Jump to content
House Price Crash Forum
Sign in to follow this  
marksmith33

Forest Lakes, Nova Scotia, Canada

Recommended Posts

I purchased one acre of land back in 2008. Exchange rate was over C$2 to  the pound, so seemed like a good idea at the time.

I'm also from the the UK down in the sunny south. Good to share the pain with everyone.

David

Share this post


Link to post
Share on other sites

Hi ,

I have 1.5 acres  land units  bought between 2008 & 2010 both through Citadel  and i live in the midlands   not always sunny but it has its moments.

hope we can all come out of this well.

Anthony

 

 

Share this post


Link to post
Share on other sites

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??

Share this post


Link to post
Share on other sites

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

Share this post


Link to post
Share on other sites

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...

 

 

D59E9252-7057-4819-91A4-7A6338A0FE2D.png

Share this post


Link to post
Share on other sites
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?

Share this post


Link to post
Share on other sites

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.

Share this post


Link to post
Share on other sites

Patt,

I didn't get a phone number, they called me but the number was withheld.

They did send email contact as below:

clientservices@avcorporateservices.com

This was on the 30th Jan and they said Terra Firma had promised to get back to them within a week or two so possibly hear something next week. I'll let you know if any news.

Good luck

David

Share this post


Link to post
Share on other sites

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 <investorrelations@tfdc.ca> 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. 

Share this post


Link to post
Share on other sites

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

Share this post


Link to post
Share on other sites
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 <investorrelations@tfdc.ca> 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 <investorrelations@tfdc.ca> 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. 

 

Share this post


Link to post
Share on other sites

Its good to hear everyone's replies and it seems we are all in the same situation,we just have to wait for updates and hope we can get a good result,i have no further news to contribute at the moment.

good luck to us all

Share this post


Link to post
Share on other sites

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. 

Share this post


Link to post
Share on other sites
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. 

 

Share this post


Link to post
Share on other sites

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

Share this post


Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Loading...
Sign in to follow this  

  • Recently Browsing   0 members

    No registered users viewing this page.

  • 315 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



×
×
  • Create New...

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.