SkyCity Centre Winnipeg | 45F | 575 Ft | 175.26 M | Cancelled

[CoryB]

Somewhat interesting the SkyCity display suite went from fully staffed and open to walk-ins to available by appointment with a note in the window to not even a note now. The note getting removed was fairly recent change.

[Roger Strong]

From a year ago:

CBC: CentreVenture gives Fortress another year to start work on parkade at St. Regis Hotel site

Fortress Real Developments of Richmond Hill, Ont., now has until the end of April 2018 to demolish the down-at-heels hotel and start building a 625-stall parkade and commercial or retail units on the site of the hotel and a small surface parking lot to the south.

Fortress bought both properties from the city's CentreVenture Development Corp. in 2015 for $4 million, on the condition work would start on the parkade by April 30, 2017.

Given that they have about 13 hours left to demolish the building, you might not want to walk down that side of Smith Street for the rest of the day.

Originally Posted by CoryB

Somewhat interesting the SkyCity display suite went from fully staffed and open to walk-ins to available by appointment with a note in the window to not even a note now. The note getting removed was fairly recent change.

In the unlikely chance that the demolition doesn't happen... suddenly... today, one of the investors should call dibs on the model.

[The Jabroni]

Originally Posted by Roger Strong

From a year ago:

CBC: CentreVenture gives Fortress another year to start work on parkade at St. Regis Hotel site



Given that they have about 13 hours left to demolish the building, you might not want to walk down that side of Smith Street for the rest of the day.



In the unlikely chance that the demolition doesn't happen... suddenly... today, one of the investors should call dibs on the model.

Looking back at the press conference announcement a few years ago, with all the media and officials there... it seemed to be a waste of time now.

[Naive]

Originally Posted by Roger Strong

From a year ago:

CBC: CentreVenture gives Fortress another year to start work on parkade at St. Regis Hotel site



Given that they have about 13 hours left to demolish the building, you might not want to walk down that side of Smith Street for the rest of the day.



In the unlikely chance that the demolition doesn't happen... suddenly... today, one of the investors should call dibs on the model.

Roger Strong - Your persistent Jabs at the investors of this project are getting old. Not sure what your motive is, but where I come from people that get enjoyment from others peoples misfortunes are ASSHOLES !!!!

[Roger Strong]

Originally Posted by Naive

Roger Strong - Your persistent Jabs at the investors of this project are getting old. Not sure what your motive is, but where I come from people that get enjoyment from others peoples misfortunes are ASSHOLES !!!!

Oh, spare us. We're making fun of the project, because it bloody well deserves to be made fun of.

The investors not only knew that they were making a high-risk gamble (syndicated mortgages), but knew that they were gambling on people (Rathore and Petrozza) whose previous business (Phoenix) ended in the "investor victims" (the judge's words) being ripped off. The 2011 settlement banned Rathore and Petrozza from trading in securities for the next 15 years. Given that Rathore was also banned from selling mutual funds in 2005, I'm guessing the business before Phoenix ended in much the same way.

So a VERY high-risk gamble that didn't pay off. That doesn't mean that we can't make fun of the project.

[esquire]

Originally Posted by Naive

Roger Strong - Your persistent Jabs at the investors of this project are getting old. Not sure what your motive is, but where I come from people that get enjoyment from others peoples misfortunes are ASSHOLES !!!!

FYI this forum has an 'ignore' function if you are so inclined... just click a username to get started.

[cheswick]

Originally Posted by Roger Strong

Oh, spare us. We're making fun of the project, because it bloody well deserves to be made fun of.

The investors not only knew that they were making a high-risk gamble (syndicated mortgages), but knew that they were gambling on people (Rathore and Petrozza) whose previous business (Phoenix) ended in the "investor victims" (the judge's words) being ripped off. The 2011 settlement banned Rathore and Petrozza from trading in securities for the next 15 years. Given that Rathore was also banned from selling mutual funds in 2005, I'm guessing the business before Phoenix ended in much the same way.

So a VERY high-risk gamble that didn't pay off. That doesn't mean that we can't make fun of the project.

Based on what do you have authority to claim what the investors in these syndicated mortgages knew or didn't know? Yes any investment offering such high returns obviously carries high risk, and anyone doing proper due diligence would be able to see the backgrounds of the principles. But to assume that everyone who invested in this knew as much is pretty asinine. I'm sure plenty of people were swindled without true understanding of the risks involved, and I take no glee in that despite the fact I'm intelligent/educated enough to not let it happen to myself.

[Roger Strong]

Originally Posted by cheswick

Yes any investment offering such high returns obviously carries high risk, and anyone doing proper due diligence would be able to see the backgrounds of the principles.

You just explained it.

One has to assume that those making these big high-risk investments are not infants. If they can't do proper due diligence themselves, they can afford to hire a broker. A professional responsible for paying attention to the market and explaining it to them.

And if that's a false assumption....

[Naive]

Originally Posted by cheswick

Based on what do you have authority to claim what the investors in these syndicated mortgages knew or didn't know? Yes any investment offering such high returns obviously carries high risk, and anyone doing proper due diligence would be able to see the backgrounds of the principles. But to assume that everyone who invested in this knew as much is pretty asinine. I'm sure plenty of people were swindled without true understanding of the risks involved, and I take no glee in that despite the fact I'm intelligent/educated enough to not let it happen to myself.

Exactly !!! I never heard of these folks and if I had I would not have invested in them like many others. I am not a seasoned investor, I was given the name of a broker by someone I knew and trusted in them, they should have done their homework or maybe they did and couldn't resist the huge commission. Either way I knew nothing of these guys and was lead to believe my investment was "secure". Thanks for the support cheswick

[headhorse]

nm

[optimusREIM]

Originally Posted by headhorse

maybe you should try working for your money rather than investing in scams and then whining about it

there's people who can't even afford housing and you're upset your not going to make money by literally just having money.. not even doing anything for it.

gotta love rich people getting scammed by their own game and then complaining about it... while the rest of us struggle to make ends meet.

What an incredibly asinine thing to say.

[dmacc]

This conversation escalated quickly

[pegcityboy]

Hey Headhorse calm down abit, don't be mad at people who probably have worked hard and have some money . They can do with it as they please , as you can as well , last I heard this still is a free(relatively lol) country ! Not trying to pick on you either fellow forumer .

[905er]

I'd say just remove this thread... It's never going to happen.. This project is DEAD. .....Next!

[Roger Strong]

Originally Posted by 905er

I'd say just remove this thread...

No. Don't.

Keep it live, and keep it indexed. As a warning to those who would invest in Rathore and Petrozza's NEXT venture.

You know it's coming. Complete with statements that what happened at Fortress has nothing - no sir, nothing at all - to do with their next company. Just like their claims that the scams at their previous companies have nothing to do with Fortress. And how they're now claiming - seriously - that "Fortress is not affiliated with FMP."

If I were an investor I'd be widely posting the details of any brokers still recommending them any time after their 2011 settlement. No embellishment, no insults or unfounded claims; just easily backed facts.

[headhorse]

Originally Posted by pegcityboy

Hey Headhorse calm down abit, don't be mad at people who probably have worked hard and have some money . They can do with it as they please , as you can as well , last I heard this still is a free(relatively lol) country ! Not trying to pick on you either fellow forumer .

i'm fine with people working hard and making money, thats great, I have an issue with landlords and people inflating the prices of houses in the market with investment properties. landlords contribute nothing to the economy. investment properties do nothing good for the housing market.

[Naive]

"maybe you should try working for your money rather than investing in scams and then whining about it

there's people who can't even afford housing and you're upset your not going to make money by literally just having money.. not even doing anything for it.

gotta love rich people getting scammed by their own game and then complaining about it... while the rest of us struggle to make ends meet."

Well where do I start. First off I do work for my money and I am far from rich. I spent 30 years in the military with 5 deployments 6 months or longer the money I invested was to help purchase a small trailer in Florida for my wife and I to enjoy some peace in our retirement, that plan may need some tweaking now. I am not concerned about making any money on this investment I am simply hoping to recoup as much of my initial investment as possible. I was using this thread as a means to gain information in hopes that some people may be able to offer some useful info to help me and others out, but it would seem that some folks are very quick to make assumptions and crucify those of us that admittedly made a mistake. I'll say it again, if any of you kind folks have helpful or insightful things to offer I am all ears, as for you others...well you know what you can do..

[Canucklehead]

Originally Posted by Naive

"maybe you should try working for your money rather than investing in scams and then whining about it

there's people who can't even afford housing and you're upset your not going to make money by literally just having money.. not even doing anything for it.

gotta love rich people getting scammed by their own game and then complaining about it... while the rest of us struggle to make ends meet."

Well where do I start. First off I do work for my money and I am far from rich. I spent 30 years in the military with 5 deployments 6 months or longer the money I invested was to help purchase a small trailer in Florida for my wife and I to enjoy some peace in our retirement, that plan may need some tweaking now. I am not concerned about making any money on this investment I am simply hoping to recoup as much of my initial investment as possible. I was using this thread as a means to gain information in hopes that some people may be able to offer some useful info to help me and others out, but it would seem that some folks are very quick to make assumptions and crucify those of us that admittedly made a mistake. I'll say it again, if any of you kind folks have helpful or insightful things to offer I am all ears, as for you others...well you know what you can do..

Again, I truly feel for you. This is exactly the type of victim Fortress targeted. The unsophisticated, mom and pop investor. Their marketing was slick, their "guarantees" seemed solid. My only advice is not to go further in the hole chasing your money, which has long been spent. Unfortunately white collar crime is rarely punished and Rathore will probably be posting him driving his Ferarri or Range Rover on his Instagram stories while you have to get a second job because your retirement just got pushed back.

This is not exactly like a ponzi scheme, because in the ponzi scenario, that money was all pooled together. In this case, your money is all in the entity that was used for the Winnipeg project. They spent a TON of soft cost money, and the only money you would have claim to is the land sale, but they overpaid for that as well, and I am guessing there is LOTS of debt on that land ahead of you (which you can easily find out by pulling land title, which costs $20).

[Jets4Life]

Originally Posted by CoryB

Somewhat interesting the SkyCity display suite went from fully staffed and open to walk-ins to available by appointment with a note in the window to not even a note now. The note getting removed was fairly recent change.

Well, Skippy you know what this means...

SkyCity is finished, and the people of Fortress are scared shitless.

[Jets4Life]

Originally Posted by Naive

"maybe you should try working for your money rather than investing in scams and then whining about it

there's people who can't even afford housing and you're upset your not going to make money by literally just having money.. not even doing anything for it.

gotta love rich people getting scammed by their own game and then complaining about it... while the rest of us struggle to make ends meet."

Well where do I start. First off I do work for my money and I am far from rich. I spent 30 years in the military with 5 deployments 6 months or longer the money I invested was to help purchase a small trailer in Florida for my wife and I to enjoy some peace in our retirement, that plan may need some tweaking now. I am not concerned about making any money on this investment I am simply hoping to recoup as much of my initial investment as possible. I was using this thread as a means to gain information in hopes that some people may be able to offer some useful info to help me and others out, but it would seem that some folks are very quick to make assumptions and crucify those of us that admittedly made a mistake. I'll say it again, if any of you kind folks have helpful or insightful things to offer I am all ears, as for you others...well you know what you can do..

I don't get how the military part is relevant to the conversation...

Unless you are planning to kill Roger...