brad1
Full Member
Posts: 39
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Post by brad1 on Jan 23, 2020 15:49:22 GMT
Dunncap, the company that is founded by Larry Dunn, the chairman of HMIC, is now agent of HRAC that is part of HMIC. “The project was delayed due to a change in owner/developer. In 2019, Dunncap became the agent for HRAC, working on completing the conditions of draft condominium plan approval. The agent has noted that a Condominium is the highest and best use of the property.” This raises many questions: · How does this work? HRAC that is owned by HMIC hires DunnCap as agent, then DunnCap borrows money (from where?). · Was this conflict of interest disclosed somewhere? · Did HRAC conducted an RFO with several bidding offers? . How many competitors did DunnCap have in the bidding process? It would be good for investors that HE respond to these questions. Will they? HE did a Fact Check on this, and the verdict was False (what part?) and the answer created even more confusion: " False: Yes, a planner on DunnCap’s  (a company owned by Larry Dunn) payroll assisted HRAC in Perth, Ontario on a zoning application. However, neither HMIC or HRAC compensated Dunn Capital Corporation or the planner for this assistance."  So an employee in DunnCap did volunteer work for HRAC?  Why didn’t HRAC represent itself? This one is really, really confusing " HMIC is made up of a Board of Directors with members that have no financial interest in Dunn Capital Corporation" Isn’t Larry Dunn, the owner of DunnCap, the HMIC Chairman, CEO and Director, hence on the Board of Directors? |
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Post by nemesis on Jan 23, 2020 19:10:38 GMT
This one is really, really confusing "HMIC is made up of a Board of Directors with members that have no financial interest in Dunn Capital Corporation" Isn’t Larry Dunn, the owner of DunnCap, the HMIC Chairman, CEO and Director, hence on the Board of Directors?
This is a very good point. Are there any other directors of DunnCap besides Mr. Dunn?
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Deleted
Deleted Member
Posts: 0
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Post by Deleted on Jan 24, 2020 0:18:44 GMT
This one is really, really confusing "HMIC is made up of a Board of Directors with members that have no financial interest in Dunn Capital Corporation" Isn’t Larry Dunn, the owner of DunnCap, the HMIC Chairman, CEO and Director, hence on the Board of Directors? This is a very good point. Are there any other directors of DunnCap besides Mr. Dunn?
Their statement is poorly worded. I think what they're going for is that there are some directors of HMIC that have no interest in DunnCap. |
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Post by nemesis on Jan 24, 2020 0:30:11 GMT
Their statement is poorly worded. I think what they're going for is that there are some directors of HMIC that have no interest in DunnCap.
It is neither here nor there whether some of the directors of HMIC have no interest in DunnCap then. The FACT is that the CEO of DunnCap and the CEO of HMIC
are one and the same person.
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harry
Junior Member
Posts: 15
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Post by harry on Jan 24, 2020 19:52:58 GMT
Were their returns as good as HEs at the time? Perhaps he wanted a better return and to diversify?
As I said, would love to hear from him on their latest proposal.
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(a company owned by Larry Dunn) payroll assisted HRAC in Perth, Ontario on a zoning application. However, neither HMIC or HRAC compensated Dunn Capital Corporation or the planner for this assistance." 
So an employee in DunnCap did volunteer work for HRAC? 
Why didn’t HRAC represent itself? 
