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141 - 160 of 1,699 Comments Last updated Saturday Aug 30
Poorer In Edmonton

Edmonton, Canada

#172 Apr 8, 2012
Nobody here seems to have crunched the numbers the appraisals are saying my Airdrie investment is now worth $0.25 on the dollar. A far cry from the 3 to 4 times. It is interesting it is worth EXACTLY what it was paid for by them. So now I have 25% of my investment and Ron has 43% of my investment, why aren't the RCMP involved!!!!!
FROG SCUM

Strathmore, Canada

#173 Apr 8, 2012
I agree. We already pay the RCMP salaries and the Crown salaries. Let them go to work for us. We won't lose any more than we have. Throw away the key.
Justin

Canada

#174 Apr 8, 2012
The recent release of FROG information was coincidentally very similar.

Most units were purchased at $10.00 per unit,lots at 11.00 and plenty were flogged at the inflated 12.00 per unit (hurry get in quickly)!!
They raised 69 million dollars.
The new letter stated "a respected expert in the evaluation of Western Canadian oil and gas assets, puts FROGs overall asset value at 28.9 million dollars, which is an increase of almost 5 million dollars from the end of last year. Effective immediately, this value translates into a new unit value of $2.75.

Yay!!!So I'm left with 25 percent of my original investment if I was to try and find someone to purchase the units from me!

Here's the best line..
"Even with a new unit value that lifts us off the bottom, this past year can only be described as a very difficult one for FROG"

The management fees to Ron were 15,000,000 alone off the top!

The recent evaluation took us from 2.43 to 2.75, that's lifting us off the bottom!!! God Help Us All!!
Hang em High

Edmonton, Canada

#175 Apr 8, 2012
Justin wrote:
The recent release of FROG information was coincidentally very similar.
Most units were purchased at $10.00 per unit,lots at 11.00 and plenty were flogged at the inflated 12.00 per unit (hurry get in quickly)!!
They raised 69 million dollars.
The new letter stated "a respected expert in the evaluation of Western Canadian oil and gas assets, puts FROGs overall asset value at 28.9 million dollars, which is an increase of almost 5 million dollars from the end of last year. Effective immediately, this value translates into a new unit value of $2.75.
Yay!!!So I'm left with 25 percent of my original investment if I was to try and find someone to purchase the units from me!
Here's the best line..
"Even with a new unit value that lifts us off the bottom, this past year can only be described as a very difficult one for FROG"
The management fees to Ron were 15,000,000 alone off the top!
The recent evaluation took us from 2.43 to 2.75, that's lifting us off the bottom!!! God Help Us All!!
Let's add just money took from four investments, this is right up front before antyhing else. I would supply Syndicate lifts on on other properties if I had the OM's.

Management fees @ FROG $15,000

Syndicate lifts for 3 projects below
Legacy $6.4 million
Railside $7 million
Spruce Ridge Estates $45 million

So just for these four prjoects the total Ron scooped right at the beginning a total of $74 million.

If anybody has numbers from the other syndicates please feel free to add them on to my numbers.
Hang em High

Edmonton, Canada

#176 Apr 8, 2012
Hang em High wrote:
<quoted text>
Let's add just money took from four investments, this is right up front before antyhing else. I would supply Syndicate lifts on on other properties if I had the OM's.
Management fees @ FROG $15,000
Syndicate lifts for 3 projects below
Legacy $6.4 million
Railside $7 million
Spruce Ridge Estates $45 million
So just for these four prjoects the total Ron scooped right at the beginning a total of $74 million.
If anybody has numbers from the other syndicates please feel free to add them on to my numbers.
Sorry, management fees @ FROG should have read $15 million, not $15,000.
Hang em High

Edmonton, Canada

#177 Apr 8, 2012
Poorer In Edmonton wrote:
Nobody here seems to have crunched the numbers the appraisals are saying my Airdrie investment is now worth $0.25 on the dollar. A far cry from the 3 to 4 times. It is interesting it is worth EXACTLY what it was paid for by them. So now I have 25% of my investment and Ron has 43% of my investment, why aren't the RCMP involved!!!!!
That is exactly why they cannot use the financial turndown as an excuse for this mess. My guess is that all the properties will show the same value that Ron bought them for. So it's not the decrease in property value to blame it's the absurd syndication lifts that were pocketed by Ron's personal holding company.
In the Airdrie case according to the SUF Ron's 125 company, he bought it and resold it to investors at a markup of more than 100%.
At Railside we were a bit more fortunate where he marked it up only 50%
Spruce Redge Estates which comes due in Dec 2012 is going to be even a bigger mess. In that case his Ron took a whopping 342% syndication lift.
That's exactly why our investments are only worth what Ron paid for the investments in the first place. The rest is in Ron's pocket. Unfortunately it was in the OMs.
Maybe a judge would find that Mr. Aitkens knew, or should have known that the absurd syndication lifts would doom the success of those projects right from the start. We can only hope.
Sharon Walter

Calgary, Canada

#178 Apr 8, 2012
Having some mental and or intellectual activity on the board, I just stumbled upon this Great song from Elvis(written by Jimmie Rodgers)...1973 and had to chuckle for I thought it was apropos to my thoughts on Mr Aikens!!

Lyricsheet

Oh there might have been a way somehow
I have to force myself to say
It's over

So I turn my back,
Turn my collar to the wind
Move along in silence
Trying not to think at all
I set my feet before me
Walk the silent street before me
Now it's over

To enjoy this great classic and chuckle along with me,check out

Judged:

15

14

11

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Ian Gomm

Calgary, Canada

#179 Apr 8, 2012
Thanks for that laugh Sharon,we all could use a little around here!!

brevity
&#8194; &#8194;[brev-i-tee] Show IPA
noun

1.the quality of expressing much in few words; terseness: Brevity is the soul of wit.
Origin:
150010; < Anglo-French brevite, Old French brievete. See brief,-ity

Synonyms
Conciseness emphasizes compactness of expression: clear in spite of great conciseness.
Dennis

Airdrie, Canada

#181 Apr 9, 2012
With respect to David Murphy being a CRO, he is NOT.

I asked him this question directly and he told me that he helped restructure a company? He is not a restructuring officer and or does this for a living.

The last deal he did was FRPL and Neil Narrefason was the monitor, I understood that David got removed from that file from a friend in the insolvency space. perhaps we can get a comment from Neil on that one, I'm an investor in FRPL and I heard David back then and now he's involved in this crap.

I was also told he now has some ownership in the FRPL {me think's I smell a rat? Or a vulcher,} either way I don't trust this guy.

I'm going to have him make a statement on this when he goes to Edmonton. Should be fun.
In this with Dennis

Airdrie, Canada

#182 Apr 9, 2012
Look, at the end of the day David and Noel are there to protect Ron, end of story.
I want all these guys out, period.
It cost us nothing to go to the market of legitimate developers and ask for bid's to development OUR lands. It costs nothing to do that.

As for Wiseup saying that a CRO costs money, well Noel and David are getting paid 30k a month each to cover up Ron's BS and tell stories about how great the world is today and that they have the secrete sauce. There is no secrete sauce, let's get third party NON HARVEST related companies to provide offers for our lands then we all can make an educated decision.

Face it, no one trusts Ron so let's get away from the name calling and let's conduct some smart business.

I'm going to the vent in Red Deer and there is NO WAY I would ever sign a proxy that has anything to do with anyone related to Harvest and continuing to manage my land.

I agree we don't need any of these guys, we need a committee of voted in professionals to go out and get offers then we can make an informed decision. I have spoken to a friend who is at city hall and he connected me a developer and the take is we are a long way away from seeing a return on our money given what we paid for them.

I don't care about the Harvest circus I believe the ASC and the RCMP will find out what the truth is, I just don't want anymore of my money being spent and I don't want these guys anywhere around our lands.
what are we waiting for

Taber, Canada

#183 Apr 9, 2012
30k a month?
What about there fee's on top of that? I am sure they are trying to get commissions on top of that as well.

Agreed, I am not interested in the bad guy stories either but there is no way in hell I would ever support a plan that allows Ron's cronies to manage our portfolio's after telling us about the "bad market" if they tell the truth, that Ron misappropriated our monies and mismanaged the assets then I would listen but they will not
because they were involved in these lands and have done nothing for 5 years, even then, these guys are fruits of the poisonous tree.
Bryan

Taber, Canada

#184 Apr 9, 2012
Let's ask Noel and Dave how much there making a month and then let's ask them if there working full time. Noel mentioned in his special Calgary event where he said literally nothing for a full hour, that he was working on a development in Okotoks as well.

How could anyone have the time to fix the Harvest mess and be involved in an Okotoks Develoment?

This guy is not credible and who ever the guy or girl is who's talking about spending money on a CRO needs to give his head a shake. I would pay for a third party CRO all day and, we need one who is not connected to Harvest in any way shape or form.
Reporter

Taber, Canada

#185 Apr 9, 2012
E&Ys report is out. Not good for Ron.

http://documentcentre.eycan.com/eycm_library/... 's%20Reports/Second%20Report%2 0of%20the%20Monitor%20-%20FINA L%20-%20filed.pdf
Reporter

Taber, Canada

#186 Apr 9, 2012
this site doesn't like long links.

Stitch this together

http://documentcentre.eycan.com/

eycm_library/Legacy/English/Mo nitor's%20Reports/

Second%20Report%20of%20the%20M onitor%20-%20FINAL%20-%20filed .pdf
Reporter

Taber, Canada

#187 Apr 9, 2012
http://tinyurl.com/cr8yg8z

there that should fix the problem. It's a shortened link to the Ernst & Young report on all this.
Calgary Investor

Calgary, Canada

#188 Apr 9, 2012
up the creek wrote:
I think an important thing to discuss is how do we move forward on the matter of funds being diverted from the projects that should have been used for development. All of us that are invested are well aware the excuses given about delays etc on these projects . Now we know that the money has been diverted, A. where if anywhere in the offering memorandums and contracts we signed is the clause that allows any movement of funds othere than to develop the projects and

They are basically relying on one statement in virtually all the OMs that I have reviewed. The statement is as follows:

1.3 Reallocation

The Corporation intends to use the available funds as stated. The Corporation will reallocate the available
funds only for sound business reasons.

B. What legal rights do we have to pursue criminal charges against management of Harvest Capital ? These two points seem to me to be what's needed soon. After that has been established then move forward, if recovering funds to develop is not available or a significantly less amount then what ? To my way of thinking this is a criminal matter and should be treated as such until resolved.
The latter question is one that a lawyer will have to answer, and hopefully at least one investor is looking into.
Calgary Investor

Calgary, Canada

#189 Apr 9, 2012
Bryan wrote:
Let's ask Noel and Dave how much there making a month and then let's ask them if there working full time. Noel mentioned in his special Calgary event where he said literally nothing for a full hour, that he was working on a development in Okotoks as well.
How could anyone have the time to fix the Harvest mess and be involved in an Okotoks Develoment?
This guy is not credible and who ever the guy or girl is who's talking about spending money on a CRO needs to give his head a shake. I would pay for a third party CRO all day and, we need one who is not connected to Harvest in any way shape or form.
Not sure if it's been noted on this forum yet, but I was reading the 3rd OM for Foundation Mortgage 3, and in that document among may interesting items, is that the part of the money raised through that OM was going to be loaned to Okko Homes to purchase lots in a subdivision in Kimberly, BC called Sullivan Landing from the developer. The developer of Sullivan Landing, is Okko Communities. One of the founders of Okko Communities and Okko Homes is Noel Winter. Okko Communities will use the money it receives from Okko Homes for the purchase of the lots, to pay back a vendor take back mortgage and to pay back other lenders, including Harvest Capital Management and Foundation Mortgage 2. Following the trail? And also in the 3drd OM, Noel Winters is a Director and CEO of Foundation Mortgage 3. Also in the OM, it also says that Okko Communities is in a joint venture partnership with Harvest Capital Management.

So in other words, there is a strong relationship between Noel Winter and his affiliated companies (Okko Homes, Okko Communities, FM3) and Ron Aitkens (Harvest Capital Management) Based on what I've read about Noel Winter he sounds like a guy who knows his stuff, but the relationship between him and Aitkens and their companies gives me pause as to whether or not he's the right guy to be working on the investor's behalf. A shred of independence between parties would be refreshing.
Hang em High

Edmonton, Canada

#190 Apr 9, 2012
Reporter wrote:
E&Ys report is out. Not good for Ron.
http://documentcentre.eycan.com/eycm_library/... 's%20Reports/Second%20Report%2 0of%20the%20Monitor%20-%20FINA L%20-%20filed.pdf
I Can't wait to see the SUF for Railside and how Ron turned the entry $6.2 million owed Railside from Ron's 125 co. into Railside spending $7.8 million on Developmental and management consultant fees. A mere $14 million dollar swing to the detriment of investors. I know the development and there is no way in hell they can justify those expenditures. I wonder how long it will take to supply back up documentation to the monitor for that.
Tyler

Saskatoon, Canada

#191 Apr 9, 2012
Llyod,
Are you travelling to Alberta to hear any of the Harvest Group presentations this week (April 10th-12th)?
Disgusted

Hamilton, Canada

#192 Apr 9, 2012
I don't think we have a prayer in getting money back .Don't know about any of you but I learned a hard lesson..I did have second thoughts at the time I handed cheques over but the greed kicked in ..

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