Currently the Fintry Queen is not operating. There is a federal court action registered against the vessel and the BC Supreme Court has ordered the sale of the vessel. Debts to be settled include:

• BC Employment Standards - $38,739 for previous employee unpaid wages
   

• The Cove Hotel Management Partnership - $110,812 for damages to its dock
   

• Metro Developments Corporation - $1.5 million first mortgage holder
   

• The City of Kelowna - Moorage Fees $79,869 (moorage fees associated with 2009 only - no charges in 2010 or 2011)

Metro Developments Corporation, the Court-Appointed Seller and mortgage holder, has retained Kelowna resident and former operator, Andrew Schwab to assist in the sale of the vessel. Mr. Schwab operated the Fintry Queen during 1999 & 2000 with gross sales of approximately $400,000 over 2.5 months in the first season, increasing to $600,000 in the second year. Advance deposits projected sales of $850,000 for the third year. Both former operators strongly believe the Fintry Queen could have a unique and viable future, as a key business opportunity providing transportation and food services for thousands of travellers, serving all the communities, resorts, parks and wineries, along the shores Okanagan Lake.

Mr. Schwab is available to assist any new owner or group in their evaluation of the vessel and is interested to discuss business opportunities.

Metro Developments Corporation Ltd. is the former owner of the Fintry Queen and holds a registered mortgage over the vessel. On July 20, 2009, Metro was granted an Order for Sale giving it conduct of the sale of the vessel. The Fintry Queen is not in Receivership. We understand that the owner, Fintry Queen Investment Corp., was struck from the Alberta corporate registry.

Metro’s sale of the Fintry Queen is subject to court approval unless all of the parties to the legal action consent in writing to the terms of the sale. At the time court approval of vessel sale is sought, it is anticipated to have language along the lines of the following included for clarity:

1. The vessel shall be “free and clear of all liens and encumbrances” once the sale is completed; and

2. The vessel is sold “as is, where is, with all existing faults, without any allowance for deficiencies or errors of description whatsoever and without any legal or contractual representations or warranties.”

The Order also specifies that the proceeds of sale of the vessel must be paid into the trust account of Metro’s solicitors and held in that account pending further agreement of the parties or order of the court. We expect that once sales proceeds are received into trust, the distribution of those proceeds will be resolved either by a priorities hearing before the court or by an agreement between the parties.

For more information, contact Andrew Schwab directly at:

phone: 778-477-5783
info@fintryqueen.ca