Foundation Capital Harvest Group of C...
Concerned

Calgary, Canada

#437 Apr 17, 2012
I found that Azimuth risk management ltd is the dip lender so I did a search for them on Google.

AZIMUTH RISK MANAGEMENT LTD. Named Alberta Corporation Incorporated 2009 DEC 14 Registered Address: 5799 - 3 STREET SE, CALGARY ALBERTA, T2H 1K1.

So I search for that address 5799 - 3rd ST SE, Calgary Alberta. Then I found this.

http://foxbridgegroup.shuttlepod.org/Default....

That can't be the same David Murphy that is the consultant can it?
Sleepless in Sylvan

Canada

#439 Apr 17, 2012
I believe I heard at the meeting in Red Deer Harvesy IS providing the DIP financing. Does anyone else remember hearing this?
Is that fish I smell

Red Deer, Canada

#440 Apr 17, 2012
For all you agents out there!!! Seems that many of you have large dollars invested in these projects personally. Maybe it is time you got on board the UCC train and put an end to the shenanigans of Ron and his cohorts. Face it you have been duped by a master manipulator!!
Would you be happy with .25 cents on the dollar for what you have invested? Let's stop this nightmare before any more money goes down the Foundation Capital tube.
The longer you spread your meaningless propaganda in an effort to protect Ron and his cohorts the less credibility you have. Cut your losses and put your limited knowledge of what is really going on to good use in ousting this crook!
At the end of the day your clients would respect you more if you admit that you also made a mistake in trusting this monster and direct your energies to being part of the solution.
Patsy

Canada

#441 Apr 18, 2012
50 Shades of Grey E. L. James
100 Shades of Incest I. M. Harvest
Concerned wrote:
I found that Azimuth risk management ltd is the dip lender so I did a search for them on Google.
AZIMUTH RISK MANAGEMENT LTD. Named Alberta Corporation Incorporated 2009 DEC 14 Registered Address: 5799 - 3 STREET SE, CALGARY ALBERTA, T2H 1K1.
So I search for that address 5799 - 3rd ST SE, Calgary Alberta. Then I found this.
http://foxbridgegroup.shuttlepod.org/Default....
That can't be the same David Murphy that is the consultant can it?
sigh

Lacombe, Canada

#442 Apr 18, 2012
with the way things have been going, not surprising at all that it appears the same people who got us into this mess are going to be financing us out of it - WITH OUR MONEY! and all while they make 11% off lending us OUR MONEY! brilliant actually (on their part). I have been doing more digging on Eyelogic, Olympia, Target Capital and some of the other ventures linked to Foundation and Capital and see that the same names pop up in articles involving Shire Holdings, Prestwick Capital.......... I haven't quite decided if Eyelogic/Olympia makes really poor business decisions and keep getting involved in ventures that go bust or if there is something more sinister going on. There seems to be a pattern and there is no way in h*ll I will ever invest again with a venture that is remotely connected with Eyelogic/Olympia. Bit to cozy for my liking.
Hang em high

Sherwood Park, Canada

#443 Apr 18, 2012
Poorer In Edmonton wrote:
I think we are all dips for letting this DIP go ahead. We shouldn't be paying for something AGAIN to be developed after 5 years of overpaying for management fees. He is spending what is left of our investments. If you paid someone to build you a house, and they spent hundreds of thousands of dollars doing nothing and then said ok give me more money I will do it now? They would have their pants sued off!!! What is the difference here? What makes you think they can do it this time? Am I missing something?
It's even worse that that. Aitkens sucked all the money out of the syndicates to put them in the CCAA mess. Now he's lending the money back to us at the same or higher interest rates to get the syndicates out of this mess.

So in your house analogy, he already spent all the money he was supposed to use to build your house. Now he wants to lend the money he already stole from you, lend it back to you at high interest rates so he can maybe build it.

If he can do this legally, there is something terribly wrong with our legal system.

We should complain to the Alberta Attorney General, The Federal Justice Minister and even the Prime Minister.

I will post their names and email addresses in a post later.
we have got to get some attention at higher levels on this whole sordid affair.
Iam Gomm

Calgary, Canada

#445 Apr 18, 2012
Brilliant !!!
Jim wrote:
It is incomprehesable that these investments should be in the state of disrepair that they are in.
The majority of these funds raised was already in Ron Aiken's bank when the stock market meltdown and financial crisis that played out in late 2008 and early 2009.
Investors the world over would recommend further purchases of equities and/or some re-balancing towards those funds.
So when the Canadian market was down 18% in the third quarter (and 22% from its high),people were already moving into buy mode.
The capital did not need to be raised,that uncertainly would of been difficult for people to cough up the money,but The Harvest Group had already
sold us on their vision!
The coming years would of been a perfect time to get on development of these lands,not sit around for five years. Workers were abundant,construction prices were down,planners,developers sitting on their hands and these guys had the gull in some cases to move this money into even higher risk areas such as Panama!!
The sole reason we purchased into these investments (land)here was we were confident about the local economy and knew first hand things were better here than almost anywhere in the continent let alone the free world!
After severe market declines, it’s time to expect more from the next few years, not less!!
Anyones portfolio has benefited from the ‘up’ volatility that inevitably follows the ‘down’.
“You make most of your money in a bear market: you just don’t realize it at the time”
The truthful facts here,be it hard to stomach for some of the faithful followers,is that Ron and these guys have done nothing with our capital in this opportune time period.Now they are begging us for the opportunity to kick start this investment,can't see that happening, especially since they have nickeled and dimed us to mere dollars and cents left in the bank account,to now want us to fiance their borrowed money with high interests rates on what is our land and was our money in the first stages of this project!
Do we really want this same (group)to sell us our property back to us!!
My fortitude say's I think NOT!!
Patsy

Canada

#448 Apr 18, 2012
Well said. Agree.
Jim wrote:
It is incomprehesable that these investments should be in the state of disrepair that they are in.
The majority of these funds raised was already in Ron Aiken's bank when the stock market meltdown and financial crisis that played out in late 2008 and early 2009.
Investors the world over would recommend further purchases of equities and/or some re-balancing towards those funds.
So when the Canadian market was down 18% in the third quarter (and 22% from its high),people were already moving into buy mode.
The capital did not need to be raised,that uncertainly would of been difficult for people to cough up the money,but The Harvest Group had already
sold us on their vision!
The coming years would of been a perfect time to get on development of these lands,not sit around for five years. Workers were abundant,construction prices were down,planners,developers sitting on their hands and these guys had the gull in some cases to move this money into even higher risk areas such as Panama!!
The sole reason we purchased into these investments (land)here was we were confident about the local economy and knew first hand things were better here than almost anywhere in the continent let alone the free world!
After severe market declines, it’s time to expect more from the next few years, not less!!
Anyones portfolio has benefited from the ‘up’ volatility that inevitably follows the ‘down’.
“You make most of your money in a bear market: you just don’t realize it at the time”
The truthful facts here,be it hard to stomach for some of the faithful followers,is that Ron and these guys have done nothing with our capital in this opportune time period.Now they are begging us for the opportunity to kick start this investment,can't see that happening, especially since they have nickeled and dimed us to mere dollars and cents left in the bank account,to now want us to fiance their borrowed money with high interests rates on what is our land and was our money in the first stages of this project!
Do we really want this same (group)to sell us our property back to us!!
My fortitude say's I think NOT!!
WhatThe

Calgary, Canada

#449 Apr 18, 2012
I have been trying to get to watch the video that the UCC posted online and finally got a link... thought I would share. You don't need to login to watch it now.
http://www.foundationinvestorsucc.com/VideoPr...
Also, there is the powerpoint and Kyle Brown's affidavit from court . I think you still have to go to the Ernst & Young site to get all the other links.
Other Projects

Edmonton, Canada

#450 Apr 18, 2012
Maybe we should get a group of investors to do the DIP at 8%?
Time For A Change

Canada

#451 Apr 18, 2012
Other Projects wrote:
Maybe we should get a group of investors to do the DIP at 8%?
That would be the only foundation project that would ever return a profit to investors.

Good idea though.
SpokeInRedDeer

Airdrie, Canada

#452 Apr 18, 2012
YES CONCERNED you and everyone of us should be CONCERNED!

For all the lamb who are in the Harvest slaughtering line up and the brain washed agents who are absolutely clueless about what the sold.

We are going to get screwed again!

As I said after I met with David Murphy in Red Deer and got continually harassed for my votes, David Murphy is a vulchur!

I bet my last dollar that David is going to offer the new DIPS lending from his shell co Azimuth at double digest rates and I bet my last dollar there will be a fee on top of that to boot.

Let's call it 13 to 14%!!!!!!

Is anyone listening?

My accountant friend from MNP knows this clown and told me he was a Vulchur just the kind of guy Ron hangs out with. we are going to get screwed again....but some of you still like getting screwed eh?!

I stood and said we need a CRO in Red Deer and a few idiot reps said; "let's give Harvest another chance" like the dim witted Eric Everett and his bozo partner Harold Rands who are so loopy, I have no idea they can actually be out there giving financial advice.

Paul Hayes, you are an absolute disgrace and let us all know what credentials you have in finance? Perhaps you can pay all the interest payments we are racking up with this team you are so fond of!?

I can't believe how dumb we are to allow this fleecing to take place!

I'm calling the Herald, I'm calling the ASC because this has to STOP!!!!!

Every dollor we spend on these jokers is more of our money down the drain, we don't need DIP financing, we need to take back our lands!!!
Calgary Investor

Calgary, Canada

#453 Apr 18, 2012
Randy_N wrote:
Am I correct in saying that FC made their case in court today saying that they have a plan for the DIP financing still thinking they are going to be kept on as managers? Sorry, I haven't had a chance to read the new material yet of which I will.
I don't think they necessarily think will stay on as managers, at least according to the recent filings where they say they intend to hire a Board of Directors made up of current bondholders. The Board is the body that typically hires the CEO of a company, and then the CEO along with consultation with the Board usually brings in other senior management positions. But at the moment, the ONLY management on the Legacy project at least is Aitkens, so that management needs to continue to keep working on things like ensuring money is there to keep paying the bills until current management is replaced. Of course the UCC's proposal to instill a CRO as soon as possible was designed to replace current management (e.g. Aitkens).
Calgary Investor

Calgary, Canada

#454 Apr 18, 2012
Concerned wrote:
I found that Azimuth risk management ltd is the dip lender so I did a search for them on Google.
AZIMUTH RISK MANAGEMENT LTD. Named Alberta Corporation Incorporated 2009 DEC 14 Registered Address: 5799 - 3 STREET SE, CALGARY ALBERTA, T2H 1K1.
So I search for that address 5799 - 3rd ST SE, Calgary Alberta. Then I found this.
http://foxbridgegroup.shuttlepod.org/Default....
That can't be the same David Murphy that is the consultant can it?
Yup! Same David Murphy. The same David Murphy who at the recent Calgary Harvest meeting said he felt uncomfortable with Keith Prosser because of his potential relationship with Frank Lonardeli, who he was also uncomfortable with because of Frank's previous relationship as in insider with Foundation/Harvest. Yet this same David Murphy apparently doesn't have a concern with his fellow consultant, Noel Winter, who we all know has a close relationship with Foundation/Harvest through his management position in Foundation Mortgage 3, which planned to or has invested money raised through that offering into companies in which Mr. Winter is a founder. Same guy.
WhatThe

Calgary, Canada

#455 Apr 18, 2012
Yup.. Dave Murphy - is Azumeth wants to be the DIP lender. 11%+ 2% commitment fee. Does that mean 13%. How does no one see the conflict? Would he want to move the project on quickly... would you if you were making 13% interest? Wow... 8% investor led... i'm in if none of these guys are. Oh, wait, I don't have any money, Ron has it all!

Also, who picks the Board of Directors or decides who will be on it? We already know that the agents have been brain washing their investors. If they have the highest amounts invested will the agents be the board of directors? Or their best clients who they can then get to vote Ron is as the CEO!!! Imagine that!
I still don't get why any link to past management is a bad thing - especially if the letter from Chris Burrows?? was correct and they all left because of the wrong doings!
Wow... I say get Ron out CRO as soon as possible, there needs to be someone there that is not one of Ron's!
PS... Hats off to SpokeinRedDeer!!! Great comments
investor

Waterloo, Canada

#456 Apr 18, 2012
SpokeInRedDeer wrote:
YES CONCERNED you and everyone of us should be CONCERNED!
For all the lamb who are in the Harvest slaughtering line up and the brain washed agents who are absolutely clueless about what the sold.
We are going to get screwed again!
As I said after I met with David Murphy in Red Deer and got continually harassed for my votes, David Murphy is a vulchur!
I bet my last dollar that David is going to offer the new DIPS lending from his shell co Azimuth at double digest rates and I bet my last dollar there will be a fee on top of that to boot.
The lawyer for the companies did mention another 2% in relation to the new DIP financing. I didn't catch what exactly it was for so that's why I didn't mention it in my original post. Could be a fee on top of the 11% interest. I don't recall how these things are usually structured.
Let's call it 13 to 14%!!!!!!
Is anyone listening?
My accountant friend from MNP knows this clown and told me he was a Vulchur just the kind of guy Ron hangs out with. we are going to get screwed again....but some of you still like getting screwed eh?!
I stood and said we need a CRO in Red Deer and a few idiot reps said; "let's give Harvest another chance" like the dim witted Eric Everett and his bozo partner Harold Rands who are so loopy, I have no idea they can actually be out there giving financial advice.
Paul Hayes, you are an absolute disgrace and let us all know what credentials you have in finance? Perhaps you can pay all the interest payments we are racking up with this team you are so fond of!?
I can't believe how dumb we are to allow this fleecing to take place!
I'm calling the Herald, I'm calling the ASC because this has to STOP!!!!!
Every dollor we spend on these jokers is more of our money down the drain, we don't need DIP financing, we need to take back our lands!!!
The lawyer for the companies did mention another 2% in relation to the new DIP financing. I didn't catch what exactly it was for so that's why I didn't mention it in my original post. Could be a fee on top of the 11% interest. I don't recall how these things are usually structured
Calgary Investor

Calgary, Canada

#458 Apr 18, 2012
Been reading the latest Monitor's report - http://bit.ly/HUBXNr Interesting tidbits in it.

Forecast cashflows for April 1 - June 30 for the four projects under CCAA include $1.244 million as Management Fees per the Offering Memorandums. Wonder who that goes to? Who is management of all these four entities. For Legacy it's only Aitkens.

Consulting fees in the amount of $105,000 for Noel Winter and David Murphy.

Development Costs in the amount of $200,000 for concept plan submission (presumably the plan for Legacy and Airdrie that Noel/Ron/David said at the last meeting "is all ready to go") and carrying costs. If the development plan is all ready to go, what is the additional 200,000 for. Filing fee's at Rockyview aren't that much.

And yes, the report says its likely Azimuth who will providing the new DIP financing, as well as replace the DIP financing that Harvest put in originally.

Lots of other good info in the report too.
Calgary Investor

Calgary, Canada

#459 Apr 18, 2012
Oops, my bad. Made big error on my previous post. The total management fees for the projects til June 30 is projected at $180,993, NOT 1.233 million. That number is the total amount of DIP financing they think will be needed for all four projects til June 30. Sorry for the error.

Since: Mar 12

Abbotsford, Canada

#460 Apr 18, 2012
The DIP financing is only needed if Aitkens remains as manager correct? If he and his band of merry men are ousted and a CRO is appointed then is financing still needed or is funding for the projects now dependent on Aitkens paying back monies owed,as instructed by the monitor, for the projects to go ahead? If DIP financing is only associated with Aitkens, let him take a loan out at 11% to pay back what he owes to the projects. With Aitkens out, there goes the need for the DIP, exorbitant management fees and the nepotism. If the CRO tells the bond holders that financing is needed in the interim, then a separate entity can be used ensuring no association with Aitkens and his cronies. Does that sound too easy? Remember, if Aitkens and the DIP are used, the DIP provider will have first security ahead of the original investors. Time to pull the feeding tube.
WhatThe

Edmonton, Canada

#461 Apr 18, 2012
Randy_N wrote:
The DIP financing is only needed if Aitkens remains as manager correct? If he and his band of merry men are ousted and a CRO is appointed then is financing still needed or is funding for the projects now dependent on Aitkens paying back monies owed,as instructed by the monitor, for the projects to go ahead? If DIP financing is only associated with Aitkens, let him take a loan out at 11% to pay back what he owes to the projects. With Aitkens out, there goes the need for the DIP, exorbitant management fees and the nepotism. If the CRO tells the bond holders that financing is needed in the interim, then a separate entity can be used ensuring no association with Aitkens and his cronies. Does that sound too easy? Remember, if Aitkens and the DIP are used, the DIP provider will have first security ahead of the original investors. Time to pull the feeding tube.
Yup.... I agree. Get Ron out, any money spent is better than more money going into Ronny's pockets!

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