May 15, 2020
Waiting game they are playing. These are unprecedented times I get it but they’re watching their portfolio performance to see what other opportunities there may be to fund things, hopefully. That or they are still trying to sort who lost what and how still, figure out their liability. They don’t want to begin the process with PRRR just yet but I thought they had deadlines to meet there too.
I wouldn’t argue that they’re thriving by any stretch. But they have to admit we’re seeing real stability and in some cases, improvement in financial metrics for the banks according to recent earnings.
They will use some excuse that we’re working on it and trying to figure out ways to weather the Covid storm. In other words, hang tight. But I agree, people could actually be dying through this. Get on with it, ridiculous.
August 12, 2020
I know "zero" of what's going on but I can speculate with the best of them. lol. There's also plenty to be gleamed from James Bradshaw's, Globe & Mail articles.
It appears FSRA/PACE has alot of irons in the fire:
- the potential sale of the Credit Union
- preparing for a run on the bank
- litigation against Larry Smith, Phillip Smith, Frank Klees, & others
But when it comes to us, the claimants, what are you looking for ?
For me, two key things:
- survival of the Credit Union
- make me whole..... meaning 100% restitution of the property I lost at the hands of FSRA/DICO, PACE, Pace Securities, Joe Thomson, et al.
FSRA was in charge when I invested in FHH. FSRA/DICO knew Pace Securities / Joe Thomson was running a glorified "hedge" fund, "ponzi" scheme, and investing in "junk bonds". Call it whatever you want. FSRA knew all about it. FSRA could have stopped it and chose not to. See Bradshaw's article in the Globe & Mail - Dec 28, 2020.
Whenever Joe Thomson needed more cash, just have his sales personnel (the IAs) scour PACE banking records for elderly investors with cash or GICs. Lure them in with the 7% promise, then feed 'em a story full of lies after lies and sign 'em up. Easy money. Lavish commissions. Just like shooting fish in a barrel.
Screw me over in mediation FSRA & what money this wounded fish has left, is gone ! I won't be waiting for litigation. Let the run on the bank begin.
The solution is simple FSRA..... $60M loan to PACE @ 0% interest. Work out a repayment plan. You have the power to do this. Get it done.
BTW i_got_smucked_too, it's sad but your humorous Jack Nicholson clip was not lost on me. It deserves another look.
February 20, 2018