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July 15, 1988 News 985-2131 Cla

Park Plaza legal battle

RACQUETBALL, squash and tennis facilities have been
temporarily reopened at North Vancouver's fong-closed
Park Plaza Country Club pending the outcome of a legal
battle over whether a business in the facility or the proper-
ty’s mortgage holder has priority in the event of the club’s

sale.

On Tuesday the club’s
receiver-manager, Thorne, Ernst &
Whinney, opened the six squash,
seven racquetball and three tennis
courts that have sat idle since the
club was closed Jan. 16, 1987.

Canada Trustco Mortgage Co.,
which owns the mortgage on the
4.38-acre club property. is owed
$1.86 million by former Park
Plaza ownership and has been at-
tempting to sell the property for
redevelopment, but AACR Enter-
prises Ltd., which operates the
club’s bar and banquet facilities,
wants the property to remain a
recreation club so the company can
continue to run its business or be

REN SE PTE RS toe

Since the club’s closure,
the company and Canada
Trustco Mortgage Co.
have waged various court
battles over whether
AACR’s lease arrangement
or Trustco’s mortgage
have legal priority in any
sale of the 4.38-acre
property.”’

compensated in the event of a sale.

The courts, which will be open
every day from 7 a.m. to [0 p.m.
on a pay-as-you-play basis, were
reopened after agreement to close
the club’s ice rink for the summer
was reached between the District
of North Vancouver, property
mortgage holder Canada Trustco
Mortgage Co., and AACR Enter-
prises Ltd.

A B.C. Supreme Court order
has decreed the rink be opened
again Sept. 15 and that the

By TIMOTHY RENSHAW

News Reporter

recciver-manager promote the use
of both the racquet court facilities
and the rink.

Thorne, Ernst & Whinney
spokesman Bob Cobb said the
courts would be open for the next
few months and could remain
operational after the rink has
reopened depending on resolution
of outstanding legal conflicts be-
tween AACR and property mor-
tgage holder Canada Trustco Mor-
tgage Co.

AACR has operated ancillary
bar and banquet facilities at the
club since 1979, but, under North
Vancouver District bylaws, can on-
ly run that business if most of the
club is used as a recreational facili-
Ly.

Since the club’s closure, the
company and Canada _ Trustco
Mortgage Co. have waged various
court battles over whether AACR’s
Jease arrangement or Trustco’s
mortgage have legal priority in any
sale of the property.

The business has been able to
operate since the club was closed
because a court order has kept the
club’s ice rink open, even though
the mortgagee has been losing
money on the operation.

District council lifted AACR’s
business licence in March after
claiming the club no longer com-
plied with the appropriate zoning
bylaw, which designates the area
for entertainment and recreation
only.

But the licence was later
reinstated after AACR president
Andy Redman and his lawyer Gary
Nelson convinced council that the

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ages

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