Trustee’s Seventeenth Report
On March 27, 2020, the Trustee served its seventeenth report to Court in connection with legal proceedings initiated by Emerald Castle Developments Inc., the Castlemore Borrower. Emerald Castle is seeking a Court order that, upon payment of approximately $9.1 million to the Trustee, on behalf of BDMC, among other things, the Borrower: (i) has fully satisfied the debt owing under the Loan Agreement; (ii) is entitled to a full discharge of all security related to the Loan Agreement; and (iii) is entitled to a full and final release from BDMC and the syndicated mortgage lenders who loaned money to the Borrower pursuant to the Loan Agreement.
The Trustee’s Seventeenth Report is available below.
