Monday's hearing before Justice Steele lasted only a short time, but it set the stage for a decision on who will run the former SIREG condos.
Key moments
- Mortgage lenders. Firm Capital and Monarch want to enforce their mortgages on the properties they lent against. No party objected, and the judge asked for final draft orders to sign. Whether she will sign them unchanged was still open: lawyers were negotiating that day, and how owner funds and trust claims are handled could shape the result. (A trust claim is a claim to money held for someone else, which a company cannot use to pay its own debts.)
- Nobody running the buildings. According to the trustee, none of the 43 condos once managed by SIREG has a board or a property manager. It flagged insurance, repairs and unpaid utilities as concerns.
- The administrator request. LDDC, on behalf of owners holding roughly 827 units, asked for a temporary administrator, Brian Antman, to run the condos until owners vote in new boards. Both the trustee and Firm Capital backed the request.
- Adjourned to Wednesday. Before deciding, the judge wanted sworn written evidence. The hearing resumed at noon on October 14.
- Bankruptcy ahead. The trustee signalled it might ask for the case to be converted into a bankruptcy.
