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On the six o'clock CBC news today, they had a story about Shire International Real Estate Investment Ltd (Bridgecreek (River Run)) that says the RCMP are looking into their activities with respect to fraud and misrepresentation. In addition, the Alberta Securities Commission (ASC) has suspended trade, and 500 investors have launched a class-action $75-million civil lawsuit as well.
RCMP probes allegations against Shire International
The lady who spoke on behalf of the investors in the news story, and who is leading the charge against Bill Bradley, Colin Becker and company, can be found here on her The Shire Saga blog.
Looks like River Run, Trout Landing (Bridgegate) will stay as is for the next few years, doing nothing more for this community than growing weeds, as this case drags through the courts.
This probably pleases the 'retrogrades' in our community who don't want to see growth and development, but it sure doesn't make the rest of us happy. That's for sure!
note:It has just been pointed out to me (see comments) that there is no connection between Shire and Bridgecreek. Good news! Maybe, there is still a chance for us yet as a community to see the growth of neighbourhoods, instead of weeds, at these two major 'proposed' real estate developments in the Pass. Still got our fingers crossed!
How hard it is, sometimes, to trust the evidence of one's senses! How reluctantly the mind consents to reality.
Thursday, September 3, 2009
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14 comments:
John I checked that site I can not find out reference to Bridgecreek, am I missing it? let me know where it is.
Thanks Dean
Shire is not affiliated with the Bridgegate crew. It is run by Cleone Couch, husband and daughter. It used to be the Berkshire Group of Companies, but declared bankruptcy, then came back as the Shire Group. They offered Fort McMoney in Fort McMurray, Chemainus Development and Halama in Hawaii, to name a few real estate developments. The Shire Saga group has retained John Blair as their counsel, and the ASC issued a cease trading order in the spring/early summer. Concrete Investments has also retained legal counsel and was picketed by their investors in the spring, which has been widely covered by the Calgary media. As for Bradley and Becker, there are a number of groups that have organized and retained legal counsel - notably the Bighorn group, plus Bridgecreek and River Run investors. If I were the gruesome twosome, I would be worried that the same treatment would be handed to me as the Shire Investors. I know some of the BCDC investors have contacted the RCMP and the Alberta Securities Commission.
Dianne
Dean & Dianne,
Thanks for the heads up and update. Obviously I got my wires mixed up, which is easy to do as for many of these companies it is all a shell game with companies under companies under companies. My apologies!
Even though there is no direct connection between Shire and Bridgecreek, there appear to be similarities in how they operated. As well, I believe they both had some connection with Olympia Trust.
John, I think you're going to like this. I Found these links on the Canadian Business "Bridgecreek" Blog.
http://www.montrealgazette.com/news/Liberals+present+plan+Earl+Jones+victims/1940729/story.html
http://www.bestrongfoundation.org/
Anon @11:28
Thanks for the links and the good news. This is 'encouraging' news and definately worthy of an upcoming post.
WHAT HAPPENED????
The growing lure and attraction of recreational properties in the province was evident Wednesday, when Bridgecreek Development revealed plans for Trout Landing, the first phase for a $1.5-billion, 10.4-hectare lakefront resort called Bridgegate on Crowsnest Lake, 200 kilometres southwest of Calgary.
The project was initially announced in September.
Bill Bradley, vice-president of Bridgecreek Development, said "we're creating something innovative, something unlike anything that's ever been seen before."
The design for the first phase features 120 to 140 condos, with the building curving and flowing along the shore of Crowsnest Lake with the Rocky Mountains as a backdrop. It will include a mix of studio, one-, two- and three-bedroom units. They will be sold both fractionally and full ownership. The pricing has not been established.
Bradley said there are more than 327 names on a waiting list interested in buying the condos, sight unseen.
Phase I construction is scheduled for spring 2007, with a spring 2008 completion-occupancy target.
"Our target audience is the total market. Because we're doing full ownership and fractional, the fractional pricing opens up the market to everyone," said Bradley. "Initially, we're going to focus on Albertans and people from Saskatchewan, but eventually the market will expand to an international destination attraction."
The Trout Landing phase of the project will also incorporate many amenities, including a spa, swimming pool, fitness centre, restaurant, members' lounge and concierge services at the resort. Hotel condominiums are also slated, for a couple of years from now.
Future amenities at the resort will include a casino, a conference centre, more restaurants and a heliport.
"The beauty of this area is the fact that it's just about to explode. We're on the cusp of an incredible development explosion down here," said Tom Sterling, a realtor with CNP Real Estate in Blairmore. "We're really sort of the last affordable (place) within a two-hour drive of Calgary left. Calgary is the engine driving the Crowsnest Pass."
What Happened? Ponzi scheme collapsed. BC couldn't sellout Bighorn Resort in Canmore. Walked away and went on to new offerings. The lifestlyes required fresh money, new offerings had to be made so Trout Landing, River Run and Resort Blue in Palm Springs were launched. BC now has the delusional balls to think that a major bank is going to underwrite River Run. All the best to the investors and their legal counsel. Good people of CNP, run, run fast, run far.
Appeared in yesterdays Palm Springs paper
http://www.mydesert.com/apps/pbcs.dll/article?AID=/20090907/NEWS01/909070303&s=d&page=#pluckcomments
Found at http://www.calgaryherald.com/news/chance+accused+Chestermere+will+speak+investors/2007353/story.html
"Looking forward to reading a real article on the boys of Bridgegate, aka Bridgecreek, Bighorn Resort, River Run, Trout Landing, Resort Blue PalmSprings. Weary of reading the 'feel good' articles about these 'developers'. Buyer/Investor most definitely beware. These guys didn't promise 30% return. They took investors money under the guise of building vacation homes. Their media articles claim they have spent millions on land servicing etc. In their wake, an abondoned unfinished resort in Canmore. Rotting equipment in Crowsnest, a villa and house destroyed in Palm Springs. Not to be outdone, new claims that as soon as more money is found, River Run will rise to save the residents of Crowsnest. The ASC/RCMp are aware of these activities but don't seem overly concerned. So welcome fraudsters to Alberta. The Premier couldn't give a damn and the Sheriff is on holiday"
I have deleted the last anonymous comment to my post here and my reply to it, because the writer never followed up with his allegations and innuendo. Therefore, I have to assume his comment was malicious in intent and possibly meant to threaten, intimidate or blackmail someone.
Does anyone know how one might contact any investors groups regarding the Bridgegate development on Crowsnest Lake? We have a small amount invested (looks like lost,at this point) and would like to know how to track Bridgegate down. We have tried all the contacts we were given and none work any more. Have read the articles in the Promoter Re River Run Investors meeting and it doesn't look good.
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