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Mark Silvers of Savannah, Ga., right, and his caddy walk down the 18th fairway of The Lakes Golf Club in Ben Eoin during the Cape Breton Celtic Classic in this Sept. 7, 2014 file photo. - Tj ColelloSYDNEY, N.S. — A federal development agency has filed a civil suit against the new owners of a Cape Breton golf course claiming it’s owed $3.5 million.
In outlining its statement of claim, ACOA states that in May 2006, the Cape Breton Growth Fund Corporation signed an equity investment agreement – valued at $3 million - with the then developers of a proposed 18-hole golf course to be built in Ben Eoin. Enterprise Cape Breton Corporation was dissolved in 2014 and its assets and liabilities were assumed by ACOA.“In addition, Ben Eoin has failed to comply with the terms and conditions of this agreement as it is in arrears in the amount of $61,077.86 for overdue redemption and dividend amounts based on the distributable income for 2016 and 2018,” states ACOA’s claim filed in Supreme Court in Halifax.
During a four-day injunction hearing, officials with the golf course made repeated references to its $5 million in liabilities that included a $3.5 million federal loan, a mortgage of just over $1 million, capital expenses of more than $500,000 and arrear payments of more than $300,000.
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