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April 3rd, 2009 at 12:00 am
wow….so what does this mean??
April 15, 2009: 2 Directors from the GP have tendered their resignations but this still has to be reviewed by legal entities to ensure that all obligations and involvements between them and the LPs are cleared.
April 3rd, 2009 at 12:00 am
To me it means that the heat was too much for some of the executive.Now that the cat is out of the bag and the ASC is involved, they’ve decided to get out while the getting’s good. Answers my question about Dave Humeniuk. I wonder who else followed suit?The only thing we can hope for is replace the current GP with our own, find out the state of the leases and the tenants. From what I read there’s enough differential from the mortgage payments to the rent being paid to pay us our dividend. At least on CE Place.Of course what is not included in these figures are the operating costs and the vacancies. Again, I am imploring all stake holders is have your voice heard.Vote down this syndication proposal. It will dilute your position as a Limited Partner.
April 3rd, 2009 at 12:00 am
I was the fourth poster in this thread, over a year ago, and was the first one to blow the whistle.
I know I did submit a complaint to the securities commission with my information containing my research.
Mr Aurora�s facebook page was at one time not private. I downloaded many of his pictures. They revealed that Concrete equities has a company jet, and that Mr. Aurora has a very opulent lifestyle, including a collection of exotic automobiles. This may be of some assistance to anyone pursuing a lawsuit. As well, my initial analysis of the misrepresentations contained in the advertising materials may be useful.
Dave Humeniuk has now left. As a leopard cannot change its spots he is back at it again, this time as president of Teluric International Investments Ltd. First, warn everyone. Second, can someone register for their seminar and get a copy of their promotional material and get me a copy?
We should all lobby the provincial treasurer so that individuals under a lifetime ban from the Real Estate Council of Alberta are not allowed to be involved in any capacity offering investments, nor disbarred lawyers. (Google Orest Rusnak.)
Question � have you people received your T5013�s so you can file your taxes? If not CRA may be interested and have some fines they can apply.
April 3rd, 2009 at 12:00 am
Orest Rusnak?? Not certain as to his connection with CE. Or do you offer this comment as an unrelated warning. Thanks for enlightening us as to Dave Humeniuks new venture.
April 3rd, 2009 at 12:00 am
unrelated venture. Mentioned him because I believe disbarred lawyers should not be able peddle investments.
April 3rd, 2009 at 12:00 am
I’m not a CE investor, but I did work in the RE syndication business up until 2 years ago. The reason I left was the ridiculous run-up in pricing of good properties. Intelligent businesspeople do NOT overpay like that. While the commercial realtors loved CE because they were always willing to pay top dollar for property, it made acquisition of properties at reasonable, sustainable price levels impossible. In short, the idiots at CE had no business doing what they did. I hope the LP’s at CE fight off Mamdami’s hostile takeover. He is a cockroach of the biggest order. And as for the principals at CE, take them to court for signing those 40% second mortgage documents. That is fraud, that’s a felony, send them to jail and seize their assets. A Class-action suit again Dave Jones, Humeniuk, Auroro, De Palma (another cockroach) and Mamdazi should attract the attention of a big lawfirm looking for a juicy target. Best of luck to all the CE investors.
Just an addendum to Raider2009: Please pardon what appears as an emotional outburst. The RE syndication business was working well prior to CE, and the companies involved were all compliant with ASC regs. Along comes CE, with their massive ad campaign, promises of returns that should have caused the ASC to investigate, and within a year, they were a billion dollar business, or so their spokesman claimed. So perhaps the real culprits here are the ASC who should have been onto CE years ago, and who are directly responsible for the mess that CE investors find themselves in.
April 3rd, 2009 at 12:00 am
Well, it is just a matter of time before the boys at Concrete disappear! Looks like they have already started to take steps to cash their money out and get out of the real estate business.
With little or no education, never mind any work experience in real estate or investments these guys were able to promote themselves as the movers and shakers of Calgary. Amazing what an ad on TV (Dragon’s Den) can do for your instant credibility??
DAVE HUMENIUK is up and running with his new *Telluric International Investments*!! No one in their right mind should invest with him.
I just heard that DAVE JONES is still raising money for his DRAGON FUND, Don’t know why people are still giving him money???
There are many investors that will be hurt by what was perpetrated by the management team at CE, they over paid for real estate and took large profits from unsuspecting investors that trusted them. This real estate will take years to recover and payout a return. I encourage all CE Investors to remain patient.
My advise to CE Investors, stay firm, don’t let the lawyers spin this into some long legal battle. It is a lot simpler than you think. The general partner cannot do anything with your vote. I have heard that DAVE JONES is claiming that the 2% fee is no longer an issue, why then is the deal still open for acceptance?
The only legal fees should be spent on pursuing DAVE JONES, VARUN AURORA, VINCENZO DE PALMA and DAVE HUMENIUK for damages!!
REALIST999, you seem very emotional about this whole situation! What’s the deal? You seem to have more insight then others? Does anyone have more information to assist the CE Investors?
April 3rd, 2009 at 12:00 am
Re: Question � have you people received your T5013�s so you can file your taxes?
I got my form, but the amount on it is $155 higher than what I actually got. I was referred to an accountant, I believe, and she said they used some program that can’t be changed, so they might send out a correction later on. She mentioned that they have been getting calls about this. She could not answer my questions satisfactorily and I told her that this was no way to run a business and that I have absolutely no confidence left in CE.
I could enter the actual amount on my tax return and refer CRA to CE if there are questions. I have absolutely no desire to refile my tax return. Any other suggestions?
April 3rd, 2009 at 12:00 am
I am an investor in the SNC Lavalin building. I was told by Concrete Equities that unless I signed the Proxy giving up control as an owner, I was in danger of losing my entire investment of $50,000.
Dave Jones, told us that it was all about �Risk Management�. Dave Jones said that we must sign quickly or lose our investments! He held small information sessions down at WealthStreet with groups of no more than 20 people, so as to be able to control the group. Dave Jones yelled at the group from the very start, stating that he did not want to hear any negative talk about the proposed vote. If he did hear any negative talk, he stated, �you are a no vote and you can leave right now!� Dave Jones effectively intimidated and scared most folks in the audience from speaking up!
Vincenzo DePalma, Vinny Aurora, and Dave Jones then hammered everyone as to why this was so important to the well being of their financial future. They stated that the SNC Lavalin building was experiencing very difficult times. Two floors out of ten were vacant, with no lease offers on those two floors what so ever since July 2008. They stated that SNC Lavalin had an existing option to lease out those floors and because of this, no one else would consider renting the floors. Vincenzo stated that a benefit of giving our property to Strategic was that Strategic was powerful enough to break the options on the two floors. DePalma, Aurora, and Jones stated that we could not get a mortgage renewed on the property as it is losing so much money! They stated that they had to feed it over $400,000 in 2008 to keep it afloat. They said the building needed a Million dollars in renovations and repairs to make it suitable for new tenants. Yet when asked to provide financials on the building, Vincenzo stated that the financials statements were at the other office. Or the financials were at the CA�s office, stating �we will get them to you later, but first you need to sign this Proxy��
NOW FOLKS LETS LOOK AT THE TRUTH.
The operating financial statements for the SNC Lavalin building have been acquired directly from the building managers, Avenue Commercial.
Even with 2 floors vacant since July, and very large debt servicing costs due to the lack of a current mortgage, the SNC Lavalin building ended the 2008 year with a positive cash flow of over $500,000.
Far different from what we have been told!
It also turns out that SNC�s option on the two floors ended in July, and Concrete Equities has not even responded to several offers to lease out the vacant floors! In fact, all calls have been redirected to Strategic. As far as the mortgage goes, Concrete Equities is not even trying to get one in place, why bother when it has been sold already to Strategic. Please see the termination fee of 2% in the information circular, meaning termination of the deal they signed back at the beginning of March 2009! They are just now trying to ratify the deal with the ivestors.
Quite honestly, I believe Concrete Equities initially started off legitimately, albeit padding their pockets and their luggage with investors hard earned dollars. But as the money dried up about a year and a half ago�
Well let me ask you, in examining the Otis building (one of the buildings they wanted to group in with the SNC Lavalin building), how do you come up with interest payments on a $8,213,000 loan at 40%? Simple interest alone would mean monthly payments of $273,766. Especially when the subject building is entirely vacant!
I would have to conclude they are using my money to fund their other un-syndicated properties! And all this makes one wonder , are they really just trying to conceal the fact they do not have separate accounts and financials statements for the separate Limited Partnerships.
People, what must happen here is an audit should be conducted of Concrete Equities books, compared to the monthly financial reports of the SNC building, as well as all the other limited partnerships within Concrete Equities. Every penny of the investors profits should be accounted for. There should be separate trust accounts for each and every building/Limited Partnership. If this is not the case, Dave Jones, Vincenzo DePalma, and Vinny Aurora should be held accountable.
Either way, civil lawsuits should be commenced, as well, criminal investigations of fraudulent activities should be launched. They have been lying to all of us and trying to screw everyone out of their hard earned money. They are a despicable bunch, and at the end of the day, the general public should know the truth about these individuals.
April 3rd, 2009 at 12:00 am
I am appalled at the behavior of Dave Jones, as reported in your post. However, desperation often brings out the true nature of people.
I am in total agreement with your comments as per holding these people accountable if an audit shows cross contamination of accounts, misuse of money or any other “nefarious” activity. Since the SNC provides solid evidence od deception and practises of lying routinely to investors, an audit is mandated.
The one person who you did not include in your diatribe is Dave Humeniuk. Let us not forget that he was directly involved with the running of the corporation since it’s inception and left the firm in December of 2008. He has had a hand in the development of the mess you now find ourselves…..do not let him fade into obscurity.