The Business Development Bank of Canada is in control of the assets left behind by the bankrupt Great River Journey.

Bankruptcy trustee Richard Robinson told a handful of individuals attending Thursday afternoon's meeting of creditors that anyone interested in the assets should contact BDC.

There is nothing for the 76 unsecured creditors nor the two secured creditors who are next in line to the development bank, Robinson indicated.

Documents filed with the Yukon Supreme Court show outstanding claims by creditors totalling $10.4 million, with $965,000 in assets, including the value of the three wilderness lodges the company built to

anchor its tourism business.

Robinson pointed out BDC's claim alone is in the neighbourhood of $3 million, once the outstanding interest is calculated.

"So at this point in time, it does not look like there will be any money for the unsecured creditors,” Robinson said. "BDC will be dealing with the assets.”

The trustee asked the three creditors and one local lawyer present whether they wanted to an appoint an inspector to watch over the trustee as the affairs of the company are closed out.

Inspectors, said Robinson, are generally appointed when there is some suspicion surrounding the bookkeeping, though that does not seem to be the case with Great River Journey.

There was no call for an inspector.

BDC spokesman Geoffrey King said this morning the three lodges are for sale and have been listed with Redwood Realty.

"People should contact Marj Eschak is they are interested in the properties,” he said.

King said the Lake Laberge lodge has been appraised at $741,000, the Coffee Creek outpost lodge has been valued at $41,000 and the appraisal of the lodge near Pelly Farms is not yet complete.

Thursday's meeting of the creditors was adjourned after some 20 minutes, but not before the president of Great River Journey offered a brief statement.

"I just want to say how regretful I am to be in this situation,” said George Asquith, a Whitehorse lawyer who developed and nurtured the business plan until it officially fell into bankruptcy on Oct. 8.

"However, I do hope at this stage new money will smell the coffee and will step forward and we will be able to see something come of it,” Asquith said. "We can take some pride in having done something quite significant here, and hopefully we will see something continue.

"Thank you, and my regrets.”

Asquith has maintained all along that the worldwide recession broadsided the company just as it was beginning to establish itself in the international tourism market.

In an interview after Thursday's meeting, Asquith said he doesn't know if new money will step forward, but he thinks it will.

During the nine months he was searching for the $2.5 million the company needed to carry the business proposal through the turbulence, there was significant interest, he said.

"Unfortunately, I was not able to convert that into people willing to write cheques,” Asquith added. "The interest is still out there, but we will have to wait and see if it materializes.

"I do not have anything in the works.... It's such an opportunity I can't imagine somebody will not see if for what it is and come forward.”

The Yukon government put up $630,000 in grant money through its business development and tourism programs, but is not a creditor.

A group of private investors including Asquith has claimed $5.1 million as one of the three secured creditors. The group of four local first nations, the third secured creditor, has claimed $1.1 million.

Claims by the 76 unsecured creditors, most of whom are local businesses, total $1.4 million. They range anywhere from $130 claimed by a local water supply company to $712,500 claimed by the federal Department of Indian and Northern Affairs.

Asquith estimated a new investment of $2.5 million – $1 million to buy the assets from BDC and $1.5 million in operating capital – could make the business model work.

Great River Journey was planning to sell high-end tours down the Yukon River from Whitehorse to Dawson City using upscale river boats with some float plane transportation, for $1,000-plus a day.

Asquith said all told, approximately $12 million was invested in developing the business, including the $7 million to $8 million building the hard assets, comprised mostly of the three lodges and their accompanying guestcabins.

But the assets, he pointed out, are only worth what somebody is willing to pay for them.