FEBRUARY 14, 2018 UPDATE – Lakehouse and Keystone Business Park
I am pleased to report that we have successfully arranged for the sale of the Lakehouse property. Cheques were mailed today to investors to return any deposits made in full, and a shareholder pro rata distribution of net proceeds. There will be a future distribution related to this sale, when a vendor take back mortgage is paid out. We thank you for your patience. This future payout will be more substantial than this first one, which is simply a distribution from the deposits. You should receive cheques in the next couple weeks. If you do not, please contact us.
If your last name is any of the following and you were an investor in Lakehouse, please email me at email@example.com as I do not have a mailing address for you, despite attempts to locate you. I have to be generally vague, as we have had people try to participate in this lawsuit settlement who were not actual investors within it.
Kureshi Weik Lambert/Story O’Donoghoe Little Alberta Numbered corporation
If any of you are one of those investors, contact me and we will get confirmation you were an investor and we will deal with getting your address for distribution.
With Keystone Business Park, we continue to hold the property and it is leased, so it pays for the taxes and carrying cost of it. We will be listing it when the market is better, in order to maximize proceeds for investors. We will make that decision in consultation with your representative plaintiff.
SEPTEMBER 15, 2016 – KEYSTONE BUSINESS PARK and LAKEHOUSE
Please refer to the page related to Keystone Business Park for a specific update, as this action has been certified as of September 14, 2016. Additionally, we have some progress with the certified settlement in Lakehouse, which will not be posted on this website as it contains confidential information. The update will be emailed to class action participants in the next several days. We ask Lakehouse class action participants to review the materials sent to you as there will be a time sensitive decision to be made.
SEPTEMBER 15, 2016 – ARIZONA ACQUISITION FUND
To all investors that have contacted us in relation to the CBI – Arizona Acquisition Fund. Kevin McGuigan and MNLLP are not advancing a claim in relation to this project. We do not represent your interests in this project. If you believe you have a loss in relation to this project, you are directed to speak to other legal counsel about your concerns. We are not able to provide any further advice or direction in relation to claims related to CBI projects. We wish to be clear that as part of the resolution of the Keystone Business Park class action suit, and in order to assist those investors, MNLLP was required to provide a forbearance agreement. What that means is we will not be advancing any further claims against any of the CBI defendants. We are not suggesting you have a claim in relation to the Arizona Acquisition Fund. We are simply clarifying that we do not represent your interests if you are an investor in that project and we cannot give you advice about it. So we are not able to answer any inquiries about it.
For Investors of the CBI Lakehouse, CBI PIC,and CBI Venu / Keystone projects:
Kevin McGuigan is pleased to announce that on September 9th, 2015, 3 distinct class action lawsuits with respect to the CBI Group were successfully resolved for the benefit of the 3 classes of investors. It took a substantial amount of work and the cooperation of counsel for the defendants to construct settlements that worked for those 3 projects. All 3 of these projects involved classes of plaintiffs that were investors through exempt market financings and involved complex issues and facts to sort through in order to find a solution that made sense.
There are many exempt market financing scenarios from the past several years where investors have not received their expected return. And very few of them have proceeded to and through litigation. These 3 lawsuits we have recently settled demonstrate that when investors are willing to work together, sometimes solutions can be found that will provide benefits for investors.
We receive inquiries periodically about other investments and their status. If you have other investment projects where you have not received your expected return, please put your documents together and contact us and we will be happy to review the matter with you to discuss your options. Not every project warrants legal action, or usage of class action tools. However, we are pleased that in the case of these 3 projects, this litigation tool worked for a group of investors that were prepared to work together.
Please click on the relevant page for your particular investment for more details regarding the settlement, or click on the following links below:
We are pleased to announce that a class action has been commenced through our offices related to the following CBI Group Project:
Keystone Business Park
Our offices have filed a statement of claim in this action and we are advancing claims on behalf of Class “B” shareholders in Keystone Business Park Inc. and bondholders in Keystone Capital Corp.
Generally, in this project investor funds of up to $19,200,000.00 were raised for development of the Keystone Business Park. The Investors’ interest is reflected in a mortgage on title, which is in first priority position. Unlike several of the other CBI Group projects, there is no mortgage that is in a priority position to the Keystone Business Park investors.
There are a myriad of issues and concerns related to this project.There was an Alberta Securities Commission sanction as of July 22nd, 2008 that issued while this project was being marketed and developed. There is also another recent Alberta Securities Commission sanction issued on August 19th, 2015, in relation to this project and several others.
We do not intend to go through substantial specifics related to this project on the website. Nor do we intend to respond to every individual email that is sent by investors. We simply cannot do so, when faced with many several hundred investors. We are working on a contingency fee basis. And we are seeking to have this claim certified as a class action.
This is not a right or guarantee. It is our intention to have the Court endorse certification of this claim, so investors can work together to advance their interests and seek common determination of common issues and facts in dispute. Certification will be opposed, we expect.
If we are certified, we will then work toward proving liability. Our objective is to assist investors in realizing some return and hopefully receive some restitution of their investment in the Keystone Business Park. There are a variety of arguments that will come into play. Right now, we do not know how the defendants will respond.
We are not advocating the RCMP to investigate, nor are we pressuring the Alberta Securities Commission here. We are pressing a civil litigation claim. These involve complex issues and facts.
If any of you have emails or mail correspondence, in which you made inquiries about the project and received a response, then please also contact us to forward that to us so we can compile our records. That would include, but not be limited to, emails inquiries on the status of matters and responses you were getting in return. Items that were not sent to everyone.
We will attempt to keep investors posted through our website. We ask for your patience, as matters do not proceed quickly.
Please see the individual webpage for this investment for more details, located on the left hand side of this page.
We look forward to working with you.