Interesting fact - I bought my unit from Dave Humeniuk of Platinum Equities who later created his own company - Concrete Equities who are in alot of hot water right now. As per the Alberta Securities Commission hearing of Oct 26th of this year, he has a life time ban from the Real Estate Council of Alberta effective Jan 28th, 2005. The Real estate Council of Alberta had 13 pages of multiple allegations of breaches of fiduciary duty, creation of false or misleading documents or communications, failures to act in a client's best interest, and failures to use best efforts to ensure parties clearly understood his role in the transaction in question.
I bought my units from him/Platinum Equities in May of 2005. Wish I would have known the above information at the time as that would have been an indication of what kind of company I was dealing with.
QUOTE (ipartner48 @ Nov 22 2010, 08:02 PM)
I am invested in the Eleven Eleven LP with Platinum. First I was told that they had accountant issues and the CRA got involved - thus they had to suspend distributions until the matter was fixed. Then I was asked if I wanted to sell my units as they had an interested party but nothing came out of that. Last correspondence was a letter last month advising that they have tenant issues and do not have the cash flow so distributions have been suspended indefinitely.
Also, they now have the property for sale on the Barclay Street Real Estate website. My wife and I invested $50,000 to buy this LP and I must admit I am not happy with their investor relations. Hope there are other Eleven Eleven LP investors that I can discuss this with. My email address is
[email protected]. Would be great if we can start sharing information and clarifying our rights as Limited Partners.