Recent News / 14 April 2008

14 April 2008
Chandler Homer Street Ventures Ltd - H&H Project

Background

On November 28, 2007, pursuant to a Court Order of the B.C. Supreme Court, The Bowra Group Inc was appointed Receiver-Manager of the assets, undertakings and properties of Chandler Homer Street Ventures Ltd (the "Company").

The Company was developing a 192 unit condominium tower, referred to as the H&H project, located at the corner of Homer Street & Helmcken Street in the Yaletown area of Downtown Vancouver. The project was approximately 7 months from completion as at the date of Receivership.

The Receiver-Manager is borrowing the necessary funds to complete the project.

The H&H project had 183 units sold subject to a presale purchase and sale contract as at November 28, 2007.

Attachments
1. December 14, 2007 Report to Court   (197 KB)

2. January 25, 2008 Report to Court   (695 KB)

3. April 10, 2008 Report to Court   (1,865 KB)

4. Court Appointment   (2,653 KB)

5. Disclosure Statement   (2,864 KB)

6. Letter to Presale Contract Purchasers   (47 KB)

If you require additional information, please contact Derek Lai at dlai@bowragroup.com or call him a 604-692-0111.

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Presale Contract Purchasers - H&H Project

All presale contracts have been reviewed by the Receiver-Manager to determine if they were sold at fair market value ("FMV") at the date of the contract. The Receiver-Manager made an application to Court to cancel contracts that were sold significantly below FMV at the date the contract. The majority of the contracts were sold at fair market value and will be honoured by the Receiver-Manager. For more information please see our April 10, 2008 Report to Court.

The Receiver-Manager has delivered by courier or registered mail, a copy of the disclosure statement to presale contract purchasers. If you received a copy of the disclosure statement, it is assumed that your contract was sold at FMV and will be honoured by the Receiver-Manager. As part of the disclosure statement package, there is a form that the Receiver-Manager requires you to fill in sign and acknowledge receipt of the disclosure statement and either fax or mail to the Receiver Manager.

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Units for Sale - H&H Project

There are 36 units available for sale at the H&H Project. Anyone interested in purchasing a unit should contact the Receiver-Manager’s realtors, Mazaheri Soo at 604-408-0008 for more information.

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