Spot The Speculator #17 – “Inability to meet loan payment… The company owns almost 200 pieces of real estate. Many of the B.C. holdings are encumbered by large mortgages.”

From ‘City goes after assets of Games developer’, Globe and Mail, 30 Sep 2010 – “Councillor Geoff Meggs said the inability of developers Peter and Shahram Malek to use other assets they own to meet their loan payment was a “red flag” for the city. … Sources say it’s not clear the exact value is of Millennium’s holdings or of the Maleks personally. That means no one knows at this point whether there is enough security to cover any shortfalls at the village if sales of the residential units never generate enough money to cover the construction loan and the price of the city’s land. … Land records show that the company owns almost 200 pieces of real estate, while Shahram Malek has 15 different properties listed under his name. The Malek family, which ran a construction business in Iran before coming to Canada in the 1980s, also has holdings in Europe and the Middle East. However, many of its B.C. holdings are encumbered by large mortgages and, in some cases, more than one lender is involved.”