have some pretty similar furniture. I do find that interesting and odd. MOO

http://mikedonia.mediatours.ca/611-281-woodbridge-avenue-vaughan-treb/
Go to **www.youtube.com/watch?v=jx8F4gY8jn0

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That certainly looks like the same furniture. Maybe his friend sold hers and moved into his. Then left the furniture behind when she moved somewhere warm.

JMO

Alethea Dice said:

That certainly looks like the same furniture. Maybe his friend sold hers and moved into his. Then left the furniture behind when she moved somewhere warm.

JMO

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Maybe both the condo and the bungalow were empty and the realtor provided the furnishings to "stage" the places.

MsSherlock said:

These two virtual tours seem to have some pretty similar furniture. I do find that interesting and odd. MOO

http://mikedonia.mediatours.ca/611-281-woodbridge-avenue-vaughan-treb/
Go to **www.youtube.com/watch?v=jx8F4gY8jn0

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Perhaps MB had both properties staged by the same company. It wouldn't be unusual for a staging company to carry multiple sets of the same furniture.

Likely, DM wasn't concerned about furniture and decorating. The walls are completely bare, no pictures or accents.

IMO

SnooperDuper said:

Maybe both the condo and the bungalow were empty and the realtor provided the furnishings to "stage" the places.

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Different Realtors-different company.

Bertie said:

Perhaps both properties were staged by the same company. It wouldn't be unusual for a staging company to carry multiple sets of the same furniture.

Likely, DM wasn't concerned about furniture and decorating. The walls are completely bare, no pictures or accents.

IMO

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lol, I think everyone is missing my point. DM owned the condo, but didn't own the other property. <modsnip>

Don't know if this is the right thread, but ...

I was recalling the company names of Millard Holdings and Millard Properties, and while searching on "Millard Holdings" came across a "D**g Millard Holdings" in equestrian circles. Given we are interested in and sleuthing on all things equestrian in the Audrey Gleave thread as it relates to a JV, and given i'd never heard of a D**g Millard, I thought surely it was not related to DM. HOWEVER, I have since found this article which relates to "D**g Millard Holdings" and a numbered Ontario company, with business management listed at the Hangar 9 addy on Derry Road:

http://www.airlineinfo.com/ostpdf13/252.pdf

Okay sleuths ... what's up with this?

swedie said:

:tyou: Gotcha! And thanks for the great information. So DM very well could have used the loan money which was meant for tools and employees and purchased a condo. Cash advances. Or the tools which were purchased were sold by DM and the money went toward the purchase of a condo. DP claims DM is smart; maybe he is right. After all, there are many different types of smarts. C Olsen was very smart in swindling, robbing, lying, ect. but not book/schooling smart. JMO.

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Technically you could be correct. A streamlined method often employed by banks would be as follows

1. WM builds a $6M hangar
2. Bank says we will lend up to $3M
3.So WM has a floating line of credit , secured by a mortgage on the building , from $0 to $3M , for M.Air , and for all practical purposes WM (or DM) can do whatever he wants with it .

He could use it for a round the world trip if he wanted , but he would have to draw it out as wages and pay 50% personal income tax on it. The banks could care less , they are well secured. (that would never be the case if it was a typical business with high debts , banks are not fools , but WM had plenty of assets and little debt and probably excellent credit)

With the MRO put on hold , the banks could get jittery and call in the loan , but I doubt it , and even if DM "sucked it dry of cash" the banks could foreclose and sell the building to recover the $3M .... but I highly doubt anyone (DM) would go that route , there is no need , if DM needed money he would be better to sell the hangar himself , pay the bank , and pocket the remainder , and have a good credit report.

We could speculate to no end , but I bet the farm and condo purchase funds came from some other source , maturing bonds or investments etc , I do not think WM had all his eggs in one basket (Hangar)

Personally (my guess) is that any M.Air debt would be insignificant in the big picture ..... the hemorrhaging of funds would be paying all the staff and aircraft technicians before they were open for business , that is unrecoverable money .... probably was a wise decision for DM to cancel the MRO and lay off staff ..... my opinion is based on WM having secured a great core staff from a different MRO that had closed , that , along with the Transport Canada certification was the "valuable" part of the MRO .... but like I said , if the MRO was not up and running it would be dreadfully expensive to meet payroll. (minimum $500k per year for 30-40 aircraft engineers)

All speculation on my part , just playing with numbers ..... we could beat this thing to death and still be clueless as to what is actually happening

My guess ????? MB and advisers are selling condos and houses to pay off the (probably small) debt , and then be free and clear to make the next decisions.

Plus pay for lawyers !!

But if it is a slam-dunk case for the prosecution , DM's legal costs will be minimal . Probably even some early guilty pleas to come in this whole case, all depends on "the evidence"

I am not so sure he could have mortgaged the building. Banks don't lend on buildings, unless you own the land the building sits on. Perhaps the bank mortgaged all the properties to secure the credit line, thus the selling of the properties.