brad1
Full Member
Posts: 39
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Post by brad1 on Apr 2, 2020 13:32:28 GMT
Does anyone have the complete list of HRAC properties? NOT just the list for sale where the last document had $17M listed for sale. If over 100M is tied up in HRAC there must be dozens of properties they are working on or just holding. Providing the shareholders with a complete list of HRAC properties is a very reasonable request, harry. - The first time HE sent us a document describing HRAC properties was with the reorganization plan in December 2018 (doc is too big to attach)
- The only time we received a list of the HRAC properties was on May 2, 2019 (attached)
- Then they sent a disposition plan on July 31, 2019 (attached)
- Last we received a sales report for March 4, 2020 (attached)
I entered each property reported in the list provided in Dec 2018 in a spreadsheet with the objective of analyzing the progress of asset remediation and disposition, but the list from May 2019 provides different info, not consistent with those from the original. The information provided by HE about HRAC properties is not only inconsistent in time, but also insufficient. Many Investors requested repeatedly more info about HRAC properties: their exact address, debt owed by the respective borrower to HMIC at the time HMIC or HRAC took possession of each property and the value each property that was recorded on HRAC’s balance sheet at the time of foreclosure, the amount of capital invested or required to be invested in each property, the anticipated listing price HE seems determined to ignore all our requests for information about HRAC properties that we own.In short, tracing and analyzing the HRAC properties is impossible due to lack of information and inconsistent reporting
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Post by thebigshort on Apr 14, 2020 15:58:56 GMT
With regard to the properties in total - what would be the most up-to-date listing of all properties currently held by HE? And are there other properties besides the Covehead property that have recently sold or even been listed for sale. And where did the proceeds from the Covehead sale go? Anybody ?? I am not ready to move on from the big loss on selling the Covehead lovely property, close by beaches and Stanhope golf & country club
On September 30, 2018 HE reported 65 remaining vacant residential lots (12 sold to date) and 100 acres of development lands. On March 13, 2020 HE reported Covehead, PEI - all lands sold for $100,521 at a loss of $331,581? WHAT HAPPENED? Lots of about 1 Ac in exactly same area are on the market for $50,000. Our property was sold for $500 per Ac? 100 times less? I am asking again: WHAT HAPPENED? Who are the buyers getting this bargain?
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barb
Junior Member
Posts: 11
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Post by barb on Apr 14, 2020 19:43:32 GMT
Covehead development lands have been in HRAC for at least a couple of years, not sold immediately to avoid fire sale losses
After HE took years for asset remediation / waiting for the right moment on the market, the lands were sold at a stunning loss of 80%. Isn't this a lot worse than a fire sale?
Did someone ask HE what happened?
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Post by Moderator on Apr 14, 2020 20:57:47 GMT
Covehead development lands have been in HRAC for at least a couple of years, not sold immediately to avoid fire sale losses After HE took years for asset remediation / waiting for the right moment on the market, the lands were sold at a stunning loss of 80%. Isn't this a lot worse than a fire sale? Did someone ask HE what happened? Yes, barb, this question and others related to our Covehead property have been asked a month ago, refer to investorsharbouredge.freeforums.net/post/382/thread No answer so far. I am confident that one day we'll find out the truth. This kind of question is never going away
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brad1
Full Member
Posts: 39
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Post by brad1 on Apr 25, 2020 15:08:57 GMT
Covehead development lands have been in HRAC for at least a couple of years, not sold immediately to avoid fire sale losses After HE took years for asset remediation / waiting for the right moment on the market, the lands were sold at a stunning loss of 80%. Isn't this a lot worse than a fire sale? Did someone ask HE what happened? Based on the Parcel ID (138578/845859) for Covehead lands I found details about this lovely property sold in the end for only $110,521 ($526/Ac). Check it out at Covehead, PE C0B1M0 · Land For SaleDESCRIPTION Initial subdivision was made up of 2 parcels that totaled 288 acres. PID 845859 has 24 approved lots of which 11 are sold. Remaining unsold 61 acres encompasses 4 waterfront lots, 4 waterview lots, 5 back lots,approximately 40 acres of undeveloped land.PID 138578 currently has 59 approved lots of which 23 are sold.Remaining unsold 185 acres is made up of 9 waterfront lots,27 waterview lots and approximately 150 acres of undeveloped land.The S/D has a `Resort Designation` pending,with a private 9-hole Executive golf course, condos and additional lots planned. Vendor is will consider offers on entire subdivision, parcels individually, or any number of lots and/or portions of undeveloped land. Retail value of the subdivision is approx. $5M.Resort development approvals in place, includes golf course, 49 units (including 12 duplex units) and hotel. Resort development available for $2,000,000. See for more. West of Charlottetown UTILITIES Electricity/Power/Irrigation/Water/Telephone
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Post by nemesis on Apr 25, 2020 23:27:33 GMT
My mind is blown. A parcel of land valued at $5 million dollars was sold for $110,000? How is this possible? I wonder what Blake Wallace thinks about this.
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barb
Junior Member
Posts: 11
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Post by barb on Apr 26, 2020 21:26:18 GMT
My mind is blown. A parcel of land valued at $5 million dollars was sold for $110,000? How is this possible? I wonder what Blake Wallace thinks about this. I would also like to know what Greg McNally, the fellow investor that sent me a letter in support of Two Share Plan thinks about this. Isn’t this a sample of how well would Two Share Plan work in the competent hands of Larry Dunn? Separate non-performing assets such as Covehead residential lands and do whatever necessary (investing some more) to sell them as performing assets, not like Mr. Mitchell’s plan that “would be a de facto liquidation”.
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