Regarding your articles on Pigeon King International Inc. I would like to make some corrections.
Firstly, I began Multiplication Contracting Pigeon Breeding Stock in 2001, not 2004.
Money used for improvements at Sacred Dove Ranch were shareholder advances and show as part of what I took out of the business. If you average what I took out over the last 8 years you will paint a totally different picture.
Half of all the money you are showing as Bank Deposits and Bank Withdrawals is actually in house transfers from PKI to Sacred Dove Ranch Inc. and Benn Contracting Inc. This money was transferred back to PKI.
Sacred Dove Ranch Inc. is a holding company used as a savings account to hold cash assets. Benn Contracting is an in-house model for demonstrating sub contracting of Pigeon Breeding Stock.
Actual pigeon sales is only 23 million. All the rest is money flowing from PKI and back to PKI. No money mysteriously disappeared and no crime is involved. Bank records prove clearly how the money went back and forth between the 3 corporations. All 3 corporations have Canadian and USA dollar accounts.
It is unfortunate that you did not understand this before you published such misleading analysis.
I built my house at Cochrane to have a place to live near the Squab Processing Plant not to retire. I had no intention of ever retiring. The Cochrane property has always been in my name personally owned by me. It is called Sacred Dove Ranch, however, it is completely separate from my holding company, Sacred Dove Ranch Inc.
Multiplication Contracting of any type of livestock is not a pyramid or Ponzi scheme.
I trust you will publish on your web site and magazine.
I am forwarding this to Susan Taves at BDO Dunwoody.
Arlan Galbraith
Cochrane
PKI summary
Comments
Wake up Arlan! Thanks for enlightening the readers as to how you handled your money. how do you account for the large sums of money you paid to individuals that worked for you. Some of these people earned more money in 1 year then they would in a life time. Explain that.
I suspect that you have put a great deal of effort and time and resources into accounting for where and how all the money was spent or hidden. At the end of the day, the fact still remains that 100% of the blame and 100% of the distrust for the failed pigeon scheme is laid squarely on YOUR shoulders! I was an investor that lost a great sum of money and will lose my farm over all this. I don't care about your health. I don't care about your story. I don't care about any of your ridiculous reasons for your failures. This is NOT over!
Arlan, please tell us about your health. We are all concerned about your Cancer. Our prayers are with you.
Arlan, did you really have plans for a pigeon processing plant in Cochrane? Why choose a location so far far from your markets?
Arlan, did you not claim that you were debt free? If that is the case how do you account for the 40 million in your Bankruptcy?
I find it amusing that you can claim that "Multiplication Contracting" is NOT a pyramid or Ponzi scheme.
Without an identified or established market for the product, that is EXACTLY what it is.
I have reviewed and financed literally thousands of business plans over my career and have never participated in anything that did not have a source of repayment. In this case, the only source of repayment for PKI obligations were new breeders.
That's funny. While I worked for you, I heard mentioned, many times, that your plan was to eventually "retire" in Cochrane.
I cannot believe that he lives in Cochrane! It is horrible what he has done to those people
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