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Bullboard - Stock Discussion Forum TWC Enterprises Ltd T.TWC

Alternate Symbol(s):  CLKXF

TWC Enterprises Limited is a Canada-based company engaged in golf club operations under the trademark ClubLink One Membership More Golf (ClubLink). The Company is the owner, operator and manager of golf clubs with 45.5, 18-hole equivalent championship and 2, 18-hole equivalent academy courses (including three managed properties), at about 35 locations in Ontario, Quebec and Florida. Its... see more

TSX:TWC - Post Discussion

TWC Enterprises Ltd > More Woodlands politics.
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Post by undervalue on Jul 19, 2022 2:22pm

More Woodlands politics.

Tamarac city commissioners on Wednesday approved a forensic audit examining past transactions involving former City Manager Michael Cernech, who prosecutors say conspired to extort more than $3 million from a local developer.

Among the transactions auditors are expected to look into are Cernech’s dealings involving the redevelopment of Colony West, which began after the city purchased the 262-acre golf course in 2011.

Florida prosecutors are waging the criminal case against Cernech, 53. The case does not involve Colony West, and Tamarac city officials said there was no evidence suggesting Cernech committed any fraud related to Colony West.

Cernech played a central role in the project and should have his involvement scrutinized in the wake of his  2021 arrest, argued Tamarac Vice Mayor Mike Gelin, who put the issue up for discussion.

“It is our fiduciary responsibility to ensure that our tax dollars have not been misappropriated,” argued Gelin, who said Cernech “lied to the highest levels of government.”

The decision to pursue an audit of Cernech’s dealings was not brought up for a vote but moved forward by consensus under commission rules.

Before the audit can officially get underway, city officials must determine the scope of the forensic investigation and get a cost estimate for the work from RSM, the financial forensics firm that audits the city.

At Wednesday’s meeting, the city or RSM provided no cost estimate or time frame for the audit.

Last August, the commission voted during an emergency meeting to fire Cernech, who was arrested days earlier for alleged criminal activity with several co-conspirators, including corrupt father-and-son developer duo Bruce and Shawn Chait. 

Cernech, of Parkland, was charged with conspiracy to commit racketeering under the RICO statutes, which resulted from the Chaits and Cernech attempting to pressure Arnaud Karsenti, the Managing Principal of 13th Floor Investments, into coughing up $3.4 million in extortion money, according to the Florida Department of Law Enforcement.

In exchange for the payoff, the Chaits’ vowed to cease a years-long harassment and intimidation campaign they and their allies waged against Karsenti by publicizing false evidence—including lawsuits— claiming the Sabal Palm and Monterrey golf courses on which 13th Floor built the Manor Parc, and Central Parc developments were environmentally tainted, records show.

Records show that other co-conspirators in the case include John Colonel and Harris Shapiro.

The Chaits have a history of criminal corruption in Tamarac and Broward County, partaking in an earlier bribery scandal. Multiple Tamarac officials were implicated and arrested, and a county commissioner was sent to prison.

Records show Cernech is currently free on a $2oo,ooo bond.

Comment by Malpeque2 on Jul 19, 2022 7:28pm
Undervalue:     My gut reaction with 13th Floor and Miami Metro Politics is that TWC's capital that is invested in some 13th Floor entity that we as public shareholders know ZERO about what the "partnership"  has done with this money,   and the land value at Woodlands,  are going to be used for some Private Co's to make the profits on the ...more  
Comment by undervalue on Jul 20, 2022 10:07am
My thoughts on Rai. He was a brilliant and aggressive business buyer earlier in life. He is smart and goes with his gut, making buys when others are selling. He has no issues going hostile, but, can wear down people with patience.  Crook? He is a billionaire,  and I doubt any of what you are suggesting would even occur to him. I've watched Twc since he forced Federal to spin out the ...more  
Comment by Valueguy13 on Jul 20, 2022 10:13am
I think you are stating a very legitimate question and concern and one which should be pursued by minority shareholders with the Board, 'independent' Directors, Auditors and possibly the OSC. It is blatantly apparent that he simply does whatever he wants and runs it like a private company. In my opinion the continued investment in APR while doing  nothing to provide a decent return ...more  
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