MsSherlock
Well-Known Member
- Joined
- May 17, 2013
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I don't know how much will be left. Nows the time to follow that money trail left behind by MB's rapid liquidation of DM's assets. The statement filed by the Receiver say's DM only has 1000 in his bank account. lolWow, $14 million in victim claims.
I hope the Bosmas get all that they can out of Millard.
It also shows us that DM had 50% ownership of Millardair and Millard Properties but their values now are only $1.00 and at the time of his Bankruptcy filing, the company that's worth $1.00 owed him 4.167M dollars and only had 1.6M dollars in assets.
So how would Millard Properties owe DM 4.167M- a shareholders loan would mean that DM injected that amount of cash into Millard Properties. All the real estate was held in DM/WM's name personally. AFAIK, the only assets Millard Properties owned was the hangar and vehicles. It kind of looks like DM at some point put 4M and change into Millard Properties. Perhaps his half of what was owing to the Bank?
It's obvious that the Estate of WM has a bit more moola than DM has- otherwise, the Courts would never order that 75K worth of shareholders loans owing to DM to be given as security to WM's estate in exchange for cash. MB's seems to be racking up the legal bills- weighing in at 25K, sure doesn't leave much for DM's "D". IIRC there was approx 6.5 worth of real estate liquidated.
The 3.1M from Riverside went to the RBC, the 700K condo was 100% leveraged between a lender and MB, 50% of Maple Gate would have to go to WM's estate (1.2M @ 50% = 600K), the farm was 800K and IIRC, the Woodbridge condo sold for about 600K ( I think ) So, speculating here- since Riverside was solely in DM's name with a 1M mortgage in favour of WM, when it sold the bank scooped the proceeds and that's at least 3.1 M of the 4.1M shareholder loan.
That would leave DM with about 2M, but it looks like he was on the hook for another 1M to Millard Properties- taking him down to 1M. I'm a thinking that his legal bills to date have to be pushing 500K- and I think MB & SS earned 120K a year collectively for 2 years and then taxes etc. It does appear that DM is in fact bankrupt and soon to be broke.
He is holding a mortgage on the hangar- 50% of that would be his. MOO