The Manitoba Securities Commission issued a cease trade order on September 30, 2009 against:
Jeanette Cleone Couch, Shire International Real Estate Investment Ltd., Shire Asset Management Ltd., Hawaii Fund, and Maples and White Sands Investment Ltd.. You can read the order here.
Tuesday, October 27, 2009
Tuesday, October 20, 2009
Federal Gov't News Release on White Collar Crime...
Minister Rona Ambrose made this press release in Edmonton today with myself and other alleged victims of Shire International in attendance. Similar press releases were also made in Montreal and Ottawa.
Ottawa on Wednesday will introduce long-awaited legislation that would impose a minimum two-year mandatory prison sentence to anyone convicted of committing fraud over $1 million regardless of the number of victims.
“Fraud can have a devastating impact on the lives of its victims, including feelings of humiliation for having been deceived into voluntarily handing over their life savings” federal Justice Minister Rob Nicholson said Tuesday. “This legislation will help crack down on white-collar crime and increase justice for victims by providing tougher sentences for the criminals responsible.”
The proposed new law will also add aggravating factors to be considered when handing down sentences in such fraud cases, including:
• The financial and psychological impact of the fraud on the victim, given the victim’s particular circumstances such as age, health and financial situation;
• If the offender failed to comply with applicable licensing rules or professional standards;
• The magnitude, complexity and duration of the fraud, and the degree of planning that went into it.
Media coverage so far can be found at the following links:
http://www.inews880.com/Channels/Reg/LocalNews/story.aspx?ID=1153391
http://www.google.com/hostednews/canadianpress/article/ALeqM5g5M1-rD7f3LoMAE9zTGKrdPaf2Hw
http://www.montrealgazette.com/Tough+legislation+fight+white+collar+crime/2124485/story.html
Several other related news articles
Ottawa proposes get-tough legislation for white-collar crime
- TV coverage with several of the Earl Jones & Mont Real victims interviewed at today's Montreal press conference with Hon. Minister Christian Paradis
Watch the CTV NEWS VIDEO PLAYER (see: Caroline Van Vlaardingen reports) at http://montreal.ctv.ca/servlet/an/local/CTVNews/20091020/mtl_white_collar_crime_091020/20091020/?hub=MontrealHome
More CTV News Coverage:
http://www.ctv.ca/servlet/ArticleNews/story/CTVNews/20091020/white_collar_091020/20091020?hub=QPeriod
Ottawa vows tougher white-collar sentencing
The Toronto Star http://www.thestar.com/news/canada/article/712924--ottawa-vows-tougher-white-collar-sentencing
White-collar criminals face new sentences
The Globe & Mail http://www.theglobeandmail.com/news/politics/white-collar-criminals-face-new-sentences/article1330732/
The Globe & Mail - Business http://v1.theglobeandmail.com/servlet/story/RTGAM.20091020.wwhitecollar1020/BNStory/Business/
Ottawa unveils white collar crime bill
The Globe & Mail online video http://www.theglobeandmail.com/video/ottawa-unveils-white-collar-crime-bill/article1330741/
White-Collar Redux (x2)
CBC News http://www.cbc.ca/news/canada/politicalbytes/2009/10/white-collar-redux-x2.html
Ottawa on Wednesday will introduce long-awaited legislation that would impose a minimum two-year mandatory prison sentence to anyone convicted of committing fraud over $1 million regardless of the number of victims.
“Fraud can have a devastating impact on the lives of its victims, including feelings of humiliation for having been deceived into voluntarily handing over their life savings” federal Justice Minister Rob Nicholson said Tuesday. “This legislation will help crack down on white-collar crime and increase justice for victims by providing tougher sentences for the criminals responsible.”
The proposed new law will also add aggravating factors to be considered when handing down sentences in such fraud cases, including:
• The financial and psychological impact of the fraud on the victim, given the victim’s particular circumstances such as age, health and financial situation;
• If the offender failed to comply with applicable licensing rules or professional standards;
• The magnitude, complexity and duration of the fraud, and the degree of planning that went into it.
Media coverage so far can be found at the following links:
http://www.inews880.com/Channels/Reg/LocalNews/story.aspx?ID=1153391
http://www.google.com/hostednews/canadianpress/article/ALeqM5g5M1-rD7f3LoMAE9zTGKrdPaf2Hw
http://www.montrealgazette.com/Tough+legislation+fight+white+collar+crime/2124485/story.html
Several other related news articles
Ottawa proposes get-tough legislation for white-collar crime
- TV coverage with several of the Earl Jones & Mont Real victims interviewed at today's Montreal press conference with Hon. Minister Christian Paradis
Watch the CTV NEWS VIDEO PLAYER (see: Caroline Van Vlaardingen reports) at http://montreal.ctv.ca/servlet/an/local/CTVNews/20091020/mtl_white_collar_crime_091020/20091020/?hub=MontrealHome
More CTV News Coverage:
http://www.ctv.ca/servlet/ArticleNews/story/CTVNews/20091020/white_collar_091020/20091020?hub=QPeriod
Ottawa vows tougher white-collar sentencing
The Toronto Star http://www.thestar.com/news/canada/article/712924--ottawa-vows-tougher-white-collar-sentencing
White-collar criminals face new sentences
The Globe & Mail http://www.theglobeandmail.com/news/politics/white-collar-criminals-face-new-sentences/article1330732/
The Globe & Mail - Business http://v1.theglobeandmail.com/servlet/story/RTGAM.20091020.wwhitecollar1020/BNStory/Business/
Ottawa unveils white collar crime bill
The Globe & Mail online video http://www.theglobeandmail.com/video/ottawa-unveils-white-collar-crime-bill/article1330741/
White-Collar Redux (x2)
CBC News http://www.cbc.ca/news/canada/politicalbytes/2009/10/white-collar-redux-x2.html
Tuesday, October 13, 2009
Post Court Update...
On October 8 we appeared in Court with respect to a variety of matters. On the day before the hearing, the Monitor filed an extensive and lengthy report detailing its findings to date. The Monitor continues to obtain and review additional information as it becomes available.
The Court granted numerous orders, summarized as follows:
1. Extended the stay of proceedings to December 8
2. Increased the debtor in possession financing (interim financing) by $1 million
3. Refused to lift the stay of proceedings with respect to two mortgagees seeking to foreclose
4. Appointed Ernst & Young as Receiver so that it can market and/or deal with individual properties
5. Directed that funding of $100,000 be paid out of the debtor in possession financing to legal counsel for some of the investors to cover legal costs and disbursements
6. Directed the establishment of a Management Committee to advise the receiver.
The next hearing is scheduled for December 8, 2009, but we expect progress in the next month as the Receiver establishes the Management Committee and begins a request for proposal process concerning the potential sale of some or all of the Shire group properties. In addition, we expect the Receiver/Monitor to continue to obtain additional information to complement its most recent report.
The Court granted numerous orders, summarized as follows:
1. Extended the stay of proceedings to December 8
2. Increased the debtor in possession financing (interim financing) by $1 million
3. Refused to lift the stay of proceedings with respect to two mortgagees seeking to foreclose
4. Appointed Ernst & Young as Receiver so that it can market and/or deal with individual properties
5. Directed that funding of $100,000 be paid out of the debtor in possession financing to legal counsel for some of the investors to cover legal costs and disbursements
6. Directed the establishment of a Management Committee to advise the receiver.
The next hearing is scheduled for December 8, 2009, but we expect progress in the next month as the Receiver establishes the Management Committee and begins a request for proposal process concerning the potential sale of some or all of the Shire group properties. In addition, we expect the Receiver/Monitor to continue to obtain additional information to complement its most recent report.
Wednesday, October 7, 2009
Third Report from the Monitor...
The third report of the Monitor (Ernst & Young) can be found here. For more information, please visit http://www.ey.com/ca/shire.
See you in court tomorrow...
See you in court tomorrow...
Monday, October 5, 2009
Back online...
Amazing what the folks at Apple can do in such a short time. I'm back online with a flashy new hard drive and all of my data back as though nothing ever happened. Now comes the hard part - catching up!
Friday, October 2, 2009
HARD DRIVE FAILURE....
My hard drive has died. All of my info has been backed up but I am off line for a few days while the wonderful folks at Apple install a new one. Thank you for your patience, I will have extremely limited access to email during this time. I'll post and update as soon as I am back online.
Summary of Proceedings - Friday October 2nd
Today we attended in Court with respect to an application to extend the stay of proceedings to and including October 8, 2009. Essentially the Monitor has not completed its report, and requires more time to do so. Given the short amount of time, we supported the extension and the Court agreed, extending the stay of proceedings to Thursday, October 8, 2009 before Mr. Justice LoVecchio. We also advised the Court that we had requested a shareholder registry for each project company, and that if necessary we would bring an application in this regard. The Monitor's counsel advised the Court that these lists were "in the works".
In addition, the application by certain mortgagees to lift the stay was adjourned by consent to October 8, 2009 at 9 am, when the next hearing will take place. The Court has booked one half a day for ths next hearing, at which point we will be will have a more complete Monitor's report, as well as further details concerning the proposed establishment of a stakeholder committee.
** This has not been emailed out, but will be sent out as soon as my Mac is back up and running early next week. **
Thursday, October 1, 2009
Second Monitor's Report...
The second report from the Monitor, Ernst & Young, can be found here. It should be available on their website in a few days at http://www.ey.com/ca/shire. Also, please can read the latest Notice of Motion and Affidavit from Cleone Couch.
The next court date is tomorrow! Here are the details:
CCAA and Shire et al. (Action No. 0901-11866) will take place:
Friday, October 2nd @ 9:00am at:
Calgary Courts Centre
601 - 5 Street S.W.
Calgary, AB T2P 5P7
The proceedings are open to the public if you wish to attend. I encourage everyone to attend as the proceedings do affect your investment and attending is one of the best ways to stay informed. Please note that investors will not be able to speak at the proceedings, only attend as a part of the general public. I will be present and available afterwards for comments and questions.
A note regarding security at the Calgary Courts Centre: There is immense security at the centre, please come a little early to ensure that you can clear security prior to the hearing. After the public goes through security, there are electronic lists on the wall notifying the action number, name (In the matter of the CCAA and Shire et al.) and courtroom. If you can't find the room, there is an information office where you can ask for assistance.
I will also have copies of The Canadian Coalition Against White-Collar Crime demand stiffer sentencing for White Collar criminals petition for anyone who would like to sign.
The next court date is tomorrow! Here are the details:
CCAA and Shire et al. (Action No. 0901-11866) will take place:
Friday, October 2nd @ 9:00am at:
Calgary Courts Centre
601 - 5 Street S.W.
Calgary, AB T2P 5P7
The proceedings are open to the public if you wish to attend. I encourage everyone to attend as the proceedings do affect your investment and attending is one of the best ways to stay informed. Please note that investors will not be able to speak at the proceedings, only attend as a part of the general public. I will be present and available afterwards for comments and questions.
A note regarding security at the Calgary Courts Centre: There is immense security at the centre, please come a little early to ensure that you can clear security prior to the hearing. After the public goes through security, there are electronic lists on the wall notifying the action number, name (In the matter of the CCAA and Shire et al.) and courtroom. If you can't find the room, there is an information office where you can ask for assistance.
I will also have copies of The Canadian Coalition Against White-Collar Crime demand stiffer sentencing for White Collar criminals petition for anyone who would like to sign.
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