chuck
New Member
Posts: 1
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Post by chuck on May 30, 2020 19:53:27 GMT
An odd thing happened yesterday. I heard from my investment advisor that they had received a letter from HarbourEdge and were passing it on to me as their client. In fact, it was the same letter that I received by regular mail from a fellow investor back in March named Greg. It appears that all HarbourEdge investors received this letter from Greg extolling the virtues of management and HE re-organization plans. I asked my advisor to please confirm that this letter came from HarbourEdge and not from Greg personally. He confirmed that.
So I would have to assume that Greg wrote this letter in consultation with HarbourEdge or perhaps HarbourEdge actually composed the letter and asked Greg to put his name to it. In any case it appears that HarbourEdge was the distributor of this letter and not actually Greg – even though Greg represented that he sent it of his own accord. Curious isn’t it. We also heard from another HE friend, Blake Wallace late in 2019. Management distributed that letter as well to ALL INVESTORS.
We really are at a disadvantage here as we only hear/read what management wants us to. It is the effective silencing of any investor opinions that are contrary to management and the bolstering of managements story. I wonder what would actually happen if management ever agreed to convene an annual meeting of all interested investors?
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Post by Moderator on May 30, 2020 21:30:49 GMT
Welcome to our Forum, chuck ! I also received a letter from Greg McNally via the Trust Company where I have my RRSP account. In a nutshell this fellow Investor advocates for Two Share Plan using the very same arguments and wording (“copy and paste”) from HE communiqués. The letter also disapproves in harsh words on "minority group" proposing the Two MIC solution. I contacted my Trust Company that confirmed that the letter was sent by HE; moreover, they would never post a document coming from an investor or group of investors. As HE repeatedly stated that NO investor will be treated preferentially, I asked Mr. Dunn, the HMIC CEO, to disseminate my letter to the Trust Companies where my fellow investors have their funds, the same way he did with Greg McNally’s letter. This letter was suggesting that the optimal solution for Investors in the new uncertain real estate market is a pro-rata distribution of all assets to the current shareholders as follows: • Sell the HRAC properties over the next 2 – 4 years and distribute the proceeds pro-rata to the current Investors, similar to what HMIC intended to do with Class B shares • As the current mortgages mature, distribute the proceeds pro-rata to the current Investors, subject only to honouring current commitments. There is No New Mortgage and No New Investor until the HMIC assets are distributed to the current Investors, as a result there is no need for NAV My letter was never posted and Mr. Dunn did not even have the courtesy to respond to my request.For me, this is proof that HE orchestrated the pro-management Investor group and supported Mr. McNally with its own resources to prepare (print, stamp envelopes, etc) and disseminate the letters to all Investors and Trust Companies! |
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barb
Junior Member
Posts: 11
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Post by barb on May 31, 2020 21:01:54 GMT
I too received a letter from our fellow investor Greg McNally some time ago, but I thought it's only a copycat of Robert Mitchell's idea to contact us.
Frankly speaking, I am shocked to find out that the HMIC CEO is behind this push that it is not only immoral, and possibly illegal, but if they do this to get support for their plan, it's not going to work.
I did not vote against their plan because Mr. Mitchell told me so. He raised good points, but many of them were not applicable in my case; I became aware of the plan pitfalls though and then checked with my financial advisor and accountant.
I assume that most investors did the same, they are wealthy people with at least $1 mil in investments and they can afford to pay professional advice.
The main reason I voted against is that I lost trust in the ability of HE to manage my investment.
Are folks at HE under the impression that Mr. McNally could convince me or any other fellow investor to trust them again? If it's so they are all living in La La Land!
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Post by thebigshort on Jun 1, 2020 20:22:00 GMT
HE secretly supporting an offensive of some investors against others spells trouble for them.
The Court Order gives each shareholder the right to vote freely for or against the HE plan that would NOT pass if at least 1/3 of shareholders, that is a minority, vote against.
HE attempt to whip votes by using a proxy (our fellow investor Greg McNally) that is verbally attacking in his forum certain investors from the “minority group” is a dangerous strategy for the future of the Fund.
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adam
New Member
Posts: 5
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Post by adam on Jun 1, 2020 21:27:37 GMT
HE secretly supporting an offensive of some investors against others spells trouble for them. The Court Order gives each shareholder the right to vote freely for or against the HE plan that would NOT pass if at least 1/3 of shareholders, that is a minority, vote against. HE attempt to whip votes by using a proxy (our fellow investor Greg McNally) that is verbally attacking in his forum certain investors from the “minority group” is a dangerous strategy for the future of the Fund. Still, after 6 months of being defeated and despite some unorthodox strategies, Larry Dunn was not able to gather enough support to get his plan approved. In meantime the world changed and his plan would never fit in the new reality. This should tell him something… |
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Post by nemesis on Jun 1, 2020 22:20:52 GMT
Larry isn't big on having people explain things to him. He doesn't take kindly to being questioned. If you 'tell' Larry something
be prepared for a lot of invective to come your way. Larry believes always that he is the smartest guy in the room. He is a bully, like Trump - a man he admires.
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brad1
Full Member
Posts: 39
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Post by brad1 on Jun 3, 2020 19:11:38 GMT
Larry isn't big on having people explain things to him. He doesn't take kindly to being questioned. If you 'tell' Larry something be prepared for a lot of invective to come your way. Larry believes always that he is the smartest guy in the room. He is a bully, like Trump - a man he admires. No surprise that Larry admires Trump, the “stable genius” pondering the merits of injecting the Americans with disinfectant as a treatment for COVID-19. Just like Trump, he is blaming those that are just questioning the mess they created as “presidents” - Trump blames the “fake news” for losing control of the country and Dunn the “disgruntled investors” for the bad loans that destroyed part of their investment. What Larry doesn’t have yet is a Twitter account from where to insult and intimidate those investors not obeying his plans; he is doing that via proxies |
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