The Canary In Canada’s Real Estate Mine Just Died: Toronto’s Urbancorp Files For Bankruptcy
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zerohedge.com / by Tyler Durden on 04/23/2016 – 12:47
Less than two weeks ago we documented that Toronto based Urbancorp, one of Canada’s largest residential developers, was having significant issues. Its attorney’s had taken the highly unusual step of terminating their contract, it hadn’t released 2015 financials due to the audit committee having “open issues and questions”, and most intriguing, a board member quit just two weeks after being appointed specifically to provide expertise in accounting.
For those unfamiliar with the company, Urbancorp was launched in 1993 by Alan Saskin, a former Cadillac Fairview executive, and has built dozens of condos and other housing developments in the Greater Toronto Area. This is how it describes itself on its website:
Urbancorp is proud to have created some of the most visionary home and condominium communities in the GTA.As the premiere developer of the King West neighbourhood, Urbancorp transformed the old industrial lands of King Street West into the vibrant residential community of King West Village, including Bridge, Fuzion and ,the latest, Kingsclub Condominium. In the West Queen West neighbourhood, Urbancorp built Westside Gallery Lofts, Curve and, most recently, Edge and Epic on Triangle Park.
The post The Canary In Canada’s Real Estate Mine Just Died: Toronto’s Urbancorp Files For Bankruptcy appeared first on Silver For The People.
Thanks to BrotherJohnF
Source: http://silveristhenew.com/2016/04/23/the-canary-in-canadas-real-estate-mine-just-died-torontos-urbancorp-files-for-bankruptcy-2/
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