Time to be judged

Calgary, Canada

#536 May 7, 2012
So do you think Foundation is so worried about getting new management due to what has been hidden, or is it so they can tie a no liability clause in any "deal" we have to vote on? I can't wait until they are out of CCAA so the lawsuits can start! I won't be voting on anything that involves Amnesty!
Poorer In Edmonton

Edmonton, Canada

#537 May 8, 2012
Hey look what a friend sent me.



Anyone know more about RES Motors?

Since: Mar 12

Abbotsford, Canada

#538 May 8, 2012
Poorer In Edmonton wrote:
Hey look what a friend sent me.

http://www.youtube.com/watch?v =SKdl5M0v_I0XX

Anyone know more about RES Motors?
I wonder when RES Motors will be sworn in an affidavit and under which project.
Mitt

Calgary, Canada

#540 May 8, 2012
Lets look at a plan get a vote and decide who runs it. Our investment is being so diluted because of so many parties taking a bite.
I have hope because we do have land in the best part of the world we just have to work through this and hopefully get out on the other side.
Here's saying a pray for us all.

What is the typical DIP financing rate?
Do you think with all this negativity other DIP lenders might just hike their rates?
How long does the DIP financing continue for?
Norma

Calgary, Canada

#541 May 8, 2012
Thanks Ian,my spidey sense can't help but think this is a strategic announcement more than anything. Being months late and with rather uncanny timing without first a shareholder meeting ,which was the agenda previously back in mid January and before this Thursday's announcement of whether they'll be replacing Ron and his cronies from the other four investments. Their trying to demonstrate they have their shat together but no details,in all reality,I think most of us know better at this late point!

QUOTE who="Ian Gomm"]Here's the latest information just released on the FROG debacle.They've gone ahead and hired another energy firm to help grow this sour investment!
I can't wait for the meeting which for the record is now 3 month going on 4 late!

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Nelly-Chilliwack

Chilliwack, Canada

#542 May 8, 2012
Can someone clarify for me what the Olympia Trust letter dealing with FM3 actually means? Received this in the mail this morning indicating if we want the trustee to accelerate the indebtedness under the indenture and commence enforcement proceedings, we need to return the Holders Requisition form. What really gets me is this "Olympia will be seeking funding and indemnities from Bondholders prior to commencing any action."
Concerned

Calgary, Canada

#543 May 8, 2012
Hi Nelly can you tell us a bit more about this FM3 letter? I am not involved but it sounds like more trouble.
Wtf

Edmonton, Canada

#544 May 8, 2012
I got the FM3 letter too! It means that the investors get to vote for Olympia trust to start actions against okko. I say yes, get our money or land , whichever ! Sooner rather than later. So anyone else notice that Noel winters is the director on that company? So he can't manage that project , but yet the investors in the land projects are expecting him to successfully restructure $100 mil in land assets ?
No way , sign the form and send it back to tell Olympia trust to finally start looking out for investors.
Nelly-Chilliwack

Chilliwack, Canada

#545 May 9, 2012
What concerned me is that Olympia Trust "will be seeking funding and indemnities from bondholders prior to commencing action" Does this mean I'm getting a bill in the mail from yet another lawyer? But it looks like if the outstanding interest is paid by June 30th, they will not proceed. They're going to fire sale the show homes at Sullivan Landing and hopefully raise the monies by the end of June. And yes, Noel Winters - what a joke that is!! So I wonder if Res Motors in China really knows what's going in with Ron Aitkens to appoint him director of finance!! His house is on fire and he doesn't have a fire extinguisher.
Margaret S

Calgary, Canada

#546 May 9, 2012
WHAT"S WRONG WITH THIS PICTURE!!

Here we are with a whole sack of piss poorly managed investments,
none of them achieving anything they set out to achieve for the thousand investors,some 300 plus million dollars worth, and here Aiken's off being a VP of Finance for some "Asian" Car Manufacture WTF!!!
I couldn't care less if he's just a figure head and getting paid a nickel or less, he should of been working to get these boondoggles out of the mud and off the ground and on the road to paying a dividend like they were sold as!!

Goes to show his intent was never to see these investments full fill their customers goals ,just his!!
Poorer In Edmonton wrote:
Hey look what a friend sent me.
http://www.youtube.com/watch?v =SKdl5M0v_I0XX
Anyone know more about RES Motors?

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WTF

Edmonton, Canada

#547 May 9, 2012
So what next? FM3 now? Does anyone know anything about FM1 and FM2? Who are the directors on that? Noel Winters again?
up the creek

Vancouver, Canada

#548 May 9, 2012
fourth report of the monitor Ernst and Young is on their website take time to read it all !
Eastern Sentinel

Winnipeg, Canada

#549 May 9, 2012
Nelly-Chilliwack wrote:
Can someone clarify for me what the Olympia Trust letter dealing with FM3 actually means? Received this in the mail this morning indicating if we want the trustee to accelerate the indebtedness under the indenture and commence enforcement proceedings, we need to return the Holders Requisition form. What really gets me is this "Olympia will be seeking funding and indemnities from Bondholders prior to commencing any action."
The FM3C bonds were secured by approximately 35 lots within the Sullivan Landing property. Olympia is the trustee and is empowered with enforcement of the terms outlined in the offering memorandum. They are actually an independent third party and are communicating the available options:
1. Accept the offer by Okko Homes and the recommendation by Noel Winter and FM3C to let them sell the show homes on the property at fire sale prices to generate enough money to pay the interest and keep the mortgage repayment current (while somehow figuring out an "alternate" funding model). This is the DEFAULT option.
2. If investors holding, in aggregate, 25% or more of the $5.4 principal value of the outstanding FM3C bonds send in the bondholder requisition form to Olympia, we will essentially foreclose on the loan and demand repayment of the principal and accrued interest. So a few large investors can sway the vote either way by participating or refraining from calling for accelerated debt collection.

Noel Winter is the president of Okko Homes and he is recommending that we stay the course. He also heads up FM3C, so there is a "potential" conflict of interest. If you don't feel comfortable with that, then seriously consider sending in your requisition to Olympia. However, Olympia will certainly require some payment for legal fees (court costs, lawyers, etc.) which may eventually be reimbursed after foreclosure (if enough funds are extracted from Okko). Also of note is that there is no guarantee of a full repayment of our principal through enforcement proceedings but there is probably less likelihood of seeing the return of our capital without this action.

I strongly suggest that Okko Homes provide a clear, viable plan for a full repayment of capital as scheduled by 2013 (which they have not, beyond paying the accrued interest until the end of 2012) or face immediate foreclosure. This recourse has teeth.
Mitt

Calgary, Canada

#550 May 10, 2012
Shouldn't we the investors decide who a possible CRO would be instead of the UCC deciding for us? Who in the UCC is quailified to decided that Keith Prosser is a fit. I had an email sent to me with Keith Prosser background listed on the OM page 52 on the ASMIC MIC that he is in partnership with Frank Lonardelli's company.
Looks like Keith came from the banking world and Mortgage brokering.
Norma

Calgary, Canada

#551 May 10, 2012
Any word on this afternoons court proceeding to see if they punt Roy Aikens to the Curb!! Please let there be come semblance of common sense amongst the court!
Ernie

Meadow Lake, Canada

#552 May 10, 2012
These guys are only looking after their own best interests and are going to stick together through thick or thin and forget all about the investors. I agree with WTF when he says that Noel Winters CAN NOT after his own investors but he is the right guy to not only save our investments but also our souls. Thanks Noel we really really aprreciat your hard work and taking good care of us!!!!! I also agree with Mitt all these guys are connected one way or another. Why is the UCC "the only game in town". Why haven't the police been called and why aren't we finding someone from one of the major players in land development to manage this mess. Tommorrow I am meeting a class action lawyer before all of these companies go down. Time to derail this train and stop this SHIT SHOW!!!
Concerned

Calgary, Canada

#553 May 10, 2012
This was on the UCC website

Court Update
May. 10, 2012, 05:05PM

The UCCs application for a CRO was dismissed, but the court decided to increase independent oversight and enhance the power of the monitor to try to resolve the various issues that are outstanding.
Poorer In Edmonton

Edmonton, Canada

#554 May 10, 2012
So let me get this straight, so the CRO didn't get appointed?!!?! But the super expensive monitor just got more hours? The one who also needs a lawyer involved in every meeting? Plus we still have to pay Ron's salary?

Wow, nice work vote no for the CRO people! So instead of saving money each month we have just tripled or quadrupled it! There goes what is left of my investment!!!
James

Edmonton, Canada

#555 May 11, 2012
They did not act alone, the "advisors" that sold it did not do their homework, as professionals. Pinnacle Wealth Brokers, formerly "Alberta Land and Investment Brokers", sold millions of Foundation and Harvest Group, and is still defending them. "Solid Financial" out of Red Deer Sold Millions as well. Foundation was only one of the debacles that that have come from those investment dealerships. Ask your financial guy if their dealership has sold failed investments before you invest. Many groups just want the commission without the responsibility.
patsy

Calgary, Canada

#556 May 11, 2012
Court Update
May. 10, 2012, 05:05PM
The UCCs application for a CRO was dismissed, but the court decided to increase independent oversight and enhance the power of the monitor to try to resolve the various issues that are outstanding.

What a sad commentary on our justice system. The victims continue to be victimized. The court becomes an accomplice.

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