Fraser Valley Real EstateI just can't believe how poorly Michael Thornton, and Blackburn Developments, have performed over the past 4 years when I look at these charts, which are applicable to The Falls and the Langley properties we own.
The value of our product, Fraser Valley land lots, have almost doubled in 4 years, yet MT is going to get 1/3 of all HLD's assets, after receiving a Yes vote, in which we get back half the money we invested into Thorton's care 12 years ago. We get shafted. We get a major capital gain loss, and he gets prime, valuable real estate, for pennies on the dollar. I am going to lose a big chunk of my RRSP, and my non-RRSP, once the deal closes. To add further insult, we will not even get all cash, due to the Offer's limit of $7 millon in cash. How are you all going to feel when you get some cash, and an IOU from HLD for your balance? You don't get the unsecured debenture from Landus, HLD does. HLD will have operating costs, and we will receive what is left over, perhaps a couple of percent interest. In essence, we are financing almost half of Landus's acquisition of our assets. We are not very smart, are we?
I just can't believe MT convinced enough HLD investors to vote Yes. I suppose the Yes voters didn't believe in Thornton's ability to make a future profit for them.
Thornton could not make money for us, yet he is confident that he can make money for himself and Landus, or he would not have agreed to join Landus. Kind of ironic that Thornton is willing to bet that he can make a profit for himself, going forward, don't you think?
If any readers think I don't have the right to complain here, let me tell you that I have "gambled and lost" tens of thousands of dollars on HLD, so I think I have paid for the privilige to voice my opinions here. I thought Lower Mainland real estate was a sure thing. The real estate marketplace tells me that I was completely right. The "dealers" are the insiders, and they are telling me that I was dead wrong, and I should be content with the loss of half my stakes.
It is true, "The House Always Wins."
https://www.fvreb.bc.ca/public/home.html
For Chilliwack Statistics: https://creastats.crea.ca/chil/mls_stats.htm