A $78 Million debt, plus interest at a rate of 30% per annum, compounded monthly! 30%!!!! Defaulted Loan B Agreement, Loan B Security and multiple Forbearance Agreements. JFC!
So now what about the fantasy promise of KIP paying $30 Million with Komok’s First Nation for the south Sewer Extension? What about the second DAF plant the CVRD claims is needed now and KIP was supposed to pay for? Was the firehall land ever serviced as KIP promised? All those who championed this lying sleazy developer and spread his lies for years should be hanging their heads in shame. Weak, gullible individuals, so easily fooled by a snake oil salesman willing to fight their neighbours on his behalf.
Front and centre with McMahon was his representative David Godfrey who refused to disclose his role when challenged, passing himself off as just another landowner while being a representative of KIP. Wonder if any of KIP’s supporters have invested any money – they can stand in line with the other creditors. The UBID boards since 2006 and Trustees Godfrey, De jersey, Royer, Jacques, Loxam, Bitten and Haraldson fought like hell to push whatever KIP wanted – not what was best for Union Bay. Union Bay hobbled for decades because everything depended on the false promises by McMahon and shoved down our throats by these people. Take a bow – you deserve credit along with the CVRD.
The screenshots below identify the lots and which ones are included and the one that isn’t. The one that isn’t listed has a mortgage on it from Fox Developments that is one of the creditors.
allthingsunionbay 
Not sure what article you’re referring to – can you be more specific?
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Whomever wrote that article should put there name on it. 20 years work for the developer down the drain. This is a great example of how we ended up with a housing crisis, the housing crisis will get worse and worse until demand causes even the most negative people to realize we need a change.
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