83 replies to this topic

[dasmo]

Even if what they did was somehow technically legal it was definitely immoral. I wish all the investors the best of luck with their justice. ( this opinion is wholly mine and does not represent the opinion of vibrant Victoria or any of it's moderators)...

[spanky123]

Andrew Duffy has reported that a group of investors in League Assets are out to seek justice. My guess is that they are looking for fines and/or jail time.
 
Complaints have been filed with the RCMP and the Securities Commission. Maybe Manny's letter that was referred to a while back has stirred up the hornet's nest.
 
Gant's house being put up for sale at over $4M didn't help matters any either.

I don't think this is Gant's house. Looked up the address online and it shows an East Indian couple having a party there!

I hope that investors can get some closure on this but I wouldn't hold my breathe waiting for the RCMP or BCSC to act. They have both reviewed this file many times over the years.

[spanky123]

Even if what they did was somehow technically legal it was definitely immoral. I wish all the investors the best of luck with their justice. ( this opinion is wholly mine and does not represent the opinion of vibrant Victoria or any of it's moderators)...

I think that this is the root of the problem, investors want the RCMP / BCSC to apply a legal remedy to an ethical problem.

Edited by spanky123, 04 July 2014 - 07:10 AM.

[Sparky]

I don't think this is Gant's house.

 

I do.

 

EDIT: look at the bottom of page 4 of the pdf. (page 2 of the affidavit.)

 

http://www.pwc.com/e...-229_041614.pdf

[spanky123]

I do.

 

EDIT: look at the bottom of page 4 of the pdf. (page 2 of the affidavit.)

 

http://www.pwc.com/e...-229_041614.pdf

 

Not disputing that he may own the house, I just don't think that is where he lives!

[Sparky]

^  I know he lived there at one time, in the basement cooking on a hot plate. The bank probably owns it now.

[Mike K.]

Who's name is the house in? Can we find that information?

[snub]

I don't know about Central Saanich, but I went to Langford City Hall and gave them the address of a few properties I was interested in and they gave me the name of the owners. Name only, no contact information. But, of course, they weren't listed in the phone book.

 

I believe that realtors have access to this information, but of course, they are not supposed to divulge it.

[concorde]

^thats public information available at the Land Title Office.  You can get all the info on any lot, how much is owed in mortgages, even copies of the mortgage if you want it

[Sparky]

Who's name is the house in? Can we find that information?

 

For a small fee, registered owners and registered mortgage and lien holder information can be obtained from the provincial land titles office. I see concorde beat me by a few seconds on this one.

[Sparky]

Interesting that BC Assessment page lists the land value of 7756 West Saanich Road at $17,000 which means farm status.

[Sparky]

Not disputing that he may own the house, I just don't think that is where he lives!

 

From the looks of it you might be correct.

 

http://www.booking.c...agan-falls.html

[Mr_E_Squirrel]

http://www.pwc.com/c...agueassets.html

 

Status Update - December 22, 2015

In accordance with the December 11, 2015 Order, League Assets Corporation is now bankrupt, effective December 17, 2015. A email or package was sent or mailed to all creditors and former employees notifying them of the bankruptcy. A copy of all documents concerning the bankruptcy can be found under the LAC Bankruptcy tab on this website.

Status Update - December 14, 2015

On December 11, 2015, the Supreme Court of British Columbia approved the various Orders the Monitor was seeking in its 36th Report to the Court. A copy of the Order can be found under the Court Orders tab.

The Colwood distribution of funds has been completed to all equity investors who held LP units, and all unsecured creditors. Payments were sent from the Monitor's office via regular mail.

Status Update - December 10, 2015

A conference call for Investors was held yesterday, and the call can be listened to here: 
https://soundcloud.c...th-2015/s-LAf9C

The first 43 minutes of the call are updates given by John Parkinson (League), Neil Bunker (PwC) and Vicki Tickle (Fasken Martineau). Investor questions start at approximately the 44 minute mark of the call.

[dasmo]

What about their other 90 companies complicit in this affair?

[spanky123]

What about their other 90 companies complicit in this affair?

 

With a few exceptions, they were all rolled up into the one action. Sounds like that with the exception of any recoveries that may or may not be available from the insurers, this is finally over.

[Mike K.]

The delay stemmed from a court challenge by a creditor. This was resolved and the court could finally dissolve the corporation. It took over two years to get to this point.

[snub]

League Assets investors left with pennies, others in cold    

 

Andrew Duffy / Times Colonist
February 20, 2016 06:00 AM

 

 

 

 

The monitor overseeing the court-ordered restructuring and wind-down of the League Group of Companies has written cheques to a number of unsecured creditors and former employees of the property- development company. PricewaterhouseCoopers, which has been overseeing the proceedings since League applied for court protection under the Companies Creditors Arrangement Act in October 2013, paid a total of $1.375 million to 160 unsecured creditors — less than 10 per cent of what that group was owed — and $68,189 was distributed to 42 former employees. The payments are the latest step in wiping League from the record books. - See more at: http://www.timescolo...h.kmanCBHG.dpuf

[AllseeingEye]

After years of controversy and finally crashing and burning, not to mention ripping off thousands of individual investors, Adam Gant's latest venture seems particularly galling at least to me: http://www.reafe.com/

 

Seriously in light of the League debacle, and considering the monitor's report which essentially stated both League principals were well out of their depth in terms of experience and knowledge, who would defer to this guy as their "adviser?" His is the only name listed under "Adviser Contact" so presume this is a one man show....

[dasmo]

I think League was a big success for him. He is the perfect person to advise people looking to do similar things. What they managed to do with league was very impressive. Just immoral and inconsiderate.....

[spanky123]

I think League was a big success for him. He is the perfect person to advise people looking to do similar things. What they managed to do with league was very impressive. Just immoral and inconsiderate.....

 

I am the last person to be a League supporter, but the reality is that they were two big dreamers who got in over their heads and mismanaged the company. Gant and Arruda have both lost their houses so this was hardly a success for either of them. Now if you wrote off everyone who had started a business and failed then you would have to include a lot of people. My guess is that Gant was smart enough to learn a few things from his mistakes and if he can make money helping others then good for him.