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Article on Bill 40 Windups

There was an article in the Globe and Mail published Friday, July 7 pointing out some of the intense financial conflicts that have arisen in Bill 40 windups. The same problems that we have warned other owners about with respect to Bill 40 windups are, unfortunately, leading many stratas into ever more complex, costly and time-consuming litigation. The article refers to issues that are limited to a single strata situation. With AP having three stratas, the litigation complexity and costs will be substantially higher if a Bill 40 approach is used.



As noted in the article, the potential financial conflicts were not understood by owners when they purchased their units as, until now, windups and assemblies were extremely rare due to the then 100% agreement required.

I would urge those reading the proposed contract put forth by Ed Wilson to review that proposal in light of both the potential and actual conflicts it already contains. Owners may wish to consider the impact of those conflicts on complexity, cost and potential litigation.

The assembly method remains the only approach that avoids the complex litigation and related expenses to participating owners. While it is not a guarantee of success, it does guarantee that we will not bear any of the expenses involved in dealing with the conflicts detailed in the article or those that exist within the AP development.

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