Since I still get emails every week or two asking for information about what happened to the Concrete Equities investments, I thought I’d share this piece of communication that came out in October of 2010. In a nutshell, Avenue Commercial has taken over as property managers for the five Calgary properties (Millrise Deer Valley, Castleridge, MEG Place, CEP, Lavalin). If you have an investment in something other than those five properties, you should contact Ernst & Young’s Calgary office at 403-290-4100 to inquire about the status of your investment.
The PDF below has some of the background information, but as of mid-February, no specifics have been given out about where each property is at in terms of financials and revenue. I’m not aware of any payments having been sent out to any investors yet; when I inquired earlier this month about the status of things, I was told there would be an AGM in the first week of March. No date, no location as of yet.
“To Our Valued Investors; For those of you I have yet to meet, I would like to introduce myself. I am Steven Butt, the President and Founder of Avenue Commercial and feel honored to be the person for whom nearly 100% of you voted in favor for as the new General Partner. Over the past 18 months, I have had the pleasure of meeting, speaking and hearing the concerns of many investors as we together have fought through many significant challenges to salvage your valued investments. Now, after many emotional town hall meetings, court sessions, receivers meetings and countless hours of work on the part of our in house team, our legal team and your steering committee, we have exited many of the court proceedings and the future of your investment at last appears much brighter. As most of you know, we suffered through extensive damage from a cash flow perspective as the court process initiated by Concrete Equities cost the Limited Partners in excess of 3 million dollars and we are coming out of restructuring with numerous smaller creditors and over 3 million dollars in debt payable to the Strategic group. These are not paltry obligations and it will take some time to retire our trailing debts but with hard work and a structured payment plan, we can and will shed these obligations over time.”
Avenue Commercial Investors Update Oct 2010
Avenue Commercial’s contact information: 403-802-6766 / www.avenuecommercial.com