Foundation Capital Harvest Group of C...
Ernie

Meadow Lake, Canada

#77 Mar 29, 2012
thank you for your help. It worked
Calgary Guy

Calgary, Canada

#78 Mar 30, 2012
*** The following will be presented in two sections due to it's length:

I attended the meeting last night – presiding was the new project manager Neil Winter (although that name does ring a bell from the past). Ron Aitkens was actually in attendance as were Nicole and Kyle from the UCC Investors Group and a rep from E & Y. There could have been a lawyer there too but wasn’t sure. The notice for this gathering was sent to the 100 largest investors in the Airdrie and Legacy projects as a start … practice perhaps? This was Noel’s decision although anyone is always welcome to attend (if they know the meeting is going on). I would say there were about 50 to 75 people in attendance?? Noel presented his slide deck and Foundation’s side of the story. Based on their actions from the past I personally found it extremely difficult to believe 100% of what was being said - Bitten Once, Twice Shy on my part – but I’ll take them at 80% of their word. It’s not necessarily what they say, it is what they DON’T say – ie there is sour gas well on a property.
AIRDRIE: there has now been a high pressure water line brought in that runs exactly adjacent to the Airdrie property to service the area of Balzac. Only 1/3 of its capabilities are being used at this time so getting approval to tap into it should be do-able. Borders of Airdrie, Balzac and the MD of Rockyview have all been redrawn over the years. We are still sitting in no-man’s land but Noel seemed to think he could petition Balzac to expand its area to include our land. In looking at the map presented, I am not sure why this wasn’t done in the first place. The sour gas well is there and is termed as a ‘class 1’ well which means it is deemed to be on the lower end of the scale as far as toxicity of a sour gas well goes. The scale is from 1 to 5. Apparently there are areas of Calgary (eg Whitehorn) where these wells still exist. They are usually surrounded by commercial or green space – no housing. Nexxen has a five year plan to shut in a bunch of their wells due to low production – this well is not in that plan but plans can change. Two recent appraisals have been done on the land – both came in at $24K per acre. One of them mentioned that the gas well did not affect their appraisal. Those of us in Calgary DO know there is a ton of growth in that area of the city – all of it is currently industrial and commercial. There is value in this land and now that there is available water, things are looking up.
Calgary Guy

Calgary, Canada

#79 Mar 30, 2012
*** CONTINUED FROM ABOVE ...

LEGACY: This land is in a very desirable place to live just west of the Calgary city limits. I grew up in Calgary and can confirm this. Purportedly, there are lots of developers surrounding the Legacy lands that are ready to go but for the approval from the Rockyview MD. The council for Rockyview MD has struck me as being anti-development and I am not even referring to this project. There is good access and an easement for a major cross road in this area as well. There is also a large engineering firm ready to service that entire area with water and sewer service if they ever get approval to move in. Recent appraisals on this land have pegged it at $28K per acre.
Now for the missing funds: Mr. Ron Aitkens fully admitted to transferring (aka stealing from the owners of Legacy who are US)$9 Million to his “125” Company to try to “stay ahead” of the funds necessary for the 6% bond repayment as well as the need of cash to purchase the additional lands in Legacy. At this point, there was considerable condemnation coming from the crowd in attendance. In the old days, had the crowd had a rope, a tree and a horse, I believe Mr. Aitkens would have ended up on the end of that rope. Of course the most interesting story was for the $4.5 million that went to the “Panama Project”. Tales of corrupt Panamanian Lawyers (imagine that??!!) and some nefarious ne’er-do-wells from Saskatchewan (yes you read that right!) that screwed him over. Always enough blame to go around – except to him. There are currently criminal AND civil litigations going on right now to try to recover this money in both Panama and Saskatchewan.“125” has spent $350K on lawyers fighting this battle. Who cares – if any money is recovered from the other projects, I am sure “125” will benefit by the profits before Legacy will. Apparently, some results of the lawsuit are to be decided in April. Experience tells me that recovery of ANY of the money from the Panama project will not occur. If it does, then it will truly be a miracle IMHO. There are slight chances that the money from his other ventures will be recoverable but only time will tell.
At this time, I believe the investors in the Legacy investment are more screwed than the Airdrie investors BUT I also believe that there is still a glimmer of hope for BOTH projects – ie they could both be pulled out of the fire – in time – like about 4 to 5 more years.
Calgary Guy

Calgary, Canada

#80 Mar 30, 2012
...AND LASTLY ....

A few notes in closing: There were a very few, but vocal, people in opposition to the UCC Group. They were bitching because they felt that they weren’t being ‘represented correctly’ and what gives these people the right to speak?? Well, the court did and if you want to put your time, effort and money where your mouth is, then GET INVOLVED! All you have to do is apply. Kudos to Nicole and Kyle for taking that flak. It was absolutely unnecessary and uncomfortable for sure. The people of the UCC are the do-ers in society and should be commended. Even if they presented 100% fallacies in their presentation (which they certainly did not) it still most definitely forced the hand of Ron and his gang to expedite the revealing of their side of the story - for better or worse. Remember, most of us haven’t heard a peep from these clowns in FIVE YEARS.
Interestingly, the DIP financing is coming from two companies – one of which is Harvest Capital Corporation – does the incest EVER end??!! And a second company, for which I did not catch the name, but, if I was a betting man, would think that it is owned by someone who knows Ron.
There was a ton more said at the meeting – it went on for at least 2.5 hours but it WAS constructive. I believe that if Foundation and UCC can work in co-operation (which they both said they would / could) then both these projects will not be failures – not a huge success, but not failures either. The main reason we need the UCC is to ensure that the Fox (Ron Aitkens) is not left in 100% charge of the Hen House (Airdrie, Legacy, etc) any longer without some adult supervision. My guess would be that investors could potentially see getting better than 50% of their investment back by around 2015. Note that I did not say a 50% profit. Consider yourself lucky if we see either of these projects actually come to a successful fruition. Hope for the best but prepare for the worst.
In closing, the Foundation presentation is supposedly going to go on the road to an all-inclusive audience in Calgary, Red Deer, Edmonton and possibly even Lethbridge. If you are not receiving updates, either by email or regular mail, then phone Foundation Capital and inform them. I am sure that their record keeping of contact information for their investors has not been the best in the past.
Hope this has helped whoever has read this. Keep yourself informed by visiting the UCC website and the E & Y site as well as the Foundation Capital site.
Sandy

Edmonton, Canada

#81 Mar 30, 2012
Thank you for taking the time it go to the meeting and keep us updated!! Muchly appreciated Cakgary Guy!!!
Patsy

Airdrie, Canada

#82 Mar 30, 2012
Calgary Guy, very good synopsis. Accurate and concise.
I strongly agree with your comments re Nicole, Kyle, and UCC. I believe those comments from the audience about representation were made by individuals not up to speed on the issues. Too much time was taken by those people...and it was not the appropriate forum. We were there last night to hear the Harvest story. It was the first time I had heard anything from them that sounded credible since I gave them my money five years ago.
I too did not catch the name of the second DIP party. Until last night, I understood only Harvest was providing this financing.
person of interest

Airdrie, Canada

#83 Mar 30, 2012
Although Mr. Noel Winter's presentation was informative I was amazed to see the word 'Rational'(sic) above Mr. Aitkens' fundamental reasons for lending Legacy money to '125'. The title should have read 'RATIONALE'. There is no 'rational' reason for taking too many cookies from the cookie jar. Who stole the cookies from the cookie jar? You did. Harvest is only now forthcoming with information because they got caught. I thank UCC and the countless hours contributed to bring it to our attention.
A suggestion for future meetings? Can the staff of Harvest be requested to wear name tags?
Randy

Ottawa, Canada

#84 Mar 30, 2012
Thank-you Calgary Guy for the information you provided and to the entire UCC delegation for being our eyes, ears and voice, living away from my native Red Deer, I refer to this forum and the
UCC website for information. I see that the UCC overseeing what the "Fox" is doing will benefit all the investors involved. I'm hoping in the future that live feeds would be broadcasted for those unable to attend the meetings but the presentation that is on the UCC website was very informative to me, thanks to UCC again.
Kissed It Goodbye

Edmonton, Canada

#85 Mar 30, 2012
Question...Ron Aitkens took 9 million dollars out of Legacy & sent it to Panama, or Saskatchewan, or, Tahellenbak...WITHOUT the investors knowledge or approval. Isn't Aitkens responsible for returning the 9 million, REGARDLESS of what his '125' company manages to get back? I don't care what he has to sell to return the funds...at the end of the day Aitken's took it - it's HIS responsibility to return it...with interest!

Do we, as a group, have the legal right to seize his assets, or at least put a lien on them?

Thank you to the Legal Eagles who have been doing so much for so many...I have zero experience in all of this and am so very grateful for your dedication and efforts.
Robert Murray

Grants Pass, OR

#86 Mar 30, 2012
I couldn't agree with Kissed It Goodbye any more!!

Ron blatantly without remorse took OUR money out of OUR investment after he already made millions on the resale/lift of the property to the investment in the first place and diverted it in his own investment. If or when there was any profit from his Panama venture, I'm a 100 percent sure it never would of found it's way back into The Legacy Investment!!
He owes us 9 million dollars,this was NOT in the offering,shows total unscrupulous disregard for the investors that trusted our money with him!!When are you paying it back RON!

And on top of all this sidebar dealings, he's showing a pattern in other investments as well, look at the "alleged be it",law suit filed from NEO in regards to FROG if you need to see more backdoor loading of his own accounts!!
Part 1

Calgary, Canada

#87 Apr 1, 2012
(part 1 of 2) Hey Calgary Guy,(this maybe longer than yours)

Great overview, though I have a different take on few material items.

First, I was one of the “Top 50” clients asked to come to this (Edmonton)and all I saw was a bunch of top line non-sense that added up to “I don’t really have a plan” so I’ll make the people who have shown you what a bunch of crooks we are look bad.

I know a senior development officer from Melcore (a real developer) and he has an altogether direct take on the Airdrie lands then what Mr. Winter suggested, I asked him to review the audio tape that I recorded Thursday and comment on the information Noel delieved. He laughed at the comment Noel made and said “The stars are now all aligned”? given that everything Noel has said has been out in the market for at least 2 years, there was nothing really new about it he felt it was inaccurate and self-serving.

He did however say a few interesting things, first, that the idea of petitioning Balzac did not seem realistic and that everyone knows that these lands are a minimum of 10 but likely 15 years out before we get hard assets there, if we get hard assets there. He also said there are far better lands and bigger developers that are far better capitalized than us all around this land and that this is going to cause our timeline to be longer and not shorter. I also asked if he knew who Noel was and though he did not want to comment, he simply said that Noel was certainly NOT the man who was behind Balzac or the mall which was stated in the presentation in any way shape or form and that if we wanted the contact to Ivanhoe who actually built the and owns the mall and lots of land around it, he would give it to me and I can find out for myself.

Asking why didn’t Harvest petition Balzac earlier is a good starting question “Calgary Guy”, but I realized there is a bigger issue here.

Mr. Winter was the lead consultant on this Airdrie and Railside property and Mr. Winter by this point should have a complete strategy with timelines, financials etc. for it if there is one, one would think?

I also spoke with Mr. Winter who was VERY interested in my vote and told me some very disturbing things over the phone about people that I in fact respected in the old company. Which leads me to think there is more going on than what he’s saying.

Here’s what I came up with; WHY DID EVERYONE WHO WAS CONNECTED TO HARVEST LEAVE AFTER THE CEO RESEIGNED?

Except Noel Winter?

I was at the office, there is no one there.

So here are my questions because it’s starting to become very clear and not just that Ron completely misappropriated our monies, has no remorse about it and he needs to be removed as manager immediately. If anyone is not clear about that by now, then you’re in way worse trouble then you think. That includes the lady with the planted speech at the event. What a farce!
Part 2

Calgary, Canada

#88 Apr 1, 2012
(part 2 of 2)

Noel, was the key consultant to this project and two others, he was in them for the full 5 years, I spoke with him 4 years ago twice and they are all absolutely underwater.

Noel, is the President of FM3 another one of Ron’s bond fund companies that borrowed money from investors through FCC like FM1 and 2. Noel is also the President of OKKO communities (something I completely forgot about) who borrowed a ton of money from Ron/FM3 (our money) for Noel’s project.

I have money in FM3 and guess what; I have NEVER SEEN A SET OF FINANCIAL STATEMENT’S FROM THEM.

Guess where I’m writing this blog from? Kimberly. I’m with my kids over the break and guess where we went today….Sullivan landing. The project that Okko borrowed the monies for from FM3 and guess what’s built there?

Absolutely, not ONE sold home!

Let’s see, no financial report’s, no project updates and I have no idea how these guys are paying the bills because there is no revenue because they have not sold a single place…..sound familiar?

Oh yes one more thing, I want to know what happened to the management company that the ex CEO put into place to unwind the FM1-2 assets. Why? because he appointed Noel and a guy named Ralph (I called the office a month ago and this Ralph quit as well)?

I want to hear from both of them about this because I have money in these two funds and there has been a stop payment on distributions and no detailed updates that were promised and I’m wondering how that’s all connected to this whole mess!

Lastly, I don’t know a lot about development but I know enough to know that I wasn’t told anything material on Thursday but a story and an attempt to diminish the good work of the UCC, a classless move by Harvest and their agents.

I want a CRO to be put in place immediately and I want to have a minimum of three separate options from third parties with NO connection to Harvest as to what to do with OUR lands and from there, WE the owners can make an informed decision on the business.

Last point, I really appreciate the UCC and what they have done but to Nicole and the rest of the team, get a land development expert on that board so you can actually ask some intelligent questions of these guys because though there saying nothing, most people don’t know that. Lastly, get a CRO placed so he can lead the discussion and explain to the investors that the CRO is not there to force sale assets, that’s all we heard.

You do this, you get rid of all these figure pointing scardy cats who don’t know what they’re talking about and you get some real dialogue on the facts, the math and the decisions that have to be made.

Thank you.
Calgary Guy

Calgary, Canada

#89 Apr 2, 2012
Thanks (above). The more information brought to light, the better for everyone. This is more evidence for those people who still believe their investments are in good hands to help open their eyes to the real situation that every single project that people are invested in with Ron Aitkens is in jeopardy. This is turning out to be something that you see on 'W5', but unfortunately, we are mixed up in it.
Other Projects

Edmonton, Canada

#90 Apr 2, 2012
Can anyone post some details on the FROG/NEO lawsuits?
Other Projects

Edmonton, Canada

#92 Apr 2, 2012
thanks Ian Gomm could you email to [email protected]

Thanks

Since: Mar 12

Abbotsford, Canada

#94 Apr 2, 2012
If I was able to vote I would but because my project has not yet sought CCAA protection, I cannot submit a vote, too bad, I'd vote to remove them.
Calgary Guy

Calgary, Canada

#96 Apr 3, 2012
Just had a look at the bondholder lists on the E & Y site.

http://documentcentre.eycan.com/Pages/Main.as...

There is over $92 million on just four projects which are all FUBAR and there are many, many more Foundation projects to come. There are loads of people who are in multiple projects and have invested hundreds of thousands of dollars. Makes the 'Earl Jones' story out in Montreal seem like childs play compared to what Ron Aitkens has put together here. A true con-man. He needs to be replaced as absolutely soon as possible. And while legal proceedings may come, we all know that Karma is a bitch too. He looked one step away from a heart attack when I saw him last Thursday night.
Other Projects

Edmonton, Canada

#99 Apr 3, 2012
Looks like Roy Beyers's is working for other real estate company.

http://theprovidencegroup.ca/
Dannyboy

Calgary, Canada

#101 Apr 3, 2012
Roy is working for his brother, who is actually a decent guy with development experience. Too bad that Roy shot all his credibility with Harvest and The Parklane Group.

Since: Mar 12

Abbotsford, Canada

#102 Apr 3, 2012
Beyers has the audacity to put this on the Providence Group website,

"Raised over $320 million in investor capital for various Western Canadian oil & gas and real estate projects in the past 5 years including land development, commercial and residential multifamily projects"

He is just as much to blame as Aitkens is in all this mess, he'd slough you off if you asked him how projects were going and would just as well not talk to you, like he didn't know what was going on, he'd better not think he's walking away from all this unscathed, he'll probably get pressured to spill the beans on ol' Ronny and both of them can share a jail cell and keep each other company. The Hounds of Hell will be waiting for them both.

Tell me when this thread is updated:

Subscribe Now Add to my Tracker

Add your comments below

Characters left: 4000

Please note by submitting this form you acknowledge that you have read the Terms of Service and the comment you are posting is in compliance with such terms. Be polite. Inappropriate posts may be removed by the moderator. Send us your feedback.

Calgary Discussions

Title Updated Last By Comments
News Hot lesbians' ad bashing Saudi oil backfires on... Thu Mullet Omar Simps... 2
News Calgary homes among highest greenhouse gas emit... Thu Conservative Plat... 1
News Canada demands Turkey explain Calgary man's det... Jul 26 A-Rod Driver Winn... 1
News Calgary man detained in Turkey accused of plott... Jul 24 The Donald Ducks ... 3
JASEN KENNEY - The Nathan Lane of Canadian Poli... Jul 24 Darnold Shwartzcopf 2
CALGARY a HotBed of Radical Extremists ! Jul 24 Lorne Grunter - SUN 2
News End to CTA consultation surprises farmers; ag m... Jul 23 Farm Lives Matter 1
More from around the web