Pace Securities | Page 31 | General financial discussion | Discussion forum

Question: what's been happening lately ?
Answer: not much

Some recents events I've gleemed from public documents:

• PRRR was to deliver a Claims Brief to all interested parties by March 22 / 23. It's all private/confidential, so don't know if that happened.
• next IIROC appearance date for Joe Thomson & Gerald McRae is set for April 8th. IIROC may schedule a hearing date then. OR it'll get delayed again. Don't know.
• the Mediator is scheduled to start the actual mediation 30-60 days from March 22 / 23 or thereabouts, so look for mediation to start somewhere between April 22 - May 22. Given it is all private, we won't hear much. Well, unless some Investment Advisor leaks something to us publicly. No doubt, there lawyers have read them the riot act, say nothing.

What went on April 8th ? I don't know. If past history means anything, IIROC typically takes a week or so before posting an update.

Just my guess:

• it got delayed again
• you'll see something posted at IIROC later this week

This URL should reflect whatever they have to say, when they say it --> https://www.iiroc.ca/SitePages/Related-Documents.aspx?linkid=1366

Thanks for posting that info from FSRA. They are not in my inbox/spam folder(s). I guess I'm not on their "favourites" list. lol.

According to the April 12th Globe & Mail article, the credit union has fallen below normal minimum capital requirements of 4% of total assets and 8% of risk-weighted assets. Their ratios were 2.82% and 6.51% respectively as of end of last year.

Looks like dividends, normal investment share redemptions, and employee bonuses have been suspended.

Article also reports that credit union has until May 6 to contact all members with deposits above deposit insurance limits. It needs to "either reorganize those deposits so that they are insured, or offer to immediately return them to members."

Hello everyone!

Register for the Annual General Meeting (AGM) and let your voices be heard!

This is the time to ask the tough questions and expect real answers!

https://www.bankwithpace.ca/2020agm/

This event went by, somewhat unnoticed in Canada, yesterday.

The ponzi magician, Bernie Madoff (and probable mentor of Phillip Smith, Larry Smith, Joseph Thomson, Gerald McRae, Ernie Eves) passed away from natural causes.

https://www.usatoday.com/story/money/2021/04/14/bernie-madoff-dead-prison-ponzi-scheme-82-years-old/7219014002/

As far as I know, there is no precedent for banks acquiring CUs. They are completely different animals.
It's more likely that PACE would be made to amalgamate with another CU, if there's anything left of them by then.

The comment about Madoff reminded me of a very interesting book written by a hedge fund manager who discovered the fraud several years prior to Madoff's arrest but could not get the SEC to do anything about it despite several appeals. He claims the evidence wasn't very hard to find if you were willing to take a look at it. No one would listen: a true financial thriller, by Markopolos, Harry, It encourages one to ask who knew what when, and what were they prepared to do about it?

Norman1 said
I don't think any other credit union would even think of amalgamating with PACE CU and inherit the liabilities from PACE's past.

Another credit union may agree to buy PACE CU's preforming loans and pay for them by assuming PACE CU's deposits. PACE CU would be left with the non-performing loans and the liabilities of its past.  

"Another credit union may agree to buy PACE CU's preforming loans and pay for them by assuming PACE CU's deposits."
This is the most likely scenario.
This what happened in the 1990's when the banks acquired the assets and deposit liabilities of many trust companies.

Congrats to FSRA (and PACE mgmt) for stepping up with $500 million. And congrats for proactively working with PACE CU clients to ensure their $$$ are fully covered by the DIRF insurance. I'm impressed by your actions. Two thumbs up!

So, FSRA and PACE, what's the PACE brand worth ? With $500 million burning a whole in your pocket, are you going to pull the PACE brand from the toilet or not ? What's the number needed ? hmmmm, about $60m to make the PACE Securities investors whole. $60m / $500m = 12%.

HELLO !!!!! for 12% of the LOC, it's a done deal.

I stated back in Post # 437 that my goal was for PACE to succeed. Make me whole and me and my family will stay with you indefinitely. Screw me over & were gone, $500m LOC or not.

What's it going to be ?

Knock knock PACE & FSRA...... anyone home ? Or are you bracing for a run on the bank ?

12% of the LOC & this problem is solved.

Does anyone know if this f$#king fiasco is going anywhere ? Where's Jack Nicholson when you need him ?