A huge congratulations to the clowns down at the British Columbia Securities Commission. Recently, they brought forward an application FINALLY applying to receive the funds the ordered “froze” in June 2013. And through all their hard work and on the ball efforts they are about to obtain a grand total of $62,372.24 in funds. Former Investors in both Falls Capital Corp and Deercrest Construction Fund Inc. will soon be able to apply to receive their proportionate strip-end of this “huge” windfall.
Lets take a closer look….
….There was a total of $9,395,400 raised and they have recouped +/- $62,372.24. As you can see in the graph below, eligible investors will receive strip ends proportionate to what they originally invested. Assuming all investors are eligible – they will receive roughly .006638 cents on their dollar…
Considering the OPTIONS that the former investors had to recoup investment dollars (including this SETTLEMENT OFFER that the BCSC completely ignored for 7 weeks) we feel that BCSC did not have the former investors best interest in place – despite this being their mandate as per their website!
36 MONTH REDEMPTION PERIOD
As we also posted back in 2016 – the process at the BCSC is extremely cumbersome and SLOW! As you can see in this link – Investors must apply and are “selected” by staff at the BCSC IF they are deemed eligible for a payment. Read the criteria on their website – do you think they have your best interest at stake?
On the flip side – real estate continues to be sold at the Deercrest Site (now called Vista Green) for $100,000’s of thousands of dollars in realized profit. Units are currently under construction and are being marketed on a daily basis. As you can see from the website, Kerkhoff Construction continues as the developer and will see the property through to the finish line – making profit along the way.
The Settlement Agreement that the BCSC did not even look at (let alone discuss with the former investors) was the best option – one in which many of the former investors wanted to explore. Again, did the BCSC have their best interest at stake?
DID BCSC ABSCOND WITH HUNDREDS OF DOLLARS?
And finally – we need to look at the funds that were seized by the BCSC. It looks like “MATH WIZ LIZ” CHAN was left alone with her calculator again…
When the BCSC seized the funds on June 14, 2013 there was a total of $64,298.58 in the 4 accounts. And now there is only $62,594.85 in the accounts – why the difference? Who took these funds? Where did this money go? Only the clowns who created this whole mess can tell you!
In that the former investors are only going to get approximately .006638 cents on the dollar – you would think the Staff at the BCSC would have at least tried to get more back for the former investors.