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Forest Lakes, Nova Scotia, Canada


marksmith33
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Looks like we are in the exact same boat in terms of what we bought, when we bought and who we went through. I have had some contact with others who invested in different ways but its good to know i have finally made contact with investors in the same position as me. I am from the midlands as well. It might be a good idea to share email addresses privately just in case this forum is taken down for whatever reason. We would still have a line of communications. If you are happy to share I will private message you with my email??

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Had the following from HBS/AVCS re fees. I have been paying but If others in the LLC stop then this could cause issues as well as they say land getting repossessed etc Have you all been paying the annual fee?

We are still waiting for an update from TFDC. 

In respect of stopping payment of your Annual fees the Manager has no choice other to accept the decision of an LLC Member not to pay or suspend payment, as action/sanctions against default LLC Members is not considered in the LLC Agreement and as such the collection of said fees is a passive collection carried out by HBS on behalf of the Manager AV Corporate Services Ltd (AVCS).

To date there have been sufficient Members paying to cover the fixed disbursements such as agent fees, taxes, legal and other sundry costs, as well as indeed the Managers own time in dealing with the Members of 32 LLC’s. Hypothetically a situation could arise where the Manager may not have sufficient funds to cover the cost of running the LLC’s, in which case the Manager would find itself in a position where it may have to consider if it should continue or not as Manager. 

In a hypothetical case of there being insufficient funds this could lead the LLC to potentially being struck-off in the State of Delaware (non-payment of State Taxes/Agent Fees) or having the land it holds repossessed in Canada by the Municipality of West Hants, or the State. 

However, that is not the case at the moment as highlighted in the mailing, but as we have received numerous queries in recent months it was deemed to be only fair and reasonable to advise the LLC Members, not only about the role of AVCS and HBS, but also of the potential consequences of Members not paying the Annual Fees. 

We trust the above has assisted you but should you have any further questions please do not hesitate to contact us

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Hi all, I’m in a similar situation investing in 2007/8. Basically a carbon copy of the above situations. There’s a Facebook page called Forest Lakes country club ns, duped investors for those interested. 
Andrew T

And I’ve posted a link to some Tfdc staff members...

 

 

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On 1/31/2020 at 2:37 PM, Davidwhite said:

I received a telephone call from the Escrow agents.

The gist of it was they are also in the dark about the current development.

They have been told by Terra Firma that a communication will be sent out in a week or two.

The main problem seems to be that Terra Firma based their forecasts on prices before the Financial crash and are now struggling to honour them.

The basic infrastructure is in place and a few properties are complete with some sales completed.

The golf course is half complete which seems to be the main influence for generating sales, I think this has been taken on by a German consortium so should eventually get completed.

The worst case scenario is that Terra Firma announce they are going into administration. If this happens then the LLC members become creditors for any settlement payments. The agents would then work on the members behalf and advise on our options.

We'll just have to wait on the Tera Firma announcement, if it ever comes, but a least  I've had some contact. 

Any straw is worth grasping, I'll keep posting if any news.

 

David

What was the number you called David?  I would like to contact them myself and see what else I can find out?

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I was glad to find this forum for disgruntled investors in Forest Lakes. I'm based in the UK and I too invested in land at FL back at the beginning and, just like everyone else, have been waiting for the dividend. It has always irked me that I'm billed for 1% of the investment every year though - so far - I've paid up. I can't see that happening this year!  Recently I made contact with a journalist in NS who's been covering the story and some of the things he told me about the scheme are hair-raising. I won't repeat his allegations for legal reasons but having heard them I'm not all that surprised it's gone under. I believe liquidation and/or administration is on the cards soon and it will be interesting to see if we investors get any consideration.

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Hi all, great to see I’m not on my own with this predicament! The last I heard was an email in January from the Escrow folk advising that TFDC had told them there would be an update forthcoming. Still waiting on this as are we all it seems. I did get this from one of the TFDC people when I asked in December why they had taken their Twitter account down:

On 2 Dec 2019, at 13:03, Investor Relations <[email protected]> wrote:
 
Dear Mark,
 
Thank you for your email.
Until TFDC know what their next steps will be it is difficult to answer your questions. Things will hopefully become clearer over the next few weeks. Unfortunately there is no one available to give further advice until things are decided upon. We appreciate how stressful this is for you and as soon as we know further we will be in touch.

Kind regards

 

Investor Relations
Terra Firma Development Corporation
www.tfdc.ca 

sorry about the formatting but that’s the way it pastes from email.

i myself invested in 2008, but did receive my intial investment back in 2013/14 as a ‘sign of goodwill’ due to the returns being so overdue. This would suggest to me that it is not a lost cause but as folk are saying, properties are being sold on land that we hold a share in! I think whatever happens, someone will take this development on as it seems to be quite popular but as I said in my original email, it seems ludicrous that if a director of a company passes, the company could cease. 

anyhow, let’s keep this forum active and share any new info we may receive!

thanks,

Mark. 

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Hello everyone

Pleased to have found this forum.I too invested in forest lake back in 07/08 (land plot) & was expecting to have been payed out long before now. I did get a reply on the 31/10/19 explaining that Bradley Marr had passed away however nothing since.

Does anyone have any new information ??

 

Kind regards Martin

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14 hours ago, marksmith33 said:

Hi all, great to see I’m not on my own with this predicament! The last I heard was an email in January from the Escrow folk advising that TFDC had told them there would be an update forthcoming. Still waiting on this as are we all it seems. I did get this from one of the TFDC people when I asked in December why they had taken their Twitter account down:

On 2 Dec 2019, at 13:03, Investor Relations <[email protected]> wrote:
 
Dear Mark,
 
Thank you for your email.
Until TFDC know what their next steps will be it is difficult to answer your questions. Things will hopefully become clearer over the next few weeks. Unfortunately there is no one available to give further advice until things are decided upon. We appreciate how stressful this is for you and as soon as we know further we will be in touch.

Kind regards

 

Investor Relations
Terra Firma Development Corporation
www.tfdc.ca 

sorry about the formatting but that’s the way it pastes from email.

i myself invested in 2008, but did receive my intial investment back in 2013/14 as a ‘sign of goodwill’ due to the returns being so overdue. This would suggest to me that it is not a lost cause but as folk are saying, properties are being sold on land that we hold a share in! I think wha

14 hours ago, marksmith33 said:

Hi all, great to see I’m not on my own with this predicament! The last I heard was an email in January from the Escrow folk advising that TFDC had told them there would be an update forthcoming. Still waiting on this as are we all it seems. I did get this from one of the TFDC people when I asked in December why they had taken their Twitter account down:

On 2 Dec 2019, at 13:03, Investor Relations <[email protected]> wrote:
 
Dear Mark,
 
Thank you for your email.
Until TFDC know what their next steps will be it is difficult to answer your questions. Things will hopefully become clearer over the next few weeks. Unfortunately there is no one available to give further advice until things are decided upon. We appreciate how stressful this is for you and as soon as we know further we will be in touch.

Kind regards

 

Investor Relations
Terra Firma Development Corporation
www.tfdc.ca 

sorry about the formatting but that’s the way it pastes from email.

i myself invested in 2008, but did receive my intial investment back in 2013/14 as a ‘sign of goodwill’ due to the returns being so overdue. This would suggest to me that it is not a lost cause but as folk are saying, properties are being sold on land that we hold a share in! I think whatever happens, someone will take this development on as it seems to be quite popular but as I said in my original email, it seems ludicrous that if a director of a company passes, the company could cease. 

anyhow, let’s keep this forum active and share any new info we may receive!

thanks,

Mark. 

tever happens, someone will take this development on as it seems to be quite popular but as I said in my original email, it seems ludicrous that if a director of a company passes, the company could cease. 

anyhow, let’s keep this forum active and share any new info we may receive!

thanks,

Mark. 

 

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Hi All. I have just joined the private Facebook group: Forest Lakes country club ns, duped investors

If everyone on this forum uses FB then I suggest everyone joins the group. Its private so cannot be seen by anyone else. The numbers seem to be growing on this forum and in that group so if we all communicate in one place this will be good going forward. Especially if we go down the legal route as a group and prevent TFDC / FLCC from viewing our discussions. 

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4 hours ago, RockyBl said:

Hi All. I have just joined the private Facebook group: Forest Lakes country club ns, duped investors

If everyone on this forum uses FB then I suggest everyone joins the group. Its private so cannot be seen by anyone else. The numbers seem to be growing on this forum and in that group so if we all communicate in one place this will be good going forward. Especially if we go down the legal route as a group and prevent TFDC / FLCC from viewing our discussions. 

 

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On 2/17/2020 at 4:55 PM, S kelly said:

HI there,

I too am an investor since 2006, can't believe this has has happened  and obviously  very disappointed. Please keep us updated and I'll do likewise if I get any more information. 

 

Kind regards 

S Kelly

Hi there, if you are on FB, please request to join ‘Forest lakes country club, ns - duped investors’ there are currently 13 members 

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Hi all, 

Im a UK investor. I initially invested around £9k  in 2008 and then through frustration i further invested to secure an actual plot 18 months ago with the promise of my money back as worst case scenario. I have tried ringing some of the partner companies listed on the website but no one responds. Because of the lack of communication I feel that eventually it will be baf news and at best we will get 10% back from the auditors.... But you never know! 

 

Paul from Hampshire 

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Hi All,

I am UK based and bought parcels of land in the Forest Lakes opportuntity in 2011 through a specialist property company who were agents for Landcorps international who were the worldwide sales agent for Terra Firma. 

I too have used the investor relations form recently and have had no answer. I have also emailed a contact that I had with Landcorps and have exchanged emails in the past, but am not getting any response now.

Investment security - This is what we are all concerned about now, and this how it has been put to me in the past, as our investments are held in a separate Barclays bank account named an Escrow Account managed by the Escrow Agent, under English Law, the money in an Escrow Account is protected and legally acknowledged that the funds belong to clients and not to the company managing it.The Funds are protected from creditors and would be returned to us without claim in the event the company managing the funds went into liquidation. The investment is secured by a title deed within the development.and 100% of the value of the investment is covered by Title Insurance.

Engel and Volckers - are the equivalent to Savills and Knight Frank in the UK, all were selling land plots. It's interesting, for at first glance, it looks as if  Engel and Volckers have reset themselves up as a sort of Compensation organisation, or something similar.

I am going to email the vice president of TFDC  later this week if I can locate his email address and ask for an update. I will post any reply that I may get here.


With kind regards

Robert

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Hi,

I am also an investor from the UK purchasing half an acre back in 2010. This was purchased with an AVC that I had been paying into and the investment was placed in a SIPP. Unfortunately, not long after I'd invested, the chancellor changed the rules and I dearly wish I had waited and just taken the money and the paid the tax.  I have just been billed nearly £1k in fees for the SIPP and needless to say am a bit desperate as to whether I should cancel the SIPP and face the consequences with the tax man. Not sure what to do and like everyone else here have not had a reply from two emails sent requesting further information. I have also been paying the annual fees so currently, if I do get anything back, I'm probably going to have lost even more due to all the fees I've paid. I retired last year so it would have been great if  this had worked out.

Would very much like to be kept in the loop so will keep checking back.

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On 2/25/2020 at 7:15 PM, amarula66 said:

Hi All,

I am UK based and bought parcels of land in the Forest Lakes opportuntity in 2011 through a specialist property company who were agents for Landcorps international who were the worldwide sales agent for Terra Firma. 

I too have used the investor relations form recently and have had no answer. I have also emailed a contact that I had with Landcorps and have exchanged emails in the past, but am not getting any response now.

Investment security - This is what we are all concerned about now, and this how it has been put to me in the past, as our investments are held in a separate Barclays bank account named an Escrow Account managed by the Escrow Agent, under English Law, the money in an Escrow Account is protected and legally acknowledged that the funds belong to clients and not to the company managing it.The Funds are protected from creditors and would be returned to us without claim in the event the company managing the funds went into liquidation. The investment is secured by a title deed within the development.and 100% of the value of the investment is covered by Title Insurance.

Engel and Volckers - are the equivalent to Savills and Knight Frank in the UK, all were selling land plots. It's interesting, for at first glance, it looks as if  Engel and Volckers have reset themselves up as a sort of Compensation organisation, or something similar.

I am going to email the vice president of TFDC  later this week if I can locate his email address and ask for an update. I will post any reply that I may get here.


With kind regards

Robert

Hi Robert, if you use facebook please join the group called forest lakes country club duped investors. Numbers are growing here but we need more. If you know any other investor then please advise them to join as well

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On 2/27/2020 at 7:16 AM, RockyBl said:

Hi Robert, if you use facebook please join the group called forest lakes country club duped investors. Numbers are growing here but we need more. If you know any other investor then please advise them to join as well

 Hi Rocky, I submitted to join the group 4 days ago, but am still waiting for a reply. How long do I have to wait?

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Hi All

oh dear oh dear, as i reed through your comments it is all to relevant to my own experiences , i have been trying to get an update from them for several months now without response from them!!! 

i was investor 44 i think and was told (some years back) that i had just missed out on the first round of exit payments,

as requested from earlier post im in Somerset England 

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I am in the same boat. I invested in land through my Scottish Widows pension pot, SW had already invested in it themselves so I presumed it was a safe investment like you would. I am very distressed at the lack of information from TF and and find it all disgraceful. We had a visit there a few years ago and it all looked great, where has all our money gone? I invested in Canada as their economy is one of the best in the world and was nothing like Spain etc which are corrupt. This all stinks and I don't know what to do. 

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