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Sixteen months after an Ontario court signed off on a settlement, Ottawa investors who lost $3.37 million on two stillborn real estate projects promoted by Thomas G. Assaly have yet to recover any of their money.
And it appears their cheques won’t be in the mail any time soon.
As part of the 2013 settlement, Assaly, the eldest son of late Ottawa developer Thomas C. Assaly, handed over title to Canada House — the waterfront mansion in Ft. Pierce, Florida, where he and his family then lived — to Doyle Salewski Inc., the court-appointed receiver and bankruptcy trustee.
Canada House is by far the largest remaining asset of a charitable foundation that Assaly once controlled, originally expected to fetch as much as $1.4 million at sale. Doyle Salewski took possession of the six-bedroom, 5,342-square-foot house last June, but has so far been unable to find a buyer.
Selling Canada House is key to investor hopes of recovering any money, but so far the house has attracted only one “lowball offer,” said Brian Doyle, president of Doyle Salewski. “We’re quite surprised that it hasn’t sold to this point.”
Thomas G. Assaly Jr.
Doyle said he has reduced the asking price to $1,090,000. “We’ve given it a fresh coat of paint on the inside and we’re keeping our fingers crossed.”
Meanwhile, in a decision dated April 10, Ontario Superior Court has ordered Robert Assaly, one of Thomas C. Assaly’s brothers, to personally pay $27,000 in costs for his unsuccessful attempt last year to claim the remaining assets of the charitable foundation for his late father’s estate, of which he is trustee.
Robert Assaly had argued the estate was entitled to a first priority claim of $3.8 million on the assets, funds and receipts of the foundation, which was founded and originally funded by Thomas C. Assaly. Superior Court Judge Paul Kane dismissed the motion last October.
In his cost order, Kane observed that Robert Assaly, his mother Gloria Assaly, his sister and his brother Thomas G. Assaly “stood to benefit had this appeal been successful.”
He gave Robert Assaly and the estate 30 days to pay Doyle Salewski $15,000 for its costs in the action and a further $12,000 to the lawyers who represented the investors.
dbutler@ottawacitizen.com
twitter.com/ButlerDon
查看原文...
And it appears their cheques won’t be in the mail any time soon.
As part of the 2013 settlement, Assaly, the eldest son of late Ottawa developer Thomas C. Assaly, handed over title to Canada House — the waterfront mansion in Ft. Pierce, Florida, where he and his family then lived — to Doyle Salewski Inc., the court-appointed receiver and bankruptcy trustee.
Canada House is by far the largest remaining asset of a charitable foundation that Assaly once controlled, originally expected to fetch as much as $1.4 million at sale. Doyle Salewski took possession of the six-bedroom, 5,342-square-foot house last June, but has so far been unable to find a buyer.
Selling Canada House is key to investor hopes of recovering any money, but so far the house has attracted only one “lowball offer,” said Brian Doyle, president of Doyle Salewski. “We’re quite surprised that it hasn’t sold to this point.”
Thomas G. Assaly Jr.
Doyle said he has reduced the asking price to $1,090,000. “We’ve given it a fresh coat of paint on the inside and we’re keeping our fingers crossed.”
Meanwhile, in a decision dated April 10, Ontario Superior Court has ordered Robert Assaly, one of Thomas C. Assaly’s brothers, to personally pay $27,000 in costs for his unsuccessful attempt last year to claim the remaining assets of the charitable foundation for his late father’s estate, of which he is trustee.
Robert Assaly had argued the estate was entitled to a first priority claim of $3.8 million on the assets, funds and receipts of the foundation, which was founded and originally funded by Thomas C. Assaly. Superior Court Judge Paul Kane dismissed the motion last October.
In his cost order, Kane observed that Robert Assaly, his mother Gloria Assaly, his sister and his brother Thomas G. Assaly “stood to benefit had this appeal been successful.”
He gave Robert Assaly and the estate 30 days to pay Doyle Salewski $15,000 for its costs in the action and a further $12,000 to the lawyers who represented the investors.
dbutler@ottawacitizen.com
twitter.com/ButlerDon
查看原文...
