Receivership Application for Stephenville Airport Still Pending Approval
A court hearing regarding the receivership application for the Stephenville Airport remains unresolved. Judge Alexander MacDonald of the Newfoundland and Labrador Supreme Court is seeking more details about prior interactions between the two primary parties involved. He emphasized the importance of understanding the full context before proceeding on this bankruptcy matter.
Background of the Receivership Application
Calgary-based BTG Capital Inc. filed an application for an interim receiver for the entity managing the Stephenville Airport, 15132738 Canada Inc. BTG Capital holds a mortgage on the airport property and previously acquired rights to collect a judgement against Carl Dymond, the sole director of the company.
During the court proceedings, it was revealed that Dymond’s company and BTG had signed a letter of intent related to a potential acquisition of the airport. The judge expressed concern that he had not seen the letter and noted it may influence the case’s outcome.
Disputes Over Intentions
Airport officials, including COO Lew Short, allege that BTG’s application was motivated by a desire to disrupt a newly secured partnership for the airport, rather than to protect creditor interests. They claim that the application was filed shortly after news broke about Dymond’s new American business partner, Marko Stevanovic.
- Marko Stevanovic is associated with ManKey Technologies.
- Dymond aims to sell the airport to Stevanovic’s company.
BTG’s legal representation contends that their intentions are focused on addressing critical infrastructure issues at the airport. They cited concerns over the lack of power and water, asserting that the airport’s operational status is at risk.
Current Legal Climate
In light of the challenging circumstances, BTG’s managing partner, Brett Stevenson, stated that security measures have been enacted at the airport. He reported suspicions of unlawful activity, prompting local law enforcement involvement to monitor the situation.
Judge MacDonald has highlighted the potential consequences of neglecting the airport’s needs, questioning the feasibility of operating an international airport without essential services. He acknowledged that the case is complicated and requires careful consideration before making any decisions about appointing an interim receiver.
Financial Context
BTG claims it is owed approximately $2.5 million, with additional judgments and claims pending. This financial strain underscores the urgency behind the receivership application. Judge MacDonald indicated that the court process surrounding this situation is likely to unfold over an extended period.
Next Steps
The court proceedings are set to continue on Thursday, allowing sufficient time for the judge to review the letter of intent that may shape the case’s direction. Observers are eager to see how the judicial process will address these conflicting interests surrounding the Stephenville Airport.
