A Pemberton-based businessman being sued for $1.5 million in unpaid loans denies he owes the money.
Cam McIvor, owner of McIvor Properties which is involved in major developments in the Pemberton Valley, is being sued by Vision West Developments, a company owned by Whistler builder Tim Regan for a series of allegedly unpaid loans extended between 2005 and 2007.
Neither McIvor nor Regan wanted to offer any comments when contacted by Pique .
Vision West filed its lawsuit in B.C. Supreme Court on March 16. McIvor's response to the civil claim, filed April 21, denies he is in default on any loans or that he owes any amount to the plaintiff.
Vision West stated in its claim that it extended three separate loans to McIvor and his company. The first, allegedly given to him on December 1, 2005, totaled $159,500 and was payable with interest at $176,779.17 on December 31, 2006.
The second loan, totaling $250,000, was allegedly extended on November 17, 2006. The third loan allegedly advanced on March 30, 2007, totaled $524,044.60.
In his response, however, McIvor states that he and Regan were partners in a company called Terrane Construction Ltd., whose office is located in the Pemberton Industrial Park. McIvor Properties Ltd. owns one third of shares in Terrane and Regan owned another third through 657914, a numbered company.
According to McIvor's response Regan allegedly "demanded" that McIvor purchase the shares of another shareholder in Terrane so that the shareholder would no longer have any interest in the company. Regan allegedly agreed to lend McIvor money to make this happen. That money makes up the amount of the second and third loans referenced in Vision West's claim.
McIvor's response states that the loans were made pursuant to a Purchase Agreement and Commitment Letter for Construction Financing dated November 14, 2006. That agreement stated that all outstanding loans should be repayable upon demand.
However, that demand didn't necessarily mean that the money should come back in cash form. Demand meant the loan could be converted to shares in an entity called Birkenhead.
Each $50,000 of the loan demanded would convert to shares in Birkenhead that are equivalent to one-half of a one per cent interest in the Ravens Crest Joint Venture, an initiative to develop lands in Pemberton.
Once demanded, the two parties agreed that the loan could come back to Vision West either in cash form or through shares in Birkenhead.
In 2009, Vision West and McIvor Developments came to a settlement agreement that stated the former would get the following in "full and final settlement of all debts":
• 1,000 shares in a company called Steel Dust Developments
• 100 shares in Terrane Construction
• the shareholder's loans made to Terrane by McIvor Properties of approximately $808,000
• 24 units to be transferred to Intuitive Management Ltd. upon the creation of the Ravens Crest Developments Limited Partnership, a company that hasn't yet been created.
Once the aforementioned assets were transferred, Vision West agreed, among other things, to release McIvor from his obligations for the loans.
The closing date of the settlement would be the day that Intuitive Management received 24 units in Ravens Crest Limited Partnership.
McIvor remains ready to complete the settlement agreement once the Closing Date, or the date upon which Ravens Crest Limited Partnership is created or by agreement between the parties, is completed and has provided Vision West with the materials that are required to transfer the Steel Dust Shares, the Shareholder Loans and the Terrane Shares to Vision West.
Civil lawsuits contain allegations that have not been proven in court.