Brokers who are owed finder's fees from Abode Mortgage Corporation won't be getting paid, the lender disclosed to CMP.
"Abode ceased operations in late 2009 due to enduring pressures from the capital market disruption and the revocation of credit facilities from our corporate bank," Abode chairman David Nelson said in a statement. "It is with regret that I confirm these unfortunate actions have left Abode without the financial means to satisfy its obligations. We pass on our sincere apologies to all affected by this unfortunate outcome."
The company also said that as a policy, it does not comment publicly on creditor issues.
Abode previously stated it would try to find a purchaser that would help pay outstanding broker fees which have been in limbo since the company first announced its closure at the end of November. It closed permanently on March 9.
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