Hi all, i have bought into one of their projects and now, they have undergone a review by the CRA. I am looking for other members who have participated and not received their quarterly investment cheques. They have not been very forth coming w/their answers, we as investors do not have access to much financial information. We can`t even ask the company that they do the accounting with what is going on. Anyone else hold any of their projects ? Are you getting cheques ? I am in their sunpark / pemberton project. All we were allowed to see was a letter that CRA has sent to them. Im trying to find other members so that we can be preventative rather than reactive (when they go under / turns out to be a scam ?)...
any Platinum Equities members?
- Thread starter dmakr
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Under any offering memorandum you invested under you have certain rights, such us
a) get annual financial statements
b) get a list of investors
c) go to the office and physically inspect financial or property records
d) vote in new management with approval of a % of investors (usually 75%)
All these rights are listed in the LP agreement or OM.
Using those rights is as simple as a written request, and if unanswered, by a simple letter by your lawyer.
a) get annual financial statements
b) get a list of investors
c) go to the office and physically inspect financial or property records
d) vote in new management with approval of a % of investors (usually 75%)
All these rights are listed in the LP agreement or OM.
Using those rights is as simple as a written request, and if unanswered, by a simple letter by your lawyer.
Thanks Thomas, i will contact them for mentioned. If they refuse, contacting a lawyer is my next step.
PeterM, i did get a cheque cut finally. Did you receive yours ? I had to call every week. I also was allowed to "look" at the letter sent out by CRA to them re:freezing of the projects bank acct.
I find it shady they didnt do any information release re:freezing. Be proactive to your investors not reactive.
Let me know if anything new develops PeterM, in case we have to launch class action.
QUOTE (PeterM @ Jun 17 2010, 07:30 PM)
I'm in the same boat as you - same project and no cheques for a while. Unfortunately I don't have any additional information.
Peter
PeterM, i did get a cheque cut finally. Did you receive yours ? I had to call every week. I also was allowed to "look" at the letter sent out by CRA to them re:freezing of the projects bank acct.
I find it shady they didnt do any information release re:freezing. Be proactive to your investors not reactive.
Let me know if anything new develops PeterM, in case we have to launch class action.
QUOTE (PeterM @ Jun 17 2010, 07:30 PM)
I'm in the same boat as you - same project and no cheques for a while. Unfortunately I don't have any additional information.
Peter
QUOTE (PeterM @ Jun 17 2010, 09:30 PM)
I'm in the same boat as you - same project and no cheques for a while. Unfortunately I don't have any additional information.
Peter
Dear Peter,
I am also invested in the Pembroke/Sunpark project. I'm still waiting for my 2009 Q4 payment. Each time I ask Steve , it seems that there is more delay from CRA, but no clear explanation. I have received my 2010 Q1 cheque, but as of July 28, 2010, I have not received in the mail my Q2 cheque yet. Called the office today and left a message as I live in London, Ontario. When I called the office, someone answered. It seems they are still in business at least. I received a letter a few days ago, stating that some investor was interested in purchasing some units at face value. I jumped to the occasion to try to sell my unit as they don't seem to be very transparent with their investors, and little info. comes out regularly. I would appreciate anymore info. from other investors. Have you received your 2010 Q2 yet?
Here is my home email:
[email protected]
thanks.
Peter
I'm in the same boat as you - same project and no cheques for a while. Unfortunately I don't have any additional information.
Peter
Dear Peter,
I am also invested in the Pembroke/Sunpark project. I'm still waiting for my 2009 Q4 payment. Each time I ask Steve , it seems that there is more delay from CRA, but no clear explanation. I have received my 2010 Q1 cheque, but as of July 28, 2010, I have not received in the mail my Q2 cheque yet. Called the office today and left a message as I live in London, Ontario. When I called the office, someone answered. It seems they are still in business at least. I received a letter a few days ago, stating that some investor was interested in purchasing some units at face value. I jumped to the occasion to try to sell my unit as they don't seem to be very transparent with their investors, and little info. comes out regularly. I would appreciate anymore info. from other investors. Have you received your 2010 Q2 yet?
Here is my home email:
[email protected]
thanks.
Peter
Im an unhappy Platinum Equities investor - they are non-responsive and i am owed at lest 4 quarterly payments - have you heard anything or taken any action? If you have contacted a lawyer I would be interested in participating with you or any other investors to get this sorted out.
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QUOTE (cgy @ Oct 2 2010, 08:26 PM)
Im an unhappy Platinum Equities investor - they are non-responsive and i am owed at lest 4 quarterly payments - have you heard anything or taken any action? If you have contacted a lawyer I would be interested in participating with you or any other investors to get this sorted out.
Let's not confuse unhappiness with legal action !
Re-read the OM you signed. Likely this is perfectly legal. What they may have done is to uplift the building value upfront and not disclosed this material fact .. that is perhaps actionable .. but the economy on Calgary office towers is far weaker than 2-3 years ago with higher vacancies and lower rent per sq ft !
Find out a few other investors and perhaps take over the general partner to resurrect what may be left.
Drop me a personal message and I can connect you with an investor that I know has invested with Platinum (and us) but perhaps a different project as they did quite a few to my knowledge !
Im an unhappy Platinum Equities investor - they are non-responsive and i am owed at lest 4 quarterly payments - have you heard anything or taken any action? If you have contacted a lawyer I would be interested in participating with you or any other investors to get this sorted out.
Let's not confuse unhappiness with legal action !
Re-read the OM you signed. Likely this is perfectly legal. What they may have done is to uplift the building value upfront and not disclosed this material fact .. that is perhaps actionable .. but the economy on Calgary office towers is far weaker than 2-3 years ago with higher vacancies and lower rent per sq ft !
Find out a few other investors and perhaps take over the general partner to resurrect what may be left.
Drop me a personal message and I can connect you with an investor that I know has invested with Platinum (and us) but perhaps a different project as they did quite a few to my knowledge !
I am another Pemberton/Sunpark investor. I also have invested in Platinum Equities mortgage fund (PMIC1). I have only received one quarterly cheque out of the last 5 from each account. I have trouble believing that there was a CRA problem. This time I am being told by Steve and Geoff that rent payments are behind schedule and the mortgage payments are behind schedule. Sounds very fishy to me. If we could somehow meet as a group and decide what to do, it would be good. Maybe we could get the names of other investors.
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QUOTE (jeans @ Oct 5 2010, 07:02 PM)
I am another Pemberton/Sunpark investor. I also have invested in Platinum Equities mortgage fund (PMIC1). I have only received one quarterly cheque out of the last 5 from each account. I have trouble believing that there was a CRA problem. This time I am being told by Steve and Geoff that rent payments are behind schedule and the mortgage payments are behind schedule. Sounds very fishy to me. If we could somehow meet as a group and decide what to do, it would be good. Maybe we could get the names of other investors.
read the OM you received .. it shows your rights such as % of votes to change GP, to get annual statements and to get names of co-investors and pertinent documents on request. In fact, in Alberta .. but not BC .. an LP MUST (!!!!) publish all investors through corporate registries .. s.th. that is likely going to happen in BC after November 2010 too !
Start a blog with FACTS (not allegations) .. and like minded folks will find you !
FACTS such as:
a) I invested XXXX $s on ____ (date)
b) I invested in XYZ fund
c) I was told by XXXX (name) that ...
d) I received XXX $s on ____ (date)
e) here's my contact info
f) any factual data on property (title is public, as are mortgages or liens on it) .. any lawyer can find it ..
g) OM you invested under and highlight its key terms
h) purchase price of asset .. mortgages ..
do not defame people .. state FACTS only ..
I am another Pemberton/Sunpark investor. I also have invested in Platinum Equities mortgage fund (PMIC1). I have only received one quarterly cheque out of the last 5 from each account. I have trouble believing that there was a CRA problem. This time I am being told by Steve and Geoff that rent payments are behind schedule and the mortgage payments are behind schedule. Sounds very fishy to me. If we could somehow meet as a group and decide what to do, it would be good. Maybe we could get the names of other investors.
read the OM you received .. it shows your rights such as % of votes to change GP, to get annual statements and to get names of co-investors and pertinent documents on request. In fact, in Alberta .. but not BC .. an LP MUST (!!!!) publish all investors through corporate registries .. s.th. that is likely going to happen in BC after November 2010 too !
Start a blog with FACTS (not allegations) .. and like minded folks will find you !
FACTS such as:
a) I invested XXXX $s on ____ (date)
b) I invested in XYZ fund
c) I was told by XXXX (name) that ...
d) I received XXX $s on ____ (date)
e) here's my contact info
f) any factual data on property (title is public, as are mortgages or liens on it) .. any lawyer can find it ..
g) OM you invested under and highlight its key terms
h) purchase price of asset .. mortgages ..
do not defame people .. state FACTS only ..
absolutely agree. state only facts or face potential legal option. There must be others out there. Im in Vancouver, and he is right, read ur OM. My lawyer said they what they r doing may be perfectly legal.
We need to assemble some pplz togethr and decide what to do w/a lawyers advice. They are always late and throw out the CRA / bank w/holding funds as an excuse, eventhough there is supposed to be a new bank acct setup. This has been going on for 6 mths and is unacceptable.
Anyone else in Vancouver ? we need to all go see the lawyer together and see what our legal options are.
email me at [email protected] and let`s form a group together.
We need to assemble some pplz togethr and decide what to do w/a lawyers advice. They are always late and throw out the CRA / bank w/holding funds as an excuse, eventhough there is supposed to be a new bank acct setup. This has been going on for 6 mths and is unacceptable.
Anyone else in Vancouver ? we need to all go see the lawyer together and see what our legal options are.
email me at [email protected] and let`s form a group together.
I am also a Platinum investor who is in contact with other Platinum investors who are also concerned about the present situation. Like many of you, we are seeking to find as many other Platinum investors as possible in an attempt to discuss the situation and possible strategies for the future. If you would like to contact us you can contact us directly at [email protected].
QUOTE (jeans @ Oct 5 2010, 07:02 PM)
I am another Pemberton/Sunpark investor. I also have invested in Platinum Equities mortgage fund (PMIC1). I have only received one quarterly cheque out of the last 5 from each account. I have trouble believing that there was a CRA problem. This time I am being told by Steve and Geoff that rent payments are behind schedule and the mortgage payments are behind schedule. Sounds very fishy to me. If we could somehow meet as a group and decide what to do, it would be good. Maybe we could get the names of other investors.
I am another Pemberton/Sunpark investor. I also have invested in Platinum Equities mortgage fund (PMIC1). I have only received one quarterly cheque out of the last 5 from each account. I have trouble believing that there was a CRA problem. This time I am being told by Steve and Geoff that rent payments are behind schedule and the mortgage payments are behind schedule. Sounds very fishy to me. If we could somehow meet as a group and decide what to do, it would be good. Maybe we could get the names of other investors.
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I am also invested with Platinum Equities and have the same problem. The dividends stopped coming 2 years ago and very little explanation of communication has came out of them. Few times I called and left messages. Today they called me back and said that Canadian tax authorities have garnished the distribution account and they don`t know yet when this will be resolved. What is our recourse ? Any ideas on what we can do ?
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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.
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.
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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.
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.
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Some news is now emerging on the status of the syndication. They had a conference call a while back that was somewhat helpful, although left some key questions unanswered. It seems things have been allowed to get into a tight situation. Now I've received a letter presenting 3 offers they've received for the Sunpark building. All offers are well below what we paid for the building. The other option is to hold the building which would unfortunately would involve a cash call to the investors. As much as I don't like sinking more money into this investment, my usual instincts in real estate is that you want to have lots of time on your hands to wait out down times. The numbers assume that the building would be sold at a 8.5% cap rate 10 years from now (may or may not be realistic). Over the course of 10 years, one would think that a good opportunity to sell is likely to arise. Also, in the return numbers they present for the hold option, they use a discount rate of 10% which is substantial and makes the present value of the cash to be received from the hold option look less attractive.
A main concern I have with the hold option is that the outstanding mortgage on the Sunpark building is about 0.8 of the potential sale value. When the mortgage comes up for renewal in 2013, will they be able to renew the mortgage at a sufficient value to avoid having to raise extra money elsewhere? The good news is that the partnership does have equity in the other building in the syndication.
Peter
A main concern I have with the hold option is that the outstanding mortgage on the Sunpark building is about 0.8 of the potential sale value. When the mortgage comes up for renewal in 2013, will they be able to renew the mortgage at a sufficient value to avoid having to raise extra money elsewhere? The good news is that the partnership does have equity in the other building in the syndication.
Peter
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did the syndicator flip the property into the LP for a profit i.e. uplift the building - undisclosed ?
I assume this is an office tower or retail building ? Then you can get maybe a 60-65% mortgage .. or higher with higher interest rates or personal guarantees. Who will put those guarantees up ?
Selling a property in distress, i.e. with vacancies or too high a mortgage always leads to a low sales price. Thus, the only way to get a better price in teh future is to have sufficient cash-flow (thus, a low mortgage) and low vacancies with market rents ! Is this realistic here ?
I assume this is an office tower or retail building ? Then you can get maybe a 60-65% mortgage .. or higher with higher interest rates or personal guarantees. Who will put those guarantees up ?
Selling a property in distress, i.e. with vacancies or too high a mortgage always leads to a low sales price. Thus, the only way to get a better price in teh future is to have sufficient cash-flow (thus, a low mortgage) and low vacancies with market rents ! Is this realistic here ?