Yacht's up: judge orders boat to drydock until Anne Squires ownership snarl resolved

The boat won't float, until a court can determine who owns it.

A Newfoundland and Labrador Supreme Court judge has issued an order keeping a small yacht linked to Anne Squires on land until a tangly ownership dispute is resolved.

The vessel will remain under the custodianship of the commodore of the Royal Newfoundland Yacht Club in Conception Bay South in the meantime.

A St. John's-based numbered company had requested a court order to keep the boatin drydock.

That company, 51345 Newfoundland and Labrador Inc., is suing Squires.

Greg Kirby, the lawyer for 51345, said time was of the essence to grant the order, because the 35-foot "pleasure cruiser" named Demiss Anne was expected to be back in the water this week.

"The vessel could be gone and there would be no asset for you to chase," Kirby told the court.

Justice Cillian Sheahan granted the preservation order.

Initial$240K loanto Squires

51345 alleges in court documents that Squires borrowed $240,000 from the company. It says the cash was due last July, plus $10,000 in interest.

The company claims the Exit Realty on the Rock owner borrowed another $72,000 in early December, which she promised to repay less than a week later. It says that loan was backstopped by the Demiss Anne.

In February, 51345asked Squires for the keys to the boat a request sherefused, the numbered companysays in court documents.

51345 says Squires has made "some partial payments" related to both loans, but still owes $242,000.

The numbered company is suing her for that amount, and a court declaration that 51345 is the "lawful owner" of the Demiss Anne.

None of those claims have been tested in court, and Squires has yet to file a statement of defence.

Others also asserting ownership

Complicating matters is the fact that two other people are asserting that they are in fact the owners of the Demiss Anne.

According to court documents, Squires's spouse Derek Stapleton is one of them.

Squires was not in court for Tuesday's hearing, and was not represented there by legal counsel.

A process server attempted to serve Squires with documents related to the lawsuit at her Mount Pearl home six times over a four-day period earlier this month.

But in a sworn affidavit, he indicated that no one answered the door, even though there appeared to be people inside.

Squires facing 6 lawsuits, RNC probe

The lawsuit at the centre of Tuesday's Supreme Court hearing is just one of a halfdozen civil actions filed against Squires since the collapse of Exit Realty on the Rock two months ago.

Combined, the amounts being sought are well over$1 million.

• Bank of Montreal sues Anne Squires over loan guarantees
• AccessEasyFunds sues Anne Squires over $510K in advances
• 2 lawsuits claim Anne Squires didn't repay loans

Exit Realty on the Rock was forced into receivership by the Bank of Montreal in February, shortly after the realestate firm had its licence suspended by the province.

• Read more articles by Rob Antle

Squires is under criminal investigation for theft, fraud and breach of trust. The Royal Newfoundland Constabulary executed a search warrant at Exit Realty on the Rock's head office in St. John's two months ago.

Squires is not facing any charges.