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#21 jwreal

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Posted 28 November 2013 - 04:27 PM

Just checked and it was the BC Ferries Marine Workers Union. Have you been to the BC ferries offices in the Atrium? That is taxpayer money and they are pretty swank.

 

Yes, I have been in these offices. Nothing swank about them. The BC Ferries President's office is small and humble.Nothing humble about League. You can turn and twist as much as you like, when all the truth is out and another financial desaster for small investors is out in the open and the commission they paid to themselves are public everyone will see what happenend here. BTW, BC Ferries are still private, the offices have not been paid by taxpayer's money. The office deal they cut with the Jawls is very beneficial for BC Ferries. Nuf said.



#22 spanky123

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Posted 28 November 2013 - 05:55 PM

Yes, I have been in these offices. Nothing swank about them. The BC Ferries President's office is small and humble.Nothing humble about League. You can turn and twist as much as you like, when all the truth is out and another financial desaster for small investors is out in the open and the commission they paid to themselves are public everyone will see what happenend here. BTW, BC Ferries are still private, the offices have not been paid by taxpayer's money. The office deal they cut with the Jawls is very beneficial for BC Ferries. Nuf said.

 

While I agree with you that individual unitholders in League are likely out of luck, I don't know what you are implying when you say that "everyone will see what happened". When you raise money in most cases you are paying someone a finders fee. When you own property you are usually paying someone to manage it. When you sell real estate there is usually a commission paid. Now one can argue whether or not related entities should have been involved in these aspects of business but I don't think that you can say that paying commissions or fees for the services is unwarranted.



#23 VicHockeyFan

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Posted 28 November 2013 - 06:01 PM

BTW, BC Ferries are still private, the offices have not been paid by taxpayer's money. The office deal they cut with the Jawls is very beneficial for BC Ferries. Nuf said.

 

Ya, they are private and get $180M a year from provincial taxpayers, plus federal money too.  It's a very strange private company.


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#24 jwreal

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Posted 28 November 2013 - 07:13 PM

Spanky, They are out of luck? What has luck to do with anything? They were taken to the cleaners, they lost their retirement after a life of work. Some will loose their houses. Not because they were out of luck but because they were taken to the cleaners. People they trusted with fiduciary duties ....

 

Why do I even bother. It is useless. Just wait and see. It might take a while but typically reality will catch up with them.

 

 

VicHockeyFan. I agree with you. It is a straneg private company, but legally it is.



#25 spanky123

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Posted 28 November 2013 - 07:41 PM

Spanky, They are out of luck? What has luck to do with anything? They were taken to the cleaners, they lost their retirement after a life of work. Some will loose their houses. Not because they were out of luck but because they were taken to the cleaners. People they trusted with fiduciary duties ....

 

Why do I even bother. It is useless. Just wait and see. It might take a while but typically reality will catch up with them.

 

 

VicHockeyFan. I agree with you. It is a straneg private company, but legally it is.

 

Why do you even try? Dude you have 17 posts. Conservatively I have made over 2,000 comments here and in many other forums and magazines regarding the dangers of exempt offerings and other forms of higher risk investments. Every single thing that you and others are now complaining about have been discussed ad nauseum and were available for anyone who even bothered to spend 5 minutes on google doing due diligence. In fact several of the most vocal investors who many lose their entire investments in League are now out promoting similar high risk structures as alternatives.

 

If you invest money in the stock market or any private company without doing your homework then you are rolling the dice and luck is exactly what you need.



#26 snub

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Posted 23 February 2014 - 09:18 AM

This just in:

 

Investors frozen out of League’s latest sale

 

 

Andrew Duffy / Times Colonist
February 21, 2014 10:32 PM

 

 

" The League group of companies is on the verge of selling one of its properties for $12 million, but none of League’s 4,280 investors will ever see a dime from the sale. League, which is undergoing a court-monitored restructuring program under the Company’s Creditors Arrangement Act, will be in court next week seeking approval of the sale of an apartment block in Hamilton, Ont. PricewaterhouseCoopers, the firm monitoring the restructuring, is recommending the court approve the sale of what’s known as the Rosewood property, an older 206-unit apartment building."

 

 

Full storey:http://www.timescolo...t-sale-1.863799

 

 



#27 VicBooster

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Posted 23 February 2014 - 04:03 PM

If anyone knows what Manny and Adam are doing nowadays I would love to hear it.



#28 jdsony

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Posted 26 February 2014 - 02:37 PM

Both of them have twitter accounts thought it appears Adam hasn't been Active since late October.



#29 snub

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Posted 26 June 2014 - 10:23 AM

Update:

 

League investors looking at 90% loss  
 

Andrew Duffy / Times Colonist
June 25, 2014 11:43 PM

 

 

Investors who pumped $369 million into investments offered by the League group of companies will on average be getting no more than 10 per cent of their money back, according to the monitor overseeing League’s court-monitored restructuring.

A comprehensive report from Mike Vermette of PricewaterhouseCoopers confirmed what many of League’s 4,280 investors had feared: They would be getting next to nothing as the company winds down operations.

Even Vermette admitted he was surprised at how little will be left for investors.

“I knew it would be very bad, but not this bad,” Vermette said in an interview Wednesday.

 

 

Hole Story:http://www.timescolo...-loss-1.1158714

 



#30 AllseeingEye

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Posted 27 June 2014 - 09:49 AM

Update:

 

League investors looking at 90% loss  
 

Andrew Duffy / Times Colonist
June 25, 2014 11:43 PM

 

 

Investors who pumped $369 million into investments offered by the League group of companies will on average be getting no more than 10 per cent of their money back, according to the monitor overseeing League’s court-monitored restructuring.

A comprehensive report from Mike Vermette of PricewaterhouseCoopers confirmed what many of League’s 4,280 investors had feared: They would be getting next to nothing as the company winds down operations.

Even Vermette admitted he was surprised at how little will be left for investors.

“I knew it would be very bad, but not this bad,” Vermette said in an interview Wednesday.

 

 

Hole Story:http://www.timescolo...-loss-1.1158714

Sadly you just had to know any outfit that spent so much time publishing and promoting that so called "Blue Book" with flowery statements about "doing unto others" and lauding the fact it had been granted a corporate Heraldic Coats of Arms, had to be blowing a lot of smoke at the same time. I actually went as far as to request that book on a lark, read it (partially), smelled a rat and ran in the other direction. My family has a 1000 year pedigree with multiple Coats of Arms. Doesn't mean I know jack about running a REIT, or any business....



#31 dasmo

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Posted 27 June 2014 - 12:27 PM

I must admit the coat of arms was genius marketing....



#32 spanky123

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Posted 27 June 2014 - 01:12 PM

I must admit the coat of arms was genius marketing....

Two guys with limited business experience raised nearly $500M. That says a lot about a lot of things.



#33 rjag

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Posted 27 June 2014 - 01:28 PM

The office was like an old established NY Law Firm, lots of wood and portraits of partners etc....

#34 VicHockeyFan

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Posted 28 June 2014 - 09:29 AM

So Arruda earned about $300k per year and Gant $400k.  Arruda put one year's salary into the company, Gant nothing.

 

However, the monitor’s report also notes Arruda was well compensated and took in nearly $2.4 million between 2005 and the fall of 2013.

 

According to the monitor’s report, Gant did not make any direct investment into League, though his relatives invested more than $450,000. Of that they are expected to recoup less than $24,000.

Gant, whose compensation between 2005 and 2013 was $3.2 million, did not return calls for comment.

- See more at: http://www.timescolo...h.Kc0ITIQ8.dpuf


<p><span style="font-size:12px;"><em><span style="color:rgb(40,40,40);font-family:helvetica, arial, sans-serif;">"I don’t need a middle person in my pizza slice transaction" <strong>- zoomer, April 17, 2018</strong></span></em></span>

#35 Sparky

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Posted 28 June 2014 - 09:59 AM

Meanwhile, back at the ranch, it would appear that the fearless leader is pulling up stakes.

 

http://beta.realtor....ertyId=14277846



#36 Sparky

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Posted 04 July 2014 - 05:40 AM

 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.



#37 Mike K.

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Posted 04 July 2014 - 05:41 AM

Is Gant selling the home or is it being sold on his behalf with proceeds going to investors?

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#38 Sparky

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Posted 04 July 2014 - 05:57 AM

^ I have not read anything that suggests that the sale of his house has been forced.



#39 VicHockeyFan

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Posted 04 July 2014 - 06:02 AM

 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.

 

What is the nature of the criminal complaints?  The auditor(s) have never said anything was awry have they?  They have said is was a complicated jumble of money movements, but this is not the first high-risk investment scheme to fail, nor will it be the last.


<p><span style="font-size:12px;"><em><span style="color:rgb(40,40,40);font-family:helvetica, arial, sans-serif;">"I don’t need a middle person in my pizza slice transaction" <strong>- zoomer, April 17, 2018</strong></span></em></span>

#40 Sparky

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Posted 04 July 2014 - 06:06 AM

The practise of using new investment money to pay interest on older investments is frowned upon. There is an expectation that new investment monies be invested in a going concern, not overdue commitments.

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