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Email this6:40 pm
March 15, 2019
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"That tax time hassle, with grossing up the dividends, was another clue that you actually had shares instead of a GIC."
Question: Are these preferred shares the same type or similar to the preferred shares issued by credit unions to bolster their regulatory capital?
7:27 pm
September 11, 2013
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As far as I know, COIN, no. Those credit union share issues are really just like bonds, the income is treated as interest income.
9:05 pm
April 6, 2013
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This is part of the PACE corporate family tree:
- PACE Savings and Credit Union Limited
- PACE Securities Corporation
- PACE General Partner Limited
- PACE Financial Limited
#1 owned and controlled #2. #2 owned and controlled #3. #3 owned and controlled #4.
The PACE Financial preferred shares were issued by #4 and not by #1, the credit union itself.
Preferred shares issued by credit unions to bolster their capital are usually issued by the credit union itself (#1 in this example).
5:51 am
March 30, 2017
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Bill said
As far as I know, COIN, no. Those credit union share issues are really just like bonds, the income is treated as interest income.
Thats my understanding too. CUs just call it preferred shares but the payout is not qualified as "eligible dividend", which gets you the dividend tax credit.
As for a "preferred shares" that has variable payout, one should be quite clear it definitely is NOT a regular preferred share or GIC.
Edit by admin: a follow-up discussion was spun off into a separate thread about credit union preferred shares
8:06 am
July 5, 2020
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Nothing new reported in the media, but it has been added to the Wikipedia.
https://en.m.wikipedia.org/wiki/Pace_Savings_%26_Credit_Union
7:18 am
August 12, 2020
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In Post #471, Dave_1 said
In Post #449, Shelley Mackie said
the lawyers met with the Judge to much sure everything was getting exchanged documents and everyone was moving forward with everything. So Oct 22nd is to make sure that there is enough time slotted to go to court. Feb 1st, 2021 is the start of the Court proceedings for two weeks. .....Looks like you nailed it, Shelley.... Feb 1st it is.
IIROC made this public last week. From IIROC's web site (here's a link to their web site):
- IIROC to Hold Disciplinary Hearings for Joseph Anthony Thomson and Douglas Gerald McRae
- Hearing Date: The hearing will commence February 1, 2021 at 10:00 a.m.
- Location: Aitchison & Denman, 155 University Avenue, 8th Floor, Toronto, Ontario
The lawyers are going to make a ton of money !
Here we are, Feb 1st and I see they pushed it back again (see the link above)
Jan 14, 2021
The hearing has been adjourned and a further appearance has been scheduled to set a date for the discipline hearing.
Appearance Date: The hearing will be held by way of videoconference on March 11, 2021 at 10:00 a.m.
If I understand this, March 11th is just a date to set another date. Should we expect another delay?
I suppose Joseph Thomson & Gerald McRae need more time to sell their homes, hide the cash, & get out of the country. Ooooooops, my mistake, they've already done that.
9:04 am
August 12, 2020
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If you need some bed-time reading E&Y put out a Third Liquidator's Report on Feb 3, 2021. Scroll down to & open Liquidator's Reports. 32 pages which you can read on your own.
https://documentcentre.ey.com/#/detail-engmt?eid=376
A few new things came to light ---
- a draft of the Investor Claimants’ claim was delivered by Representative Counsel, in confidence and without prejudice, on January 31, 2021.
- there's a Motion by 3 investors in Pace Capital Partners L.P. (PCP) to join the action.
If I understand this the contents of these items ("claim" & "motion") are confidential and for now aren't being publicly released. Clearly its beyond my pay grade if they will ever become public.
And if your not aggravated enough with your personal losses, Appendix B contains a Statement of Receipts & Disbursements. Happy to see the CRA/HST is in there grabbing its pound of flesh. 
11:36 am
August 12, 2020
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Things are heating up:
- as noted in Post # 587, a draft of the Investor Claimants’ claim went out on Jan 31
- a motion is to be heard on March 2, 2021 (for up to 3 hours) as reported here:
https://documentcentre.ey.com/api/Document/download?docId=32943&language=EN - the Court spells out other interesting February 2021 timelines. I'll let you read those for yourself.
Or to find the Court document the long way. Go here:
https://documentcentre.ey.com/#/detail-engmt?eid=376
then open the following:
- Motion Materials
- Motion Record 22 December 2020
- Email endorsement re motion - 11 Jan 2021
11:54 am
May 15, 2020
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Yes let’s hope the heat is on indeed and the media catches up with this some more.
Maybe this fiasco will make the 5th Estate someday like tonight’s episode of a similar saga ...
1:39 pm
August 12, 2020
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A new PACE Quarterly Newsletter for March 2021 came out today. You can find it here. https://www.pacecu.ca/SharedContent/documents/PACENewsletters/Q1Mar2021Web.pdf
Worth noting - Virtual AGM meeting - Wednesday, April 28th at 6:00 PM
I respect that the mgmt team is working hard to pull PACE from the ashes. I want you to be successful.
Which brings me to the last line of the newsletter. It reads:
MARCH IS FRAUD PROTECTION MONTH - To learn how to protect yourself from fraud visit http://www.pacecu.ca
Its a shame the 2015-2019 Editions weren't more specific and read something like:
MARCH IS FRAUD PROTECTION MONTH - To protect yourself from getting screwed over, do not invest with an Investment Advisor (or anyone else, such as Joseph Thomson, Gerald McRae, Ernie Eves, Larry Smith, Philip Smith) affiliated with PACE Securities Corporation.
and we wouldn't be stuck in this rat hole.
Tomorrow is March 2.... a motion is being heard. Would love to be a fly on that wall.
4:49 pm
August 12, 2020
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E&Y's web site has many new documents this evening. I suppose that is a reflection on the amount of action that took place yesterday.
https://documentcentre.ey.com/#/detail-engmt?eid=376
You can find the key court order & endorsement, from March 2, 2021, listed under (what else) -- Court Orders
If I interpret the main court order correctly:
- dates are subject to change. Take any dates with a grain of salt
- a Claims Brief is coming in 20 days or less
- the Mediator has been assigned
- the actual mediation starts in 30-60 days after the Claims Brief
- the plan is for mediation to last up to 6 months
- any claims still unresolved at that point will be adjudicated over the following 9 months
- I may be wrong, but paragraph # 16 makes me think all documentation during the mediation period will be kept private. Nothing will be made public. But the legal mumbo jumbo is over my head.
The one big take away is that court ordered mediation will be starting in what, 50-80 days, or ~~ 7-12 weeks.
I'll let you read the full PDF. The legalese gives me a headache.
9:19 am
May 15, 2020
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Well its moving forward what else can we ask for at this point. I suppose the one take away that seems encouraging is the statement:
THIS COURT ORDERS that the Mediator’s primary objective is to achieve, if
possible, a comprehensive settlement of all Preferred Shareholder Claims and
Related Claims, but that where the Mediator is satisfied that attainment of that
objective is not possible, the Mediator may seek to facilitate partial settlements, and
shall seek to obtain agreement with respect to the Claims Adjudication Process, and
the participants in the Mediation Process shall work together and with the Mediator,
in good faith, to attain these objectives
Interesting 'late breaking development' in those documents with respect to 7903197 Canada Inc. (ERG National Research). Who knew Robocalling was such a lucrative business. Anyway - that individuals extensive claim hopefully supports the rest of the investor crop in that there is an equal percentage of restitution applied to everyone and it isn't going to be a tier of sorts. Then again - with the secrecy filings it's probably never going to be known what PCU will actually do for everyone once you sign off on your muzzle order after the fact.
That's what they are buying back here essentially - our promise to go away quietly so the business can carry on and rebuild from this minor bump in the roadway... good luck to everyone.
2:18 pm
August 12, 2020
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After reading all those docs from March 2, I'm a little curious re: exactly who got served, and who will be participating in the mediation. Sure all the big named players got served. They will be at the table. That is a given.
But I wonder if PRRR served any Investment Advisors. Probably they were served, I can't see the Investment Advisors getting a pass. I just haven't seen any Investment Advisors names on a service list. (yet!)
Would love to see a transcript of any meeting between my IIROC licensed Investment Advisor, Harry Mahesh, and the mediator. Like that's not going to happen.
Roll on PRRR !!!!
4:54 pm
March 6, 2021
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Long time watching of this thread. First time poster.
Firstly. I would like to commend PRRR for getting this disaster to mediation. Thank you for that e-mail update you sent out last week. Gives me hope. And if David Finnie or FSRA assisted in making mediation a reality, I'll commend you guys too.
People out here are hurting. I can only speak for myself. My husband invested all our RRSP with FHH. The RIF we intended to set up is worthless. WORTHLESS. For this past year we were just getting by on our govt pensions. He passed last month and now with only my pension bad has gone to worse. People will blame us for this self imposed mess. Fine. We had lots of help from PACE and a not so trustworthy Investment Advisor. A promise of 7% return, guaranteed bonds, same as GICs. Lies & more lies.
Looking through the account papers I recently received I see our advisor Harry Mahesh made $30,000 in commossion from us. No wonder Mr Mahesh did not disclose FHH was investing in junk bonds. He made sure we understood he had a fiduciary duty towards us, and his IIROC license demanded he had our best intersts at heart. Sure he did, 30,000 of them. Mr MAhesh saw a ripe apple rich for the picking and the smooth as silk slickster did us in. I'm still amazed how he found us. Were these people scouring bank accounts looking for the fattest ripe apples ?
PACE you need to make this right, 110% right. My survival depnds on it. YOUR SURVIVAL DEPENDS ON IT.
9:24 pm
August 12, 2020
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I don't know what to make of this.
PACE CU management has decided to cease all future communication with their members on the demise of PACE Securities.
Duh !!!! What ????
FSRA & PRRR are now managing all communication, with E&Y & MNP thrown in for good measure.
You can read PACE's public announcement here. Decide for yourself what it means.
I'm not impressed PACE. Is this your idea of flushing me down the toilet ?
5:17 am
September 11, 2013
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Pretty normal when there's a legal issue of any kind to at some point have to communicate via your lawyer or other involved agents/representatives instead of warring parties directly to each other, that's what I'd make of this.
5:54 am
March 30, 2017
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Dave_1 said
I don't know what to make of this.PACE CU management has decided to cease all future communication with their members on the demise of PACE Securities.
Duh !!!! What ????
FSRA & PRRR are now managing all communication, with E&Y & MNP thrown in for good measure.
You can read PACE's public announcement here. Decide for yourself what it means.I'm not impressed PACE. Is this your idea of flushing me down the toilet ?
Its normal under legal proceeding.
8:43 am
March 11, 2021
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ex Pace Securities CEO Joe Thomson is now selling mortgages in Hamilton.
https://www.thomsoncomortgages.ca/
Can't believe FRSA would let him be registered to do anything.
8:19 am
May 19, 2020
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Donny_Shore said
ex Pace Securities CEO Joe Thomson is now selling mortgages in Hamilton.https://www.thomsoncomortgages.ca/
Can't believe FRSA would let him be registered to do anything.
Looks like there’s a moderator for this forum site who removed our last posts regarding Joe Thomson unscrupulous ways! Ha!
8:42 am
July 2, 2020
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To add more salt to the wound, here's Thomson's Mortgage facebook page, complete with kickbacks (up to $2000, conditions apply):
https://www.facebook.com/Thomson-Company-Mortgages-102194655139534
What a joke ! 430 likes to this FB page. FB must be asleep & allowed him to have 430 different FB id's.
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