Olympic Village & Southeast False Creek Updates Discussion

[SFUVancouver]

Owner of Olympic Village project goes into receivership

By Jeff Lee, Vancouver Sun November 17, 2010 7:38 PM

VANCOUVER — The long and troubled history of the Vancouver Olympic village took another severe turn Wednesday when Millennium Water, the owners of the village, entered into receivership.

Under a deal worked out between the city of Vancouver and Millennium Water, Ernst & Young Inc. was appointed as the receiver for the company. The firm will assume control of Millennium Southeast False Creek Properties and the Millennium Water development, the city said in a news advisory.

...more below the fold

© Copyright (c) The Vancouver Sun

Read more: http://www.vancouversun.com/business/Own...vership/3845088/story.html#ixzz15bUevZV5

What putting the Olympic Village into receivership really means

By Jeff Lee 17 Nov 2010 Civic Lee Speaking

Filed under: Vancouver, development, Olympics, Millennium, olympic village

Well, I guess nobody should be surprised.

The troubled Vancouver Olympic village, battered by politics, financial markets and consumer confidence, came to another fork in the road Wednesday when the city, in what I'd suggest is a shotgun wedding, took over from the owners and put it into receivership.

The city says the two sides came to a "negotiated agreement" in order to protect the value of the asset and to help market the remaining 480 condos and associated commercial space in an effort to recoup as much of the $740 million the city had invested.

More after the fold...

© Copyright (c) The Vancouver Sun

Read more: http://communities.canada.com/vancouvers...c-village-company-into-receivership.aspx