Foundation Capital Harvest Group of C...
Hang em High

Edmonton, Canada

#582 May 15, 2012
In the above I meant to say that all the agents who are still sticking by Ron might also be targets for law suits.
person of interest

Airdrie, Canada

#584 May 15, 2012
KMA posted:
Did you "Kyle" get permission to post on here before doing so? Im guessing not, and if you did, who gave it to you? The UCC lawyers???

I have never seen KMA before. Sing along for the ride....KMA...KMA...KMA...Cham eleon? Who are you hiding behind?

I think we should worry more about who gave King Ronnie and Prince Olaf permission to steal our money. The least of our worries should be a post by Kyle Brown to clarify an error.
WTF

Edmonton, Canada

#585 May 15, 2012
So that Ron could use everyone else's money for his own defense attorneys! Did anyone hear how many lawyers Ron had in court! That's just speculation, but really if he doesn't plan on being in management after the CCAA why is he so hell bent on being involved now. I don't get it. Please someone explain to me why he hasn't moved onto his island in Panama yet!!!??

Oh, and to KMA... why would Kyle have to ask permission from anyone to clarify his own personal information. He didn't seem to be communicating on behalf of the Committee. Should he ask the Monitor if he can make personal comments about himself on FACEBOOK too?
Other Projects wrote:
So if they don't have a plan how are they able to come out of CCAA? Why did they even go into it if nothing has changed?
WTF

Edmonton, Canada

#586 May 15, 2012
BTW... has anyone started filing complaints with the Securities commissions about these clowns? The Agents? Ron? Has anyone contact a lawyer about class action? If so, please share your info.
Hang em High

Edmonton, Canada

#587 May 16, 2012
Please see the Monitor for Application files and affidavits filed last week regarding FM1 & FM2 and Four Squared. Can someone who understands, please explain what the hell is going on there?

Four Squared is made up of Winter, Tinker, Bennetson and Lonardelli as directors. All either current or past insiders of Harvest. Contracted by FM1 & FM2 to consult on solutions for their financial issues.

Am I reading this right? Now Four Squared is forcing FM1 & FM2 into CCAA because they haven't been paid their fees, and are demanding payment from FM1 & FM2? Also legal fees and payment will be deducted from the assets of FM1 & FM2?

Good God, is there no end to this shit show? Unfortunately for us I think there is much more crap to come!
Voice of reason

Canada

#589 May 16, 2012
The ucc is without question the best thing that has happened in this grim event. I am a character reference for Nicole Shurko, as one who knows her very well I can verify that she cares deeply about her investors, and has more integrity than most advisors I have met. When one foot is on sinking sand you don't put the other one in.

Ron will not get this back on the rails, think about it, seperate emotion from fact and realize a the truth; Ron is a crook plain and simple.
Ernie

Meadow Lake, Canada

#590 May 16, 2012
It is time to stop the bleeding and take back control.... I have talked to a lawyer who is to get back to me after a chance to check up on a couple of things. Let me assure you that we will not hear much from the securities commisions other than we are aware of it. We can no longer speculate if or when these goof balls will get out from under Creditor protection let alone be able to find their way to the shit house. I for one believe the only solution short of--better be careful what I say but use your imagination is make so much noise about this mess that these guys go drectly to jail and that the media in every province in Canada is made aware of what the fart is going on. My message to Ron et al is simple don't play mind games with us after all you already have stolen our money. I hope we aren't niave enough to be lead down the garden path and that we sue their big fat asses off and go into salvage mode on our developments which don't have much to salvage at this point. This has been a great forum for us to share our concerns and our issues but the time has come for us not to rely on others to do what needs to be done. I don't give a f--k about anything other than fixing it and the fixing starts here and now. I know there are other groups that have plans to do this or that but unless it has a direct link to the investors having complete and total control of these investments lets not waste our time for its costing us mega buckes to keep this shit show going. Then if we screw it up at least we only have ourselves to blame. A relative of mine who farms said to me when talking about the Canadian Wheat Board "if CWB sells my grain and they screw up they won't take the blame but if I have control of my grain and I screw up it is my fault and I would prefer to be in contol of my own destiny" I think this is a parrell of where we are. I was a business person for most of my life and I think I could do a better job manageing these assets than Dumbo and his clowns. Am I pissed you bet so when I hear from my lawyer I will let you know. Our mantra should be -NO MORE TIME AND GOOD RIDENCE TO THE RUbbISH!!! Those of you who think we should stick with the Status Quo are either members of the staff at Harvest or dilussional and if you don't like what you read SUCK IT UP PRINCESS. This is neither a fairy tale or a dream, it is the biggest fraud ever!!
Norma

Calgary, Canada

#591 May 16, 2012
My exact thought as well...Where do I sign Up Ernie, the UCC has all the contact information :))

"This has been a great forum for us to share our concerns and our issues but the time has come for us not to rely on others to do what needs to be done"
Ernie

Meadow Lake, Canada

#592 May 16, 2012
I am the only Sask. investor so far but if you want to contact me my e mail is [email protected] I was reading the monitors stuff and it sickens me to think that these guys who once worked for Harvest at one time or another are still involved and they call it "ARMS LENGETH". Well boys and girls my arm lengeth is 32inches and I am coming at you on my own or with a group of investors. I have already talked to a major news agency. Lets hang em high!!!
Nelly-Chilliwack

Chilliwack, Canada

#593 May 16, 2012
Thanks "Hang em high" - I did read the affidavit and shocked is an understatement! My agent clearly told us that the FM2 and FM3 we invested in were "asset backed" - apparently that was incorrect! And then to see 14 million and 16 million raised and absolutely nothing...no land and no money left...is beyond belief!! What the heck??? The whole Harvest Capital has deception and outright fraud written all over it and I for one am done! I'm in total agreement with Ernie on this one - time to call in the brigade!! Just show me how to make some noise and send them to jail as far as I'm concerned! They can bunk up with Earl Jones!!
Ernie

Meadow Lake, Canada

#594 May 16, 2012
Hi I just e mailed our Premier Brad Wall as some of his family from Swift Current Sask appear on the creditors list for either legacy or airdrie. You can find it at E and Y monitor site.
Next will be my new MLA that I often see and have gotten to know from the local golf course. I suggest start there and then your local media. Maybe send a note to W5 as I did and the more that do they will get it out.
Investor from the North

Grande Prairie, Canada

#595 May 16, 2012
This forum has been a great tool to be able to communicate with other investors. I'm with you on this Ernie..... we'll be waiting for further details.

Since: May 12

Location hidden

#596 May 17, 2012
Everybody needs to read the May 7, 2012 affidavit of Ralph Bennetsen.It is found in the Ernst & Young documents website in Foundation Group CCRA under Motions, May 10 application.
Mr. Bennetsen has filed the application to have FM1 and FM2 to be liquidated in bankruptcy and to skip the CCRA.
He has done this at great personal cost as he will never collect his legal fees for the filing or what he is owed from a bankruptcy. He filed it to be able to circumvent the confidentiality clause in his consulting agreement. Obviously he is morally sickened from what he saw.
In reading the affidavit, you can conclude;(1) All of this is a Ponzi scheme- money is collected from the latest investor to pay the earlier investor;(2) The General Partner is insolvent and somebody needs to be appointed to take control;(3) tens of millions have been lost but if the investors act now they might get less than 20 cents on the dollar;(4) The investors in the Cimmarron project will lose everything as it appears their $3 million is the only money that keeps everything going but no land has been acquired.This is the one instance where the RCMP fraud can see money taken for one purpose and used totally for another purpose;
As most individuals invested less than $25,000, they would better to just walk away because getting a lawyer to chase the money would not pay. Someone needs to get a class action lawyer involved.
In any event, thanks to Ralph Bennesten for his work and setting out a path for investors.
In time everything will be in bankruptcy and at most the investors will get pennies on the dollar.
The only other funds left for Aitkens to take are the FROG funds. The Trust unit holders better realize that if the FROG has to pay millions in damages to NEO, the trust holders can be required to contribute more money if the FROG is insolvent because they could be individually liable.
Hang em High

Edmonton, Canada

#597 May 17, 2012
I set aside some time to study the documents on the monitor site. So the affidavit by Ralph Bennetson was filed to the courts on May 7th so I am assuming Justice Romaine had a chance to review it before the court date on May 10. On May 10th Four Squared also filed an application that supported the UCC application to replace the CRO, so it appears that Ralph Bennetson is now on our side. This is "BIG" news for us! I wonder what other kind of Harvest inner workings Ralph could share with us!

If you read Ralph's Affivait thoroughly (it's a long 115 page document) you'll see some emails in there that kind of airs Aitkens dirty laundry, and reveals a bit of how Harvest operates, and a whole bunch of evidence on how inept Ron Aitkens' real estate purchases really were. I don't remember exact details but I think it was the Calmar property (asset of FM) where Aitkens paid about $2.5 million more than appraisal at that time, which was also the height of the market. It's not just that one, he screwed up on every property that are FM1 and FM2 assets.

The Four Squared report part of the affidavit of Ralph Bennetson pointed out lots of improprieties on the part of Aitkens. Unregistered mortgages, improper and unrecorded loans, money short falls, the list goes on.

The overwhelming evidence of Aitkens' behaviours from the UCC and Ralph Bennetson's affidavit,(which is very damning for Aitkens,) the 4 Squared application backing UCC application, even the monitor's reccomendations were ignored by Justice Romaine in her decision. Doesn't make sense to me.

IMHO there is enough evidence in just FM1 and FM2 to warrant RCMP involvement, not just SEC and their toothless powers.

I also agree with Ernie, make as much noise as you can about this. Call your MLA's, email Premier Redford, call your favorite media outlet. If enough people make enough noise maybe we can get somewhere.
Hang em High

Edmonton, Canada

#598 May 17, 2012
Rodin the Thinker, you must have been writing while I was posting so I didn't see your post before I posted mine.

I totally agree with you on everything you say!!

I wasn't at any FM1 or FM2 presentations so I'm not sure what was promised there. I would think the promise would be that revenue producing real estate would be purchased to pay the promised 11% return. As it turns out none of the properties were revenue producing but are speculative, and all are mortgaged beyond their actual worth it seems. I think that some of the monies left over from FM1 and part of the money raised for FM2 were used to pay the 11% return promised investors, until the money ran out. You're right, this seems to have "PONZI" written all over it!

The sad part is, this only only a small part of this mess.
Investor from the North

Grande Prairie, Canada

#599 May 17, 2012
I read the Ralph Bennetson affidavit last night. This is one big mess and I agree that it's time to make some noise about Aikens and his gang of thieves! I will be emailing our MLA and Premier Redford and hope that other investors will do the same. Thanks to Rodin the Thinker and Hang em High for your wisdom. It takes alot of time to read and review those affidavits and certainly helps when others are able to share their knowledge and expertise. Right now I'm feeling very used and abused by Aikens and company!!
Ernie

Meadow Lake, Canada

#600 May 17, 2012
Hi Rodin and Hangem Im not quite as confident about Benneston because i read those notices as well and believe there is still a relationship between him, Aitkens et al. My thinking is this he has a direct link to the gong show via his partner Noel Winter. As i read this my gut was telling me that he has absolutely no interest in helping the bond holders or anyone else. Yes they may take a hit but Lonardelli, Tinker, Winter and Ralph are looking after themselves and maybe, just maybe there is another arms length arrangement that we aren't aware of connecting the dots including Ron. I started making a list of who should be included in any class action suit while laying in bed and I am up to 31 names. I would ask you to do the same because my gut tells me we are about to get forgotten once again. do you realize the guy in charge of Olympia Trust is the same guy in charge ofof Eyelogic. Also Four Squared sure would have receivedextremely huge managment fees based on 5% of the total raised. The worst part for me is kknowing that buddy Noel is trying to be our saviour.

Since: May 12

Location hidden

#601 May 17, 2012
Ernie: Ralph Bennetsen has one of the best law firms in Calgary. If Ralph had any connection to the others and/or any potential civil or criminal liability they would not have let him file such a damning affidavit.
As for a class action, the securities sales people need to be included in same manner as they would have insurance or asset to pay a judgment.
Somebody needs to find a class action attorney and start herding the investors .
Aitkens' assets are probably well protected. He was in the Panama which can be a haven for asset protection.
The MLA's need to investigate the total failure of the Alberta Securities Commission in this and numerous other Ponzi schemes that have come to light in Alberta.
Nelly-Chilliwack

Chilliwack, Canada

#602 May 17, 2012
Rodin The Thinker: would a class action include investors in FM2 and FM3 as well considering that Olympia Trust is the trustee and has given Okko Homes until June 30th to make up past due interest payments? Not sure what the course of action needs to be with those investors. And what role would the agents who sold these investments play in a class action suit?

Since: May 12

Location hidden

#603 May 17, 2012
The investment adviser is responsible for understanding the investment and making sure it is appropriate for the investor. Any loan to a land aggregator or developer who has no source of funds except for the future sale of the land is highly suspect. The adviser should have looked at the land, considered its value and considered if it could be sold for what would be owed against it in the future.In all these deals there was "lift" or "markup" or "ripoff" that made the land too expensive and doomed to fail.
The agents should be responsible for the loss.
As for FM3 get the property foreclosed on and into the name of the trustee then get a new trustee that is selected by the investors and not Aitkens' cohort. It would be interesting to find out if there are guarantees on the FM3 mortgage

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