Harry in the News Again
TheStar.com: Stinson's towering dream crumbles
Harry Stinson's ability to woo small time real estate investors into dubious projects continues to amaze.
He is living proof that the internet and full disclosure is no antidote to fraud.
From the Star story:
"BDO president Uwe Manski said outstanding debt on the project is in the $28 million range. Secured creditors account for about $20 million, while the remaining amount is largely unsecured investors who put a deposit on the condos after viewing plans."We are still finalizing numbers, but certainly there will be a sizable dividend to the unsecured creditors. We just don't know exactly how much at this point," Manksi said.
Some buyers paid in full for their units up front after being given steep discounts. The sale price means investors will get some – but not all their money back."
Uh, weren't these condo deposits supposed to be held in Trust?
My earlier posts on Mr. Stinson.
Do You Recognize the 7 Early Signs of an Investment Disaster?