QUOTE (C2Ventures @ Sep 29 2009, 10:21 PM) I thought I would open up this post again to see if anyone has any additional comments to share.
Anyone have any experiences with Liberty Gate Investment Corp in Edmonton, AB - good, bad or otherwise...
If so, I like to hear from you...send me an email to
[email protected]
Regards,
A report come out late December 2009 confirming (the discussion in this thread) a 100% loss in the Regina Condo Corporation.
As per Dedric Robinson`s update from December 2009 all my investment of $50,000 together with approx. $4.5M of others is now gone.
Detailed project accounting has not been provided despite several requests .. for over 2 years !
I have also invested $150,000 in the Hills of Cold Lake project.
Over $6.6M was raised to purchase land for $6M.
This land is appraised at approx. $4.9M with over $2.0M in a mortgage outstanding on it, according to an appraisal from summer 2009 and mortgage information provided by A. Palmer (former communications director, now resigned in his role). Thus, net equity on the land is not even $4.0M. The loan outstanding/ owing to the Cold Lake LP according to the audited 2008 financials from DRA (the legal owner of the land)is $4.7M.