Recent News / 3 April 2008

 3 April 2008
The Sophia Project (0722051 Ltd.)

Pre Sale Purchaser Information Session -- Dated April 7/08
Letter to Pre Sale Purchasers -- Dated April 1/08
Letter to Pre Sale Purchasers -- Dated March 27/08
Court Orders -- Dated March 20/08
Report to Court -- Dated March 11/08
Background

Pre Sale Purchaser Information Session -- April 7, 2008

To Pre Sale Purchasers / Assignees:

We are writing to inform you that representatives of the Receiver will be holding a pre sale purchaser information session from 6:00pm - 9:00pm on Monday, April 7, 2008 at the Terminal City Club (Room Feguson / Atkins). The Receiver and legal counsel will be available during that time to assist you with any questions you may have regarding the process and provide assistance, where necessary, in connection with the materials that have been sent to you. Items to review at this information session include:

• Refund of deposits;
• Purchaser intent form;
• Purchase and sale agreement;
• Lenders requirement for pre sale purchasers;
• National Home Warranty;
• Completion timing;
• Any other questions you may have.

Letter to Pre Sale Purchasers - April 1, 2008

We confirm that today we have sent by registered mail a copy of various materials to all pre sale purchasers / assignees in connection with your unit in the Sophia. We attach these documents for your information:

• A letter to pre sale purchasers indicating all pre sale purchase contracts have been disclaimed and requesting your response with respect to your intent to offer to purchase your unit at the new price.
  Letter to Pre Sale Purchasers -- April 1, 2008   (79 K)
  
  
• A copy of the new disclosure statement not including the exhibits. A complete version of the disclosure statement has been sent by registered mail.
  Pre Sale Purchaser Intent   (9 K)
  
  
• A copy of the release you will be required to sign in the event you decide to offer to purchase your unit.
  Sophia Full Disclosure Statement   (3,459 K)
  
  
• A copy of a form to be filled in by you and returned to the Receiver no later than 5pm PST, Wednesday, April 9, 2008 indicating whether you intend to offer to purchase your unit.
  Sophia - Release   (59 K)
  
  

Letter to Pre Sale Purchasers -- March 27, 2008

Please find attached the following:

• A letter summarizing the current situation as a result of Bancorp's application to Court this Tuesday, confirming that all pre sales contracts have been disclaimed and advising you that all pre sales contracts have been disclaimed and that the Receiver will be contacting you shortly to offer all pre sales purchasers the option to purchase a unit at an agreed upon price
  Letter to Pre Sale Purchasers -- March 27, 2008   (2.29 MB)
  
  
• A copy of the revised Court order expanding the Receiver's powers and authorizing the Receiver to borrow sufficient funds to complete the project
  Court Order -- Dated Mar 25, 2008    (1.345 MB)
  
  
• A copy of the Court order in connection with the foreclosure proceedings
  Order Nisi -- Dated Mar 25, 2008    (399 KB)
  
  

Court Orders -- Dated March 20,2008

A hearing is to be held on March 25, 2008 at 9am at the Vancouver Courthouse at 800 Smithe Street in Vancouver. The hearing is to obtain an Order Nisi and an Order granting the Receiver Manager broader powers to enable it to complete the project (The Sophia). Please find attached a copy of the Receiver Managers Report to the Court, the Notice of Hearing and supporting documentation.

1. Second Report to the Court -- March 20, 2008   (1,098 KB)
2. Outline   (225 KB)
3. Requisition   (199 KB)
4. Notice of Hearing    (2,952 KB)
5. G. Thompson Affidavit #1   (4,181 KB)

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Report to Court -- Dated March 11, 2008

As required by the Court Order dated February 18, 2008, the Receiver has submitted its Report to Court. A copy of this Report is attached below:
Report to Court -- Dated March 11, 2008   (2.49 MB)

Court Orders -- Dated March 18, 2008
Court Order Approving Meeting of Pre Sale Purchasers   (280 KB)

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Background

On February 18, 2008, The Bowra Group Inc. was appointed Receiver of the undertakings and properties of 0722051 Ltd (also known as The Sophia Project) under a Court Order from the Supreme Court of BC. A copy of the Court Order is attached below.
Sophia Court Order   (588 KB)

The Sophia Project is an 81 unit condominium development located in Vancouver.

The Receiver is required to perform a viability assessment on the Project, which is to be provided to Court by March 10, 2008. This viability assessment will include:

a) The status of the construction;
b) The cost to complete the construction of the building;
c) A determination of the current market value of each of the 81 units;
d) A risk assessment for stakeholders of the various alternatives including:

• The completion of the construction of the building and the closing of pre-sale contracts for the purchase of units in the building;
• The completion of the construction of the building and the sale of units in the building at current market prices;
• The sale of the building on an "as is, where is" basis to a third party; and,
• Recommendations to the Court with respect to the maximization of returns to stakeholders.