Bear Mountain Resort the target of a Canada Revenue Agency investigation
A series of new lawsuits and a Canada Revenue Agency investigation are the latest problems at one of the Capital region’s largest real-estate development projects.
Bear Mountain Resort, under development atop Langford’s Skirt Mountain, includes two golf courses and nearly 1,000 completed residential units, and has plans for 5,000 homes flanking a large commercial centre upon completion. However, the resort’s future may materialize much differently than planned if allegations of money mismanagement by the resort’s executives in relation to a National Hockey League team franchise purchase are proven.
A recent article in the Globe and Mail claims that Len Barrie, the business and creative spirit behind Bear Mountain, has been accused of “improperly financing at least part of his share of the [Tampa Bay] Lightning with Bear Mountain funds.” This accusation by Bear Mountain’s past financial auditor, Norgaard Neale and Camden, Ltd., of a failure by the Bear Mountain board to address an illegal transaction, has piqued the interest of the Canada Revenue Agency which has now launched an investigation.
Also bad news for the mega-project is what appears to be a stalled deal to secure $350-million for the resort by Dubai-based investors. Deadlines have come and gone and no official update on the pending investment has been released.
To read the latest news on Bear Mountain Resort and the projects real-estate activity, refer to the Bear Mountain thread in the VibrantVictoria.ca discussion forum. To view the official Bear Mountain Resort website, click here.
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Responses to this Headline or Article
The five most recent replies to VibrantVictoria.ca's discussion forum's Bear Mountain insolvency thread, the most relevant thread to the above headline or article:
Zoe
Sep 01, 2010 at 11:25 pmQuote: Enough is Enough already
Aw, my bad. I feel compelled to try to answer when someone asks a direct question, no matter how silly. Guess I'm a glutton for punishment. I'll try to refrain. :rolleyes:
So, if Bear Mountain really doesn't need the interchange, what should we use it for? I suggested a dirt bike/motocross/skate/waterslide park. And since the Parkway is going to be re-named, why not throw down some name suggestions here? Let's get this ball rolling.
Zoe
Sep 02, 2010 at 2:58 pmThis could make it tougher to sell condos.
Bear Mountain closes real estate office effective immediately
Quote:
In a letter to staff, Cowan wrote: “Change is never easy. Change is also fundamental to the future success of Bear Mountain. The changes I share with you today represent a new beginning and an infusion of positive energy and expertise to strengthen the position of Bear Mountain in today’s competitive global market.”
While the announcement means the loss of executives Dale Sproule and Kerry Walker, Cowan did announce the addition of four new members to the resort’s executive team.
Who wants odds on the resort's long-term profitability?
Sparky
Sep 02, 2010 at 3:21 pm^ Probably a smart move. Shifting sales responsibility to a commision based sales team rather than pony up for internal overhead every month will not nessesarily make it harder to sell properties or less cost effective.
Commissioned sales people can have an eager vested interest in selling product.
LJ
Sep 02, 2010 at 8:54 pmHalf the staff in the golf operations staff were let go yesterday in a cost cutting measure.
spanky123
Sep 02, 2010 at 10:23 pmBM was losing a million dollars a month during peak season. The new CEO has no choice, he works for HSBC and their interest is getting their money back. If there is nothing left at the end of the process then that makes no difference to them.
