Powder Springs Inn Inc

Powder Springs Inn Inc has been under court-appointed receivership since February 25, 2014, in the Supreme Court of British Columbia under BIA s. 243 and provincial Judicature Act authority; the proceeding is now recorded as closed. Revelstoke Credit Union, holding a mortgage over the Lands, was owed approximately $1.95 million as at March 14, 2014, with interest running at $394 per day and including an $83,000 protective advance made to the City of Revelstoke for delinquent property taxes. The City's statutory charge for taxes and utilities stood at approximately $200,000 per its August 2013 notice. The Canada Revenue Agency claimed $155,000 in unremitted payroll source deductions, asserting a deemed trust of $78,000 within that total, plus $128,000 in GST/HST secured by two registered judgments. Members of the Newsome family hold a mortgage over the Lands securing Powder's guaranty of a loan owed by its parent, Revelstoke Alpine Properties Ltd., recorded at approximately $1.78 million as at October 31, 2012.