Minaki Lodge

[Kenora]

I see in this evenings paper, Minaki Lodge might be put on the market again. Approx value is $5.2 million, with creditors claiming $7.1 million. The largest creditor is Archer's Company of $5.9 million.

Local creditors (Kenora/area) are owed $1.2 million.

They should put this on e-Bay.
I will start at a buck.

[Whit]

thought i heard that it burned down????????????????

[Kenora]

It did.
But the property is in receivership, and they will either offer it as a whole parcel or break it into lots.
So far, on that part they are not sure.

May as well break it into lots. It is not good for much else. The golf course is probably ok, but not much else. Been sitting around too long without attention. Not sure what all goes with it. No boats or motors as they were probably taken back by whoever supplied them at the beginning.

Oh well. Another saga coming up for Minaki Lodge.

[PatIA]

When were in the Kenora area in late June the camp owner where we have been going for ~40 years said the rumor was the old lodge area would most likely be built up in condos. The likelihood of it being a lodge or fishing camp again was slim in his estimation.

[kenora]

Paper claims it could be put on the market as a whole package, or even possibly broken into lots.

Either way, no one or few will recoup their entire losses.

Not sure how many lots that could be broken into, but in no way will it bring enough to pay everyone back. Most will settle for 25Cents on the buck no doubt.

Minaki Lodge will never return no doubt. I know of very few that could start all over and rebuild a new place at todays prices, especially on the river. Too far away in my estimation too for condos, or even cottages. But who knows.

Funnier things have happened. A pile of money was put into that property over the years. Government, natives(still government) one hotel chain. All one had to do was look at the history of that alone, and figure it would never work.

There is a lodge or two on LOTW too that in my estimation have had way too much money put into them. IF they ever went on the market, it would be hard to prove their value. You can only invest so much into a place, then it becomes over priced (resale wise) Then you have to try and book it. tough in todays economy. Plus other places to go with good fishing, same ammenities etc at a cheaper price.

[WillieB]

Minaki Lodge ready for sale at end of month By Janet Gibson
Miner and News

The bankruptcy trustee appointed by the Superior Court to sell Minaki Lodge said Friday the 23-acre property will be ready for sale in late August. Once the property is sold, trustee Russ Leroux will hand over the proceeds to the court.

"The court will decide whether the lodge's creditors are entitled to the money," Leroux said from his office at Ernst and Young in Thunder Bay.

A receiver's statement provided by Leroux estimates the property's land value, buildings and equipment at $2.2 million. The amount owed creditors is $7.1 million.

The creditor claiming the biggest amount, $5.9 million, is Minkai Lodge owner Phil Archer's company, Celestine Mortgage Corporation.

Construction lien claimants, many from Kenora, are owed $1.2 million.

Four other companies, TCG-The Credit Group, John Deere Credit Inc., Textron Financial Canada Ltd. and ULB Holdings Inc., are listed as claimants but with "unknown" amounts.

Leroux said he wanted to "maximize the realization of the sale."

To that end, he is getting appraisals on the property.

"Until that's done we can't put it up for sale," he said.

Leroux doesn't know how the property will be sold or if it will be sold in one piece.

He may list it with a realtor or tender it out, he said.

It may be sold as a resort or broken up into cottage lots.

Ernst and Young (Thunder Bay) Inc. was appointed the receiver on May 25, 2004.

Leroux called the Minaki Lodge file "not your usual asset" but said there was "nothing extraordinary about it."

[Skylane]

Was wondering how they could break up the resort? Thought you could not sell off parcels of a whole without special goverment permission. Just curious.

[Skylane]

Was wondering how they could break up the resort? Thought you could not sell off parcels of a whole without special goverment permission. Just curious.

[Trailerguy]

[font color=green size=3][b]I've seen it done on some propertys, it takes an attorney, $$ and is a slow process, but it usually can be done.

[Trailerguy]

[font color=green size=3][b]I've seen it done on some propertys, it takes an attorney, $$ and is a slow process, but it usually can be done.

[Turbo1]

Where are you getting the value of $5.2 Million???

[rtmg1]

He's bbbbbbaaaaaaaaaccccccccckkkkkkkkk !
Good to see the Ole'Turbo is still kickin !


Good Fishen
Rob

[Turbo1]

Hey Jackass!!

I received your call but I was in Asia on business...call me!! I am in Canada until Sept 1....heading to the lodge soon...are you up there???? Talk to you soon!!!

RW

[rtmg1]

I was in Winnipeg for the weekend. Heading back to Totem Lodge for 12 days of guiding, then back to Wpg for a couple again......
Drive down to Sioux Narrows !

Good Fishen
Rob