GUILTY - Wayne Millard Murder Trial - Dellen Millard Charged With Murder - #4
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I get that part but I think any monies should (somehow) go to the victims.
Possibly there could be a court order for the monies to be held by the Official Guardians Office until the court decides/sorts it out. It's a mess, although I understand what they are trying to accomplish.
Possibly there could be a court order for the monies to be held by the Official Guardians Office until the court decides/sorts it out. It's a mess, although I understand what they are trying to accomplish.
The courts already are holding the DM's funds until sorted. If he is 'not guilty' of murdering his dad, he will inherit WM's estate, and all of the monies will belong to DM, and all of it (except debts he already owes) will be up for grabs in the Bosma civil suit.
If he is 'guilty' of murdering his dad, he cannot inherit WM's estate. Any of DM's own monies (after paying whatever debts he already owes) will be up for grabs in a civil suit. WM's estate, on the other hand, will pass to his next of kin, bypassing DM, and will not be available in any civil suits against DM, as WM was not involved in his crimes.
The suit also names MB, as I recall, so if it were completely successful, presumably the assets DM transferred to her could also be available in the settlement. (CN is also named, I think.)
winter2017
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If he is convicted the money will go to next of kin. He could still get money from his mother she is an older person now in the late 60's and he is her only child. If she leaves him an inheritance I hope that it can be taken by the Bosma and Babcock family.
He gets a roof over his head, meals, and medical care. That is all he should have and no money.
He gets a roof over his head, meals, and medical care. That is all he should have and no money.
Decision in Dellen Millard murder trial in Toronto delayed until fall | CBC News
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Jasper52
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From the article you posted;
"Ontario Superior Court Justice Maureen Forestell said Thursday morning she would not be in a position to give a decision until Sept. 24."
winter2017
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That is a long time for the decision. I want to know that Wayne will get justice and also I want to know that either the inheritance and insurance money will go to next of kin if he is convicted or to the families of victims if not.
I will be disappointed if he is not convicted for murdering his father, but know he is never getting out of prison and he is not getting any money whatever the verdict is.
MistyWaters
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Maybe the topic of the Bosma civil suit should have a seperate thread? I just wanted to mention even if DM is found not guilty of the murder of WM, TBs family doesn’t immediately get dibs on whatever’s left of WMs Estate. The civil suit was indeed filed in May 2015 but hasn’t proceeded to the point that money has been awarded. That could still could take years.
But now I see why the Crown didn’t introduce evidence to prove a viable, rosy future for Millardaire. It’s since claimed bankruptcy and that’d also be likely why DM was later forced to transfer assets to his mother to sell in order to pay off the company’s loans. Had that not occured, the bankruptcy court has the legal right to cease DMs (and WMs) personal property if he signed a personal guarantee when the company’s loans were obtained (very common) if later the company had insufficent assets to pay them off. Between losses incurred by the eventual liquidation of Millardair and legal fees to various lawyers, defence for criminal and civil plus bankruptcy, sadly it’s possible there’s not much of anything left of Carl’s lifetime endeavours.
“.........Court heard Millard has a 50-per-cent stake in Millardair and Millard Properties, with his father’s estate owning the balance.
Those companies are now in court-appointed receivership, which means their assets are effectively frozen.
The Bosma family has filed a $14-million lawsuit against Millard and Smich, but court heard that process remains at a standstill because of the receivership proceedings.....”
Convicted Bosma killer and aviation empire heir Dellen Millard is broke, court hears
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ABro
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I'm always amused when people claim to know the state of Millard's finances. Read Justice Code's ruling from the Rowbotham hearing. No one knows how much money there is because they don't know where the money from the sales of the various properties went. Furthermore we don't know what assets Wayne Millard had or didn't have.
I was at the Rowbotham hearing where the Crown stated their forensic accountants believed Millard could have $2 million or several million north of that.
Millard took the steps he did to try and protect his money. No one forced him to do what he did.
I suspect the reason the Crown didn't make an issue of Millard's finances is because tracing money is very complex and time consuming. White collar crime cases can drag on for months and they didn't want to go down that rabbit hole.
Forest_Wood
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How much money are convicts permitted to have while incarcerated? Is there a limit? If someone is rich on the outside, does that automatically mean they’re rich on the inside as well?
Traymar
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Rabbit hole, hee hee. Sorry, couldn't resist.
MistyWaters
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How federal prisons operate in Canada I think is rather weird but I suppose it’s because our entire system is based on rehabilitation not punishment. It’s only recently that a few criminals including DM have been sentenced longer than 25 years but so far nothing has changed in how prisons operate. The focus is on helping inmates to develop skills in order to eventually re-enter society.
I have a relative who works in a federal prison and the first time they attempted to explain how prisons worked, I admit I was flabbergasted, I had no idea. Or maybe watched too many movies. Inmates don’t bring in money from the outside. Prisons are run much like little communities where inmates get paid to either work or further their education, then they pay expenses including rent and other obligations plus buy basic necessities or treats from the canteen. They also partipate in leisure events, supervised outings, social events, weddings and other celebrations. (Of course, anyone who refuses to cooperate doesn’t get evicted, I suppose they get a free ride instead .)
Much to my chagrin, I’d say it appears prisoners might have it better than many poor or homeless folk who face daily struggles amidst the outside world:-(
But to answer your question, my opinion only, I don’t think the extent of ones personal wealth makes a great deal of difference while incarcerated, especially if one is sentenced to decades as it wouldn’t be directly accessible by the inmate.
All JMO
This is how money is managed inside a prison -
Offender’s Money
MistyWaters
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Regarding a Rowbotham hearing, correct me if I’m wrong but my understanding is the objective is to determine IF the accused qualifies for Legal Aid, as opposed to determining an accurate net worth. Clearly DM is not destitute.
ETA - While it’s not clear what civil court documents The Star is referring to, this report does offer a glimpse into DMs financial situation.
Oct, 2016
“.......In order to facilitate the sales and “minimize any associated stigma” Millard also transferred three of the properties – a house in Etobicoke, a condo in the Distillery District and a condo in Vaughan -- to Burns.
The proceeds of the sale of those properties and others was used primarily to repay a bank loan, Burns states in an affidavit, resulting in the business owing Millard more than $4 million.
(The business owes Millard a total of $3,979,538.54 in return for Millard selling off or re-financing his own properties to pay off a bank loan but, the documents note, given that the business is no longer operational that money is unlikely to be repaid.).....”
Dellen Millard’s tangled financial web | The Star
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Where have you seen that Millardair has claimed bankruptcy?
MistyWaters
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The article I quoted earlier refers to receivership proceedings. A receiver is involved in liquidation due to bankruptcy/insolvency.
“...Court heard Millard has a 50-per-cent stake in Millardair and Millard Properties, with his father’s estate owning the balance.
Those companies are now in court-appointed receivership, which means their assets are effectively frozen.
The Bosma family has filed a $14-million lawsuit against Millard and Smich, but court heard that process remains at a standstill because of the receivership proceedings...”
Convicted Bosma killer and aviation empire heir Dellen Millard is broke, court hears
Receivership / Bankruptcy - Canada.ca
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Kamille
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I believe that bankruptcy is not the only reason why a court would appoint a receiver and freeze assets. I do not believe there is a bankruptcy involved in the seizing of DM's assets. I think it's much more complicated than that.
MOO
MistyWaters
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According to the link, the receivership proceedings involved two companies, Millardair and Millard Properties. It’s by my professional experience that I know principles of a corporation are often required to sign Personal Guarantees when obtaining financing from a bank. The premise is - if those who are involved in operating the business aren’t comfortable in personally guaranteeing the loans, why should a bank trust the company? If that was signed, then it’s entirely possible DM was forced to sell assets voluntarily in order to repay the company’s loans. It’s widely known that involuntary court foreclosured property is most often sold quickly and at a discount.
We know by trial testimony that WM, on behalf of Millardair, had taken out bank loans to pay employees and buy tools, the business had incurred substantial cost overruns and no contracts (income) had yet been signed. After WMs death, DM shut down the business and fired almost all the employees. How would the loans be repaid? The hanger wasn’t immediately sold plus it was reported Waterloo airport demanded compensation for Millardair to back out of its lease. There’s no way any bank would by comfortable by just sitting back with loans in default, watching and waiting. No repayment, no viable business, then the company's debt would be demanded to be repaid and if it was not, the bank would force the company into filing for bankruptcy. This is an absolutely common occurrence when a company has no or inadequate income to repay its debt.
Receivership / Bankruptcy - Canada.ca
Aside from bankruptcy, what do you think is another reason for a court-ordered receiver to become involved?
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