Hmm interesting that the property sold for basically 1 million dollars less than the bank's mortgage. Haven't property values in Toronto been going up, as opposed to down over the past few years?
ETA: This means that that newer 3.7 million dollar mortgage that was placed on the property, would have had to have been paid off upon sale of the property, meaning that Millard/Burns would have had to reach into their coffers to produce the additional million dollars. I am curious who is behind the Ontario numbered company. I recall there was a bit of an uproard in the news when DM transferred his properties to MB for $1 each. Thinking apart from that, that the Riverside property could have been sold to a non-arms-length party, at a fraction of its value, which would mean the net worth of whichever individual/corporation now owns it, would be 1 million less than if they had paid what the bank had been willing to mortgage it for. Sorry, I know I am way too wordy, and I still probably fail to get my point across ;/
IMO, the value of Riverside had been inflated for finance purposes. In the Toronto market, if it had been priced correctly when it was originally listed at 4.2 million it would have certainly sold. The original listing indicated that DM had already obtained an appraisal of 4.2 million. IMO, even though appraisers have to use standard industry methods to determine values, it really doesn't surprise me that WM/DM were able to get an appraisal of this amount.
The fact it sat on the market for almost a year to finally sell for 1.4 million less is a good indicator that it was never worth 4.2 million in the first place. Also, when the Bank has a 3.7 million dollar charge against a property, the mortgage has to be paid off either with cash or other security on or before closing. Roseville closed in February/14 and RBC had a token mortgage on that property for 100K, thus that property couldn't be sold unless RBC was aware. IMO, the bank may have taken the proceeds from the farm to offset their charge on Riverside, allowing Riverside to sell for what it did. At the end of the day Riverside+Roseville=RBC loan. MOO
IMHO, while Sachak was questioning Williams, he hit home the fact that she was just an uneducated person who taught herself how to do bookkeeping entries. Considering that Millardair didn't have any business and just 3 people on the payroll, knowing that it was taking her
10 hours a month to make these entries is kind of problematic in itself- isn't it? Plus she didn't seem to be all that accurate of a bookkeeper ($1,800 mistaken as $18,000???) The D also made it clear that she didn't do DM's personal bookkeeping. So, LW wasn't particularly speedy or accurate and her knowledge was limited to what she could teach herself. And, if I'm not mistaken she still works for Millardair, processing the 5K a month payroll for their only employee MB, who happens to be DM's deceased fathers ex-wife. Even though MB took control of the Co after DM was arrested, it was still necessary for the bookkeeper to go and see DM in jail 6 times. It takes a special type of person to take the stand, swear under oath, get publicly noted by her clients lawyer as someone who doesn't know anything about what she's doing and then smile at her client when she finishes. MOO