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Post by thebigshort on Mar 29, 2020 21:59:07 GMT
I browsed through threads to find a good place for this post where I want to ask two very simple questions; (I hope the answers will help us to solve the big problem: How To Get Out from Here? - not an easy one) Q1. How Did We Get Here: pretty much answered on this forum and universally agreed on A: Incompetent Fund Management Q2. Why Are We Still Here? Fund Management failed to gain the shareholder support required by law to split the fund assets between a MIC and a real estate construction/development business. Since October 2019 we are held prisoners and punished until some of us change their mind and decide to vote for the plan. Nothing in the toolbox of absolutist oppressive regimes is left aside to "convince" us to vote with the plan: some investors are singled out, shamed, intimidated, threatened, and declared "enemies of the people" that must be eliminated for the common good Now since I am reading more than usual, I got to finish Solzhenitsyn's Gulag Archipelago. I am shocked to go through similar experience in a free country with my investment partially destroyed by HE. Very sad and unacceptable A:  ?? |
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chris
Junior Member
Posts: 13
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Post by chris on Mar 30, 2020 0:58:46 GMT
My two cents, thebigshort , to your Q2 Why Are We Still Here?: it keeps HarbourEdge going and commissions coming their way
There is liquidity in the fund, HRAC properties were/are sold and mortgages are maturing all the time. What happens with the liquidity that is continuously available in the Fund? As my lawyer stated: " They (i.e. HE) will have a hard time standing in front of a judge and saying that they cannot honour $500k in redemptions with $33-$65m in cash in their bank" Now, the question of the day: why are the redemptions suspended? A: HE holds back the money coming out from mortgages to fund new mortgages to earn placement or origination fees from borrowers Not clear what happens on the HRAC side, as everyone noticed HE executives and their supporters take personally any information request about HRAC business and cash flow. And so, a candid question is labeled "malicious allegations". HRAC remains a big Big Black Box for Investors and do not dare ask for information because this will be qualified as a personal attack against the HE CEO. We are still here because HarbourEdge wants to keep their company going, despite doing such a bad job and destroying part of our investment Sad, but true. Investors, do something |
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brad1
Full Member
Posts: 39
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Post by brad1 on Mar 30, 2020 21:57:20 GMT
We are still here because part of Investors still believe (hope) that their capital will be restored to the initial value and the funds returned to them.
That might be feasible, either by massive magic or with a different management team.
With the same CEO & management team that drove the fund into the ground, the chance for a trend reversal is a solid ZERO
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Post by nemesis on Mar 30, 2020 22:30:34 GMT
Its extraordinary that some investors are unwilling to understand that current management wants to continue to run this company regardless because they are themselves making substantial fees on the mortgages by doing so.
They also fancy themselves big time developers and actually believe that at some time in the future they will be able to develop and sell these properties for profit.
I do believe that the control of this company resides 100% with Mr. Dunn. If he goes away (for whatever reason) there is absolutely no chance that the remaining senior management is capable or knowledgeable enough to keep this enterprise afloat.
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Post by disgustedbeyond on Mar 30, 2020 22:45:29 GMT
Aside from personal anger w regards to these twits ( to put it mildly ) I would have to agree w You . There will come a day when all is said and done to address the stupidity and greed 😡
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Post by thebigshort on Mar 31, 2020 0:38:21 GMT
My two cents, thebigshort , to your Q2 Why Are We Still Here?: it keeps HarbourEdge going and commissions coming their way
We are still here because HarbourEdge wants to keep their company going, despite doing such a bad job and destroying part of our investment Sad, but true. Investors, do something Thank you, chris, you are right: it's all about the stake. HE will keep things going as long as we don't initiate legal action - and they are counting on that. The current environment might speed up a solution with defaults, less/no loan request and less rental income. Total disaster. HE reorganization plan is now irrelevant and HE survival threaten With action or no action on investor side, the end game is in court. |
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