Wow, I can't believe a late night search enabled me to come up with this discussion.
Like many commentators here I invested in 2008 for the half acre and the amount that most people seem to have paid for it at that time. I recall I got the information from a site called Motley Fool I was signed up to and received information in my email inbox regarding Forest Lakes. Hindsight is a great thing, but this was not just a knee jerk reaction to making lots of money. The fact it was in Canada and the fact it was tied in with SIPPS: everything seemed to indicate it was a good investment.
Something that has not come up on all the comments I have read is the investment in Brazil, which I further contributed towards in 2010. Only after the passing away of Bradley Marr did I come across his association with that investment - I had absolutely no idea he was connected there too. Has anyone else invested there too?
Dear LLC Member, August 2020 (no communication on this one since April 2019)
We write to you as the Manager of your Delaware Limited Liability Company (LLC) for Pure Resorts
(formerly Eco City), and to bring to your attention the Managers concerns.
Firstly, the project itself. As you will know, Mr. Brad Marr, who passed away last year, oversaw the
project. Since his passing, we have tried to establish who should now be taking responsibility for the
project and despite many attempts to communicate with Pure the Manager has been unable to makecontact.
Up until the middle of 2019, the Manager was in contact with Mr. Marr and he assured the Managerthat he was doing his utmost to get the project back on track and that for that reason he was living inBrazil in order to raise further finance. The same year the Manager took the initiative to contract, at
its own cost, a law firm in Brazil in order to check the status of the land held by the six (6) LLC’s and itwas confirmed that, at that time, the land was free and clear of any liens or encumbrances.
Taking the above into consideration and since the passing of Mr. Marr, the Manager has attempted tocontact Mr. Alejandro Zugasti the former CEO of Pure Resorts, but unfortunately, he has beenunwilling or unable to assist in the matter of the status and future of the Project. Therefore, theManager now finds itself without any source of information on the project and without access to thenecessary knowledge or expertise (previously provided by Pure) to further safeguard the land andtherefore unable to assist the LLC Members with any updates in respect of the current, or futuresituation.
As you will be aware, it is Pure’s responsibility to run the project and to deal with all matters in Brazil,whilst the Manager’s principal role is to maintain the LLC in good standing in respect of its regulatoryand fiscal obligations as a company in the State of Delaware in the United States of America (USA).
The Manager has carried out this role correctly and all the LLC’s are in good standing, but it isimportant to highlight that the Manager has no experience in Brazil itself and, without input from Pure,the Manager is concerned that it is not receiving the professional assistance the LLC Members wouldexpect.
Added to the above, there is also the matter of a drastic reduction in the collection of the Annual Fees... Echoing the FLCC communications
As many people have said all went swimmingly with FLCC and I even visited the Nova Scotia site as some others did in 2014, received a letter saying how much my investment would be worth and when the payout would be likely. The staff in Novia Scotia, Martin Kilbride, the involvement of leading estate agents - all indicated sound investment - excellent sales spiel. However ,as deadlines for payouts got postponed, I started to feedback my annoyance at the over hyped marketing. Martin Kilbride kept us all hopeful with his encouraging responses - and hints that certain members were not paying fees. With the passing of my Dad in 2017, I stepped things up a gear. I started to ask about other members. I realised I had no safety net should things hit the proverbial - and no network. I therefore asked Martin to put my contact details in a newsletter for other investors to begin setting up our base of support, as I knew he could not disclose others' data. He didn't. As I kept pushing, stressing investors need face to face reassurance, I was promised a series of roadshows to begin last year. Again deadline after deadline passed - then the death. Not something that should not have a contingency plan. As with everyone else, his line is non-existent now. I am not on Facebook, but tried to see if anyone would respond on LinkedIn. Nothing. In the meantime, I got in touch with Saviles - no longer acting for FLCC; did research on Citadel, cum Highpoint - didn't look good. Reaching the conclusion that hard earned money was down the drain.
However, finding this forum is SO reassuring - if only we could arrange a face to face gathering. Some of the comments are also helpful. Be it the fact that reputable organisations like Scottish Widows seem to have been duped to not knowing he was barred in the USA. Also that the fee payment to AVCS is at the discretion of the investor and a meaningless charge if our investment is at risk of not making a return.
I agree that legal action could just be filling a bottomless pit. The investigative journalist (?) Geoff Bird seems to be the man we need on the inside - so to speak - regarding what is happening at the development. Robert on Feb. 25 notes "our funds can't be touched by creditors" and there are also several mentions of the land being a separate issue. Once by AVCS, who it seems has it's own agenda, frequently citing legal assistance but at a cost. My only question here is, if the aim is to sell and divide among members: weren't there quite a few LLCs? Also the time lag is not an optimum course of action - we've had enough of that!
Lizzie's suggestion of an email for the group meets with my approval and I will endeavour to send my details so we can begin to have something akin to our own database of members. [email protected]
This forum is a great start for communication, but we need to summarize pertinent details so our plan of action is clear and concise. If we have anyone with a legal background that would be a huge asset.
Finally, I did not make the virtual meeting on the 12th November. Any feedback?