Fusion Self-love! - Best Hosting Plan Ever

WHERE ARE THE
MISSING MILLIONS?
BY RIP TOFF
BANKRUPTCY TRUSTEE MARK ROSEN,
OF BDO DUNWOODY GOODMAN ROSEN,
ADMITS “RECOVERY IS QUESTIONABLE” FOR
THE MANY CREDITORS OWED OVER $12.3
MILLION BY THE LATE HALIFAX BIZMAN AND
PONZI SCHEME OPERATOR GLENN ALAN
MACARTHUR.
Documents filed at the Office of the Superintendent
of Bankruptcy indicate that Barring
& Company owner MacArthur — found
dead in a Quality Inn Airport hotel room last
May — collected at least $10 million from investors,
which he guaranteed with promissory
notes. In federal documents, the official reason
for the estate’s bankruptcy notes: “Deceased
estate may be subject to significant debts arising
out of his investment activities.”
In addition to the sum cited in the promissory
notes, MacArthur also collected $2.3 million
from a numbered company, 3020331 Nova
Scotia Ltd., headquartered in 30 Troop Ave.
in Burnside. The Registry of Joint Stocks
lists Datarite exec Tom Rose as the company
prez. Tom did not return my message.
The Bank of Nova Scotia and Canada Revenue
Agency are two additional creditors,
whose debts are listed at a token $1.
Wheeler-dealer MacArthur, who enjoyed
strong ties with his fellow alumnus at Saint
Mary’s U., obviously had more victims who may
never come forward.
Anecdotally, I’ve heard there are numerous
other investors too embarrassed to admit they
were suckered by the gregarious con man, who
was known to promise a 90-day return, with
10% interest. In the end, deals too good to be
true proved to be just that.
My earlier estimates that MacArthur may have
scammed upwards of $20 million from his victims
may still be correct.
Trustee Mark tells me each claim is investigated
and verified as legitimate, but would not
divulge the number of victims, nor the dollar
range of individual investments.
“It’s an unfortunate circumstance for the family
and for the investors,” he remarks.
Mark does say the identity of any creditor
who is reimbursed will be on the public record,
but he can not give me any sort of timeline.
“We are investigating and are reporting to the
estate accordingly,” he says.
With total debts of $12.3 million, MacArthur’s
14 ATLANTIC CANADA FRANK DECEMBER 7, 2010
estate declared bankruptcy on Oct. 12, listing
$186,213 in assets. These assets are: $10,000
in furniture, a $150,000 life insurance policy,
and $26,212 in RRSPs.
When asked, Mark suggests MacArthur’s financial
malfeasance went on for “years,” and
says no answers have yet been found, to explain
the missing millions.
As previously reported, the MacArthur estate
is the subject of a $48,470 Supreme Court
lawsuit filed in September by Tracy Sherren,
which appeared to be ongoing at press time.
Bruce McLaughlin of Dartmouth’s
Weldon McInnes (Premier Darrell Dexter’s
old firm) is handling the estate’s complicated
affairs.
As I reported, the police fraud investigation
was practically over before it started, and
MacArthur’s death, reportedly by a mixture of
booze and pills, was deemed “non-suspicious”
(Franks 588-592, 594, 596).
dan@atlanticfrank.ca
Glenn MacArthur
GLENN MACARTHUR’S
BACHELOR PAD
BY ALL ACCOUNTS, THE LATE GLENN
MACARTHUR DID NOT LIVE IN BERNIE MADOFF-
STYLE LUXURY, BUT HIS RENTED DIGS IN SUITE
104 OF 1881 BRUNSWICK ST., SUGGESTS THE
PONZI SCHEMER KEPT HIMSELF WELL-PAM-
PERED.
His two-bedroom pad in The Plaza - a building
which also houses several out-of-town
MLAs - is described as “a bachelor apartment...
tidy, well-organized, and not at all dirty or
sloppy,” according to a source, recently there
to make an offer on MacArthur’s furnishings.
According to bankruptcy trustee Mark
Rosen, liquidating MacArthur’s personal belongings
is his “immediate issue... returning (the
apartment) back to the landlord,” a Vancouver-based
realty firm.
I understand Mark hoped the furniture would
fetch at least $5,000 for the lot, which included
a black leather chesterfield, a fancy dining set
and MacArthur’s bed, mattress and bedspring.
“Nobody would want that,” my source opines.
The $1,070-a-month apartment, whose patio
faced Brunswick Street not the harbour, featured
a stainless steel barbeque, and a bedroom
MacArthur had converted into his den with
the help of a futon and TV.
MacArthur — who also owned a Montreal
condo in the trendy Lachine Canal area below
the Atwater market — had his office in a
smaller room that was perhaps meant for storage,
which held two double filing cabinets full
of neat and organized paperwork. Two more
double filing cabinets stood in the hall outside
the office.
I’m told the contents of each cabinet were
hauled off-site for Mark’s investigation.
CONTINUED ON NEXT PAGE