Is Monette Farms like Bernie Madoff?

[ry0972]

They sold 75% of their farm business for over $600M a few years ago. Who even knows who owns what anymore. Very likely foreign money laundering involved.

Statement out today from Daryl Monette says he is still the Sole owner of the Monette Group/Farms .
Other than the $12 million judgement for the sale commission the rest of that article seemed to be a bunch of unrelated, outdated and mixed up #'s.

[Happytrails]

Current public debt levels do not look sustainable, the only way they know how to get out of that is to inflate their way out.

My Dad bought a fair amount of (marginal) farmland and grassland with borrowed money in the 60's and 70's. I remember thinking that in those days of the first Trudeau that the only way the government could possibly get out of debt was through inflation.

Then Ronald Reagan came along in 1981 and interest just about broke us. Still have a strong aversion to debt. I feel for the young farmers trying to make sense of the price of land now.

[TSIPP]

Statement out today from Daryl Monette says he is still the Sole owner of the Monette Group.

I doubt anyone believes that statement….

[ajl]

Sadly there is sooo much corruption in northern shitholistan today that is impossible to make an honest living. Where there is wealth, there is ill gotten gain. In the case of my own family, some of our wealth comes from the great canadian dairy scam as my dad was a dairy farmer for 35 years. Witness Peavy Mart: their eastern based competition had bailouts after the covid scam. Being western based they could not survive. Shopped at local Peavey alot. Now closed. So any time we observe any successful business, one wonders about gubmint contracts and/or off shore financing.

[farmaholic]

Statement out today from Daryl Monette says he is still the Sole owner of the Monette Group/Farms .
Other than the $12 million judgement for the sale commission the rest of that article seemed to be a bunch of unrelated, outdated and mixed up #'s.

Just because you sell shares "of" your Corporation doesn't necessarily mean you have the Purchasers as shareholders "in" your Corporation, does it?

....so in essence his statement may still be correct. Do a Corporate Registry search.

Where is Richard5? He seemed to have a good handle on these sorts of things.

[farmaholic]

What's your thoughts about the amount of capital that came into Western Canada with the foreign investment into farmland(or even west coast housing)? Even if it was through the back door then under the table.

Some(or all?) of that capital would have stayed here when people sold their property. At multiple times higher than they could have 15 years ago.

[GDR]

Just because you sell shares "of" your Corporation doesn't necessarily mean you have the Purchasers as shareholders "in" your Corporation, does it?

That's exactly what that means but doesn't necessarily mean they have voting shares.(control) Can be different classes of shares and they can participate in profits/ dividends in different ways. Not sure that is the best financing solution, kinda opens both sides up to confrontation based on goals, expectations and exit strategies. Alternatives would be debentures or something similar but then there would be some expectations of repayments and interest where shares would just be a cash infusion without requiring cash flow to float.

[farmaholic]

I was thinking more along the line of selling a class of shares representing certain assets. That way you could sell those shares(assets) and still say you 100% of your company.
Any corporate lawyers or corporate accountants in the crowd?

[Templeboy]

the last lines of the article...

"David Kemp, general counsel for Monette Farms, said the deal to sell company shares to LBJ ultimately fell through within months of signing the term sheet. Kemp said the company remains 100 per cent owned by Darrel Monette"

There are lots of contracts and purchases that fold and fall through. Generally, it seems there is misrepresentation of many things and due diligence is something you pay for!

[farmaholic]

I guess ultimately the article is about Dutcyvich being paid for his assessment work of Blue Goose, which was ultimately purchased by Monette Farms AND the numbered company. It was the twists and turns that made it interesting. I guess the purchaser needed to come up with 63M and now another 12M?

Oh what a tangled web we weave.