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Pace Securities
March 12, 2021
11:34 am
Dave_1
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Everyone likes a good kickback don't they ? sf-wink Were do I sign up ?

March 26, 2021
9:59 am
Dave_1
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Question: what's been happening lately ?
Answer: not much

Some recents events I've gleemed from public documents:

  • PRRR was to deliver a Claims Brief to all interested parties by March 22 / 23. It's all private/confidential, so don't know if that happened.
  • next IIROC appearance date for Joe Thomson & Gerald McRae is set for April 8th. IIROC may schedule a hearing date then. OR it'll get delayed again. Don't know.
  • the Mediator is scheduled to start the actual mediation 30-60 days from March 22 / 23 or thereabouts, so look for mediation to start somewhere between April 22 - May 22. Given it is all private, we won't hear much. Well, unless some Investment Advisor leaks something to us publicly. No doubt, there lawyers have read them the riot act, say nothing.
April 12, 2021
8:29 am
bpcpa
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Thanks for the update of March 26. I guess the IROC appearance got postponed once again. But I have not received notice as to when it was rescheduled for. Anyone?

April 12, 2021
8:55 am
i_got_smucked_too
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What went on April 8th ? I don't know. If past history means anything, IIROC typically takes a week or so before posting an update.

Just my guess:

  • it got delayed again
  • you'll see something posted at IIROC later this week

This URL should reflect whatever they have to say, when they say it --> https://www.iiroc.ca/SitePages/Related-Documents.aspx?linkid=1366

April 12, 2021
11:38 am
Dave_1
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Found in my spam folder today, some new info posted at PACE's web site. FSRA Admin Order #4 plus other regulatory info including limited info on PSC progress. Definitely worth a read:

    - FSRA Letter To PACE Members
    - FSRA Admin Order #4
April 12, 2021
11:53 am
i_got_smucked_too
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Thanks for posting that info from FSRA. They are not in my inbox/spam folder(s). I guess I'm not on their "favourites" list. lol.

April 13, 2021
7:07 am
i_got_smucked_too
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James Bradshaw @ The Globe & Mail posted this article yesterday.

https://www.theglobeandmail.com/business/article-fsra-gives-pace-500-million-credit-facility/

You'll need access through their paywall though.

April 13, 2021
7:37 am
Norman1
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According to the April 12th Globe & Mail article, the credit union has fallen below normal minimum capital requirements of 4% of total assets and 8% of risk-weighted assets. Their ratios were 2.82% and 6.51% respectively as of end of last year.

Looks like dividends, normal investment share redemptions, and employee bonuses have been suspended.

Article also reports that credit union has until May 6 to contact all members with deposits above deposit insurance limits. It needs to "either reorganize those deposits so that they are insured, or offer to immediately return them to members."

April 13, 2021
11:00 am
semi-retired
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Ontario financial regulators just announced a 500 million $ line of credit to Pace.To me it means get your money to hell out of there.

April 13, 2021
6:42 pm
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Hello everyone!

Register for the Annual General Meeting (AGM) and let your voices be heard!

This is the time to ask the tough questions and expect real answers!

https://www.bankwithpace.ca/2020agm/

April 14, 2021
6:27 am
i_got_smucked_too
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See Post # 604 - i_got_smucked_too said This URL should reflect whatever they have to say, when they say it --> https://www.iiroc.ca/SitePages/Related-Documents.aspx?linkid=1366

IIROC has posted an update.

Disciplinary Hearing for Thomson & McRae > October 4th, 2021 is the new date. (at least until they set another new date sf-cool)

Click the link to see further details or the history thus far.

April 15, 2021
8:09 am
Dave_1
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This event went by, somewhat unnoticed in Canada, yesterday.

The ponzi magician, Bernie Madoff (and probable mentor of Phillip Smith, Larry Smith, Joseph Thomson, Gerald McRae, Ernie Eves) passed away from natural causes.

https://www.usatoday.com/story/money/2021/04/14/bernie-madoff-dead-prison-ponzi-scheme-82-years-old/7219014002/

April 15, 2021
5:54 pm
COIN
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semi-retired said
Ontario financial regulators just announced a 500 million $ line of credit to Pace.To me it means get your money to hell out of there.  

Isn't the $500 million a life line and good news?

I would be more worried if there wasn't a $500 million line of credit?

I think Pace CU will eventually be absorbed by one of the big banks.

April 15, 2021
7:37 pm
Loonie
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As far as I know, there is no precedent for banks acquiring CUs. They are completely different animals.
It's more likely that PACE would be made to amalgamate with another CU, if there's anything left of them by then.

The comment about Madoff reminded me of a very interesting book written by a hedge fund manager who discovered the fraud several years prior to Madoff's arrest but could not get the SEC to do anything about it despite several appeals. He claims the evidence wasn't very hard to find if you were willing to take a look at it. No one would listen: a true financial thriller, by Markopolos, Harry, It encourages one to ask who knew what when, and what were they prepared to do about it?

April 15, 2021
10:33 pm
Norman1
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I don't think any other credit union would even think of amalgamating with PACE CU and inherit the liabilities from PACE's past.

Another credit union may agree to buy PACE CU's preforming loans and pay for them by assuming PACE CU's deposits. PACE CU would be left with the non-performing loans and the liabilities of its past.

April 16, 2021
7:58 am
COIN
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Norman1 said
I don't think any other credit union would even think of amalgamating with PACE CU and inherit the liabilities from PACE's past.

Another credit union may agree to buy PACE CU's preforming loans and pay for them by assuming PACE CU's deposits. PACE CU would be left with the non-performing loans and the liabilities of its past.  

"Another credit union may agree to buy PACE CU's preforming loans and pay for them by assuming PACE CU's deposits."
This is the most likely scenario.
This what happened in the 1990's when the banks acquired the assets and deposit liabilities of many trust companies.

April 16, 2021
9:07 am
Dave_1
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FSRA posted their Variation of Capital Requirements Letter with respect to PACE CU.

4 pages of pretty dry, legal stuff but if your into that, here you go. Enjoy

    - FSRA Variation of Capital Requirements - PACE
April 20, 2021
7:52 pm
Dave_1
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Congrats to FSRA (and PACE mgmt) for stepping up with $500 million. And congrats for proactively working with PACE CU clients to ensure their $$$ are fully covered by the DIRF insurance. I'm impressed by your actions. Two thumbs up!

So, FSRA and PACE, what's the PACE brand worth ? With $500 million burning a whole in your pocket, are you going to pull the PACE brand from the toilet or not ? What's the number needed ? hmmmm, about $60m to make the PACE Securities investors whole. $60m / $500m = 12%.

HELLO !!!!! for 12% of the LOC, it's a done deal.

I stated back in Post # 437 that my goal was for PACE to succeed. Make me whole and me and my family will stay with you indefinitely. Screw me over & were gone, $500m LOC or not.

What's it going to be ?

April 26, 2021
7:31 am
i_got_smucked_too
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Pace CU Annual General Meeting (AGM) is on Wednesday, April 28th. Sign up if you haven't already.

The meeting is being held for one reason. PACE By-Law #1 - Article 7, requires it.

Yes, there will be a question period. But don't get dis-illusioned. These guys don't give a damn about your questions. They've heard it all before.

Allegedly you have to queue your questions. Be respectful & factual but please make your question a good one.

On the tough questions you can anticipate, either:

  • a deflection, claiming the answer can't be provided due to ongoing mediation, legal proceedings, or whatever, OR
  • a BS answer

but they still need to be asked.

At the conclusion of the meeting, Mark White will leave with 1 of 2 impressions:

  • geez, that meeting went a whole lot better than I thought, OR
  • geez, those people really are pi$$ed off

What impression are you going to leave ?

Mark White.... if you're listening.... I need to survive, PACE needs to survive. Find a way to make it happen. Just do it !

And don't be dis-illusioned, anything short of 100 cents on the dollar isn't going to cut the mustard.

June 10, 2021
8:54 am
i_got_smucked_too
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Knock knock PACE & FSRA...... anyone home ? Or are you bracing for a run on the bank ?

12% of the LOC & this problem is solved.

Does anyone know if this f$#king fiasco is going anywhere ? Where's Jack Nicholson when you need him ?

Please write your comments in the forum.