by BETTER FARMING STAFF
The house that Ontario’s self-anointed pigeon king built himself will go on the auction block next week.
London-based Gardner Auctions Inc. will take bids on Arlan Galbraith’s former home on Frederickhouse Road, west of Cochrane, Sept. 23.
Creditors petitioned Galbraith into bankruptcy in 2009, more than a year after the failure of his Waterloo-based pigeon breeding business, Pigeon King International. The collapse of the business left hundreds of pigeon breeders on both sides of the border with thousands of worthless birds and debts of nearly $40 million.
The auction firm describes the property as “a newer house on 300 acres with lot of river front land, second house on property, pigeon coops --- ideal land for retreat, plenty of hunting.”
Creditors identified the sale of Galbraith’s home near Cochrane as a top priority at a January meeting in Kitchener. A document Galbraith supplied to the trustee estimates the property’s net realizable value at $300,000. He and his companies owe creditors tens of millions of dollars and his personal home was his only apparent personal asset.
The Waterloo Regional Police Service’s fraud squad and the RCMP have been investigating Galbraith and his former business since 2008. No charges have been laid. Police say the investigation is ongoing. BF
PKI summary
Comments
CrimeBustersNow
Galbraith "enterprise" collapsed June of 2008 as predicted. Madoff's Ponzi scheme was exposed in December of 2008. By March 2009 Madoff was in jail serving 150 years. Within months the SEC was investigated and reports condemning their continual refusal to see this obvious fraud and continual refusal to heed the warnings of whistle-blowers were made public.
Meanwhile here in Canada, at a massive cost to taxpayers, a "foot dragging" exercise; a so-called "investigation" of Arlan Galbraith & the Pigeon King International continues years later at a deliberate "snail's pace."
When will Canadians wake up and realize they are "being had!!!"
dave - CBNow
When Bernie Madoff was exposed as a fraud, his supporters disappeared - Arlan Galbraith probably still had oodles of supporters.
Dave - you are not being transparent - did the New York City Police investigate Madoff? No. It was the SEC! We do not have an effective "SEC" in Canada - the OSC and the Competition Bureau refused to look at this scheme so it fell to the police to investigate. Rest assured if the NYPD were left to investigate Madoff he would still be free!
We need effective federal law enforcement and regulators!
Dave your still in the picture after all this time...funny..
--ones investing in pigeons knew as soon as they seen the numbers that it was an unsustainable venture yet there neigbours had seen wildly good returns on there investments that maybe they could get the same before it collasped..hard too fix or makes laws against being stupid
what do you do for a living?
-- in ag finance business
Thats funny because it was an ag finance business that lent me the money for the initial investment
hard to hunt on land that has been logged and left a mess, river front land has been logged and no where near the front of the prop hard to get too, how do we send in a bid and let us know how much it went for, and before any one bids they better take a good look at the coops they are falling off their foundations all ready,and remember no fire trucks will come out if the place starts on fire is it worth the chance....
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