Yesterday I wrote a post claiming that with the sale of the seniors facilities, Sage’s job was done.
Then a faithful reader gently reminded me that …
“The school is the last asset to be sold. Sage signed a conditional agreement to purchase with Third Academy just before the shareholder’s meeting. If this sale happens, Sage will then have to sell the vendor take back mortgage (second mortgage) they agreed to. If conditions are not removed, the school will be marketed for sale again. “
Selling the Harbor and the Manor is a Really Big Deal and a largest asset that had depositor funds tied up so its sale will return the most to the depositors.
Value-wise the school is substantially smaller so any funds generated from its sale will return a smaller amount to the depositors, and until that sale has completed Sage still has work to do.
I would also note that the clergy members that were part and parcel of taking advantage of the faithful to start and continue this train wreck of a real estate project still have not faced ecclesiastical justice and are members in good standing of LCC.
ANO / Lutheran Watch 
The clergy will never face any sanction on this earth I suspect most members have forgotten about things so sale of school will be last of it
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Money aside, your last paragraph regarding clergy accountability and discipline still needs to be addressed in order to restore confidence in LCC’s commitment to reconciliation and truth.
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LCC immediately denounced any affiliation or responsibility to ABC District and Church Extension. They did immediately grab title of the donated land in St Albert that the new church was built on and sold it for a cool $20,000,000. Investors saw nothing from that sale.
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Can you provide some documentation for this? I do not recall reading anything about when this happened.
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I’m specifically referring to the land in St Albert.
I know there was a lawsuit over some land owned by a church that District had a loan against. As I recall District sued to take that land and failed in that endeavor.
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The St Albert church and the lot it was sitting on had been subdivided of the big piece of land that was donated. The church owed $800,000 approximately.
The major part of the acreage was claimed by LCC, since they own all churches and land.
I was not a member of that church and have no documentation unfortunately. I am related to some former members.
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With the possible exception of some mission congregations, LCC doesn’t own any churches or land – those are all owned by the local congregation.
WRT Synod suing congregations, Synod’s Worker Benefit program (aka retirement plan) has been underfunded for some time and some churches owe a significant amount of money to pay their obligation toward their staff’s pension plan. In some circumstances, Synod has filed lawsuits to recover some of that obligation.
What I do not know is if that was the case in the St Albert church.
If you can provide more specifics or context I’d be happy to look into this further.
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I found the sale of the St Albert’s lands.
First, that property was owned by ABC District and the King of Kings congregation had a building on it – so both of us were kind of right about who owned what.
Second, the property sold for a net (sale less expenses) amount of $4.8M – you can read the affadavit here:
Affidavit of Cameron Sherban – filed January 11, 2016: https://www.insolvencies.deloitte.ca/Documents/Affidavit%20of%20Cameron%20Sherban%20-%20filed%20January%2011%2c%202016.pdf
There was some speculation on the CEF Investors forum that the property was worth somewhere in the $20M range. The market communicated that that value was clearly unsupported.
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Ok I guess I shouldn’t listen to rumours. I heard it sold for 20m.
I’ve always been of the understanding that congregations don’t own churches. So if ABC District owned it and they owned LC Extension should they not be responsible to their investors and pay us back?
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It depends on how the faith group is structured. For some the church buildings and properties owned by a central body and then the local congregation uses it.
For LCC, churches are owned by the congregations that use them. The exception to this is mission & new congregations that aren’t big enough to pay their own way and need financial help until they’re self-sufficient – their property is usually owned by the local District corporation.
That was the case with the St Alberts congregation – the property was owned by District and was sold as part of the liquidation process. The proceeds from that sale was then included in the funds disbursed to the investors under court supervision.
The problem is that District didn’t own enough assets to fully repay the depositors. Even with the the sale of the Harbor & Manor and the school property depositors are still going to come up short, not to mention that they’ve lost the use of their funds for nearly 9 years.
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If you’re referring to the St Alberts land referenced in the Ninth report of the Monitor, that land was sold and and the proceeds eventually went to the depositors.
Click to access Final%20-%2011_25_15%20Monitor%27s%20Ninth%20Report.pdf
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