Len Barrie faces accusations of misusing funds from Bear Mountain Resort
Len Barrie, part owner of the Tampa Bay Lightening NHL hockey franchise and head of the Bear Mountain Resort, is accused of misappropriating $2.5 million from Bear Mountain Resort for his stake in the hockey team. The Globe and Mail first broke the story on September 01, reporting that a local Victoria accounting firm, Norgaard Neale and Camden, Ltd., resigned as auditor of the resort when it felt an illegal transaction was not addressed by the Bear Mountain board of directors. However, Barrie stated that KPMG was now auditor of the resort and that firm had given the same transaction a financial bill of health and thus absolving him of any wrongdoing.
In response to KPMG’s involvement after Norgaard Neale and Camden’s resignation, discussion forum member “spanky123″ stated, “[Barrie's] claim that BM has hired KPMG [and that he] has paid back the money and now everything is fine is highly questionable in my opinion. If KPMG has in fact taken on a client (and months later offered a favourable opinion) whose previous auditor resigned over allegations of illegal activites then they need to have their heads examined in my opinion. If I were KPMG I would have a letter to the editor of the G&M en route clarifying my position on this file.”
KPMG did in fact make a statement about the firms purported representation of Bear Mountain Resort. “A” News interviewed KPMG on its September 01 newscast and a representative confirmed the firm is not Bear Mountain Resort’s auditor.
Barrie released a statement on the resort’s website, claiming the original auditor’s position is the result of a misunderstanding, although there is no mention of or clarification on KPMG’s involvement as per a quote in the Globe and Mail article:
The report being referenced in a recently published article was a confidential document written in December 2008. The document is consequently nine months old, and the issues and concerns raised in the report have all been reviewed and addressed with Bear Mountain Resort’s Executive Committee and investors.
The report also contains conclusions that were drawn without steps being taken to discuss, clarify and review matters with me prior to finalizing the report, and as a result contains statements that I believe to be misleading and erroneous. [Continued...]
To follow the story as it unfolds and to read Victoria’s reaction to the news, visit the Bear Mountain Resort thread in the VibrantVictoria.ca discussion forum (the link will start on post 1,037 which is the beginning of the discussion on this issue).
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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:
mysage
Mar 15, 2011 at 2:53 pmQuote: LJ stop it. Honestly both you and mysage have done more damage to this discussion than any other contributor. It is aggravating to read your repetitive insults directed at anyone who feels differently about the project or wants an alternative view of what is happening there. The moderators couldn't have said it any clearer for your type of responses to stop but you continue unabated.
You two destroy any chance for a meaningful conversation because you instantly jump over anyone who disagrees with your vision for Bear Mountain or your opinion on the insolvency.
The fact of the matter isVV's contributors reported issues at Bear Mountain days before the mainstream media dared to even investigate and the flow of news here has continued to stay several paces ahead of other outlets. The mess that has become Bear Mountain is a story that has yet gone untold and your constant meddling with any discussion here has become monotonous, bothersome and a disservice considering the fact Bear Mountain was one of the largest bank write offs in North America last year.
Lead by example and leave this board if both you and mysage feel that discussion on real-estate projects on VV are not to your liking. It will be a relief to read replies without sifting through unneessary and childish put downs.
And if you happen to be wondering why I quoted your comment about lies maybe you would like to take a minute to remember Len Barrie's promises of a Dubai bail out and flurry of other promises that were never backed up? The money is in the mail, right? Right.
OK Vicbooster,
If you think that LJ and I have "done more damage to this discussion than any other contributor" then it is obvious which side of the fence that you are on. I can only speak for myself but you will, if you spend the time, note in my posts my constant requests for the people who post here and the moderators who monitor here to cease the rhetoric and deal with facts. When they do not I along with others respond to thier posts.The so called facts about Bear Mountain put forth by a large vocal compnent on ths thread are either proven outright lies or at best shaded comments posted and hoped to be taken as fact (if one did not know the history of the poster).
The fact that "Bear Mountain was one of the largest bank write offs in North America last year " is not in question. The fact that Len Barrie lost Bear Mountain to the banks is not in question. The fact that investors and sub trades lost money at Bear Mountain is not in question.These plus many other items are not being questioned by LJ myself or many others here. What is being questioned is why VV allows posters to come to their forum and promote their obviously personal and political rhetoric and then run and hide under the guize of "shedding light on the truth" .
Your statement that "you two destroy any chance for a meanigful conversation" may be your take on it however our posts are seen by many as responses that balance the hate and rethoric that is spewed forth by a minority.
Maybe Len Barrie did lie about his securing a Dubai bailout but maybe the Dubai investors backout after the world economic meltldown of 2008 and left him hanging. You may have more information about this than me but if your take on it is factaul then feel free to prove it. Otherwise it is just your opinion and open for debate.
I appreciate your offer for LJ and I to "leave this board" but I think I will stick around just so I can balance the points of view put forth by yourself and others.
PS I invite the Moderators to delete both Vicboosters post and my own if it does not fall within the new guidelines that they have laid down. Deleting one without the other of course would be patently unfair so feel free.
gumgum
Mar 15, 2011 at 3:23 pm^I am going to ask you straight up mysage, what affiliation to you have to Bear Mountain?
spanky123
Mar 15, 2011 at 3:34 pmQuote: Gary Cowan (by way of his public relations staff, Kathi Springer) has "no comment" on Len's alleged plan to repurchase BM. I may give a call to one of the agents named in the documents to ask if they can shed any light.
No suprise that he isn't going to comment on an anonymous document from an anonymous website. Likely years old if it was ever valid in the first place.
I would imagine that if Len Barrie came up with the cash then HSBC would sell him the property. No mystery on that. I doubt that they would loan him the money to do it however!
Zoe
Mar 15, 2011 at 3:52 pmQuote: Likely years old if it was ever valid in the first place.
The documents are dated late last year. I've sent a note to James France asking for clarification. He's the agent for Adroit Capital, described on its website as "a botique
Barrie was in the news early this year talking vaguely about buying back BM. There may be a connection.
Quote:
The fact of the matter is VV's contributors reported issues at Bear Mountain days before the mainstream media dared to even investigate and the flow of news here has continued to stay several paces ahead of other outlets.
So true! I'm pleased to be a part of that effort - breaking the story about the interchange loan that was never repaid, the tax charges, and so on. Too bad the TC doesn't give credit where it's due.
Zoe
Mar 15, 2011 at 4:01 pmQuote: It will be a relief to read replies without sifting through unneessary and childish put downs.
You can "ignore" certain individuals and their posts will be hidden. It's on the profile page.
