The Opinion of the Advisory Board



Gerry Kolaitis

Basile Angelopoulos

Bill Balabanos

Dr. Apostolos Papageorgiou

Jerry Analytis

Voula Neofotistos

Dimitrios Filippou

John Charalampopoulos


Whereas the Hellenic Community of Greater Montreal (“HCGM”) has received from Tidan Inc. for an on behalf of a nominee (“Tidan”) an unconditional offer to purchase the land and the rights to the emphyteutic lease for the property situated at 8-10 Sherbrooke Street West, Montreal Quebec (the “Property”) in the amount of $10,000,000 (the “Tidan Offer”);

WHEREAS the HCGM has also received a conditional offer to purchase the Property from Nicolas Tsatas on behalf of a company to be incorporated in the amount of $10,200,000;

WHEREAS both offers to purchase were presented to the members of the Advisory Board;


THAT given the serious financial situation of the HCGM and the cash flow restrictions it faces on an annual basis;

THAT given the nature of the Property and the mission and mandate of the HCGM along with the current and future needs of the members of the HCGM;

THAT given the extensive efforts and negotiations undertaken by the administration of the HCGM in order to obtain the most favorable conditions for the sale of the Property and in order to maximize the sale price for the Property;

THAT given that the sale would permit the HCGM to pay off all its debts for the first time in generations thereby permitting the HCGM to concentrate on the furtherance of its mission and in providing more services to the members of the Greek community at large;

THAT given the Tidan Offer is unconditional and binding;

The Advisory Board hereby recommends that the HCGM proceed with the sale of the Property to Tidan.

September 21st, 2018


Voula Neofotistos, Secretary