Bourque Industries Inc (BORK)

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Bourque Industries must have a second mortgage/security interest in this property. JB bought this property with no money down and took this asset out of the company. The consideration was/is a 600K note that with zero payments would have increased it by now to 700K and payoff of the small existing mortgage at 20% interest (shrewd bargainer ). That small 20% interest mortgage is the one being foreclosed by the lender. Bourque Industries hopefully was intelligent enough to put the 600K mortgage on this property or they will realize zero. If Twiford ( what a coincidence ) were to buy this for 400K the first payoff would be about 110K with unpaid interests to satisfy this first mortgage. That would leave only 290K available for the junior lien holders. If Bourque Industries DOES NOT have a mortgage filed as of this second they better run to the registry immediately to protect their interests.

If no mortgage were ever placed on this property it would be like you buying a home for 600K with no money down and taking a mortgage for it with Bank of America ---If Bank of Am forgot to place a mortgage on the property you could then sell it and pocket all the cash or fraudulently take out another mortgage in front of this if they were forgetful. That , of course, does not happen. In Borkland anything is possible. That would be a fraudulent conveyance as well that the Bourque management would have serious issues if this is not resolved today and thankfully they appear to have time left in the day to go file that document.Good work John 11 and now the 600K will at least get BORK 290K and not be a total calamity. Of course, this is the same property that was originally on the market for 1.5MM when Bourque bought it for his trust cheap. Is Twiford a member of the Full Circle Trust as well Johnn11?