After almost 6 years of litigation (on behalf of my shareholders at FIC) the judge has ruled in our favor – in this case.
In his decision Judge Hillier rejected much of the testimony given by both Dennis O’Dowd and John Tansowny.
Under harsh criticism and circumstances over these years I have stood fast in my position(s) – on behalf of my shareholders
At the beginning, when we were down and wounded, there were several attempts at a ‘death blow’ from these people.
From those early days we have struggled on – and this ruling not only validates the positions we have defended for so long but also provides some small satisfaction after such treachery from those who were supposed to have been our compatriots.
There is still much to do – but much has been accomplished.
Despite the communications and information that Mr Tansowny may have stated or implied to members over the years this decision clearly defines the facts.
It also reflects what seems to be an agenda held by the lawyers at the British Columbia Securities Commission.
Those who know me are aware that I have no friends with this entity and its lawyers
I submit that their position may, to some degree, be held in response to my harsh criticism of the ‘traditional’ investment model – in my teachings – over the years
(Please see ‘My name is Mike Lathigee’ in this blog for more detail)
Any supposedly ‘non biased’ entity would take all factors into account (both that which supports a position and that which does not) in their rulings
Like so much else – this body of lawyers has completely disregarded our immediate and continued efforts on behalf of shareholders in their assessment.
And – For the record
Both Earle Pasquill (former president of FIC Group) and I have absolutely no personal financial participation in this decision other than our satisfaction for that which is to the benefit of our former shareholders at FIC Group.
Here are some of the comments made by the judge in his ruling,
“Asked what funds were forwarded to FIC, Mr O’Dowd replied that nothing was sent because they could not find FIC. Tansowny had no such difficulties in the context of other disputes…
I ascribe as simple fantasy his rationalization that he did not know how to contact FIC.”
With respect to the reporting:
“No notices to shareholders, annual meetings, or even timely financial statements were prepared…. No information appears to have been given to FIC, oral or written, as to involvement of other investors, much less what they paid, to whom and when.
This was all information available to Mr Tansowny as agent for FIC and he reported nothing”
The judge said of Mr Tansowny’s testimony,
“Overall, I found his testimony to be glib, facile, and dismissive of any real basis for dispute….The involvement of the other investors seriously undermined Tansowny’s credibility and his version of his role in the whole deal….He did not speak to the relative apportionment of equitable interest in this project,….and less than half of what it was offered to FIC in April, and what is cost FIC ten weeks later…The errors in his communication at that time mirror his casual attention to details in giving evidence in this trial.”
With respect to his associate Dennis O’Dowd the judge said,
“O’Dowd’s evidence was almost equally unreliable…I found O’Dowd an unreliable witness on key points”.
Incidentally – in those early days when an intended ‘death blow’ was being administered (if you can believe it) Mr Tansowny actually sued FIC for a real estate commission on this project.
Mr Tansowny has spent a lot of time and effort communicating his version of events to FIC members.
This case and the decision of the court goes a long way to discredit these communications.
In conclusion the judge stated,
“I find the evidence of both Tansowny and O’Dowd…to be assertions driven by their own interests in the outcome of this litigation”.
In the end the judge ruled in our favor stating,
“FIC is the beneficial owner of an undivided 20% interest in the Golfdome property…Phoenix (the company owned by Dennis O’Dowd) shall provide FIC no later than June 30, 2015, a full accounting of all income generated by and from the Golddome property, expenses incurred and disbursals …for the period September 2007 to May 2015….If the parties are unable to agree to a sale of FIC’s interest to the other beneficial owners, within 15 days of receipt of the valuation…the property shall be listed for sale on the market.”
Also the judge awarded ‘costs’ on a solicitor client basis – a very important victory to get fully reimbursed!
In conclusion I would like to add that while this outcome is a major victory –
I will continue to pursue Mr Tansowny and others involved in further cases brought – on behalf of my former shareholders.