© AgMedia Inc.
by BETTER FARMING STAFF
Personal bankruptcy proceedings against Ontario’s pigeon king are delayed — again.
A statement to press emailed Tuesday from Susan Taves, senior vice president of BDO Dunwoody Ltd. in Kitchener states Galbraith’s hearing, scheduled for today at the Ontario Superior Court of Justice in Bankruptcy and Insolvency in London, has been moved to Dec. 16.
In her email, Taves said Galbraith’s counsel had requested the most recent adjournment and the December date was firm.
“At this time we understand Mr. Galbraith continues to reside in Cochrane,” she wrote. “BDO has registered an interest on title to that land pending the bankruptcy application.”
The provincial court appointed BDO Dunwoody as Galbraith’s interim receiver in December 2008. BDO is also Pigeon King International’s bankruptcy trustee.
Galbraith founded the Waterloo-based company that sold pigeon breeding pairs for as much as $500 and bought back offspring for up to $50 each. Its collapse in June 2008 left debts estimated to total nearly $39 million and nearly 1,000 breeders in Canada and the United States with thousands of worthless pigeons.
The Waterloo Police Service’s fraud squad and the Royal Canadian Mounted Police have been investigating about 150 complaints concerning the business. No charges have been laid. Galbraith has strongly denied any wrongdoing.
In November 2008 James Wiersma of Fisherville, Ontario, one of four creditor-appointed inspectors in the PKI company bankruptcy, filed an application to declare Galbraith personally bankrupt with the Ontario Superior Court of Justice in Bankruptcy and Insolvency.
In court documents, Taves claims Galbraith “has outstanding obligations to creditors with whom he dealt personally prior to the incorporation of PKI” in 2007 and also owes PKI nearly $350,000 for shareholder loan advances.
Galbraith is fighting the application and asking the court to repeal the Nov. 12, 2008 appointment of BDO Dunwoody as interim receiver. BDO is also PKI’s bankruptcy trustee.
All claims have yet to be proven in court.
This is the hearing’s second adjournment. It was originally scheduled to take place in March. BF
PKI summary
Financial
It is unfortunate it has taken so long for this process. People's savings are probably being squandered away in various accounts in other people's pockets. Many people who were convinced into this being a good idea are hurting and suffering due to the lack of controls. Some have suffered health problems due to this extra stress and some will never recover. I look forward to getting this resolved.
Compensation
If Arlan Gailbraith is found guilty of operating a Ponzi scheme, then what? Is there any sort of compensation we can look forward to. I handed over a lot of money to this man with the expectation that he would honor the terms of his contract. To date, I have received not one penny back. I can not for the life of me understand what is taking the police so long in this matter. I too look forward to getting this resolved.
pki hearing
Come on enough is enough why is this dragging on. This guy is living high on the hog in his fancy house. Make him pay.
Delays?
My wife and I now have four jobs between the two of us due to the bankruptcy of PKI. At our age, we should be slowing down NOT putting in such long hours. We were actually quite comfortable financially until that fateful day we signed a contract with Arlen Gailbraith! We have a property for sale due to pressure from our bank. If the authorities knew of the tremendous suffering and stress maybe they would act with more due haste.
Wasting Time
Its been what, a year and a half now? It seems to me that spouting off on the internet in these forums, makes us feel better while we are at the computer. But beyond that, it doesn't seem to accomplish much. Maybe we should all coordinate our efforts and anger and resources, and get a lawyer (I can't believe I am saying this because I dislike lawyers so much), a good, high profile lawyer, like Greenspan or Allan Lenczner, to see what our REAL options are, and proceed from there. Get the ball rolling. Seems to me that we only have two years to act, before something like a statute of limitations runs out. The way time flies, and the way this investigation has gone, I hope I am wrong on that.
Lawyer
I agree with this idea. I do not have much money left but the few dollars I do have I would contribute towards a fund with the idea of hiring a competent lawyer. It is quite clear that sitting back and waiting for the authorities to take action may not be in OUR best interests.