Antrim Egy Share Discussion Threads

[hugepants] 28/3/2019 12:53

Progress at last. Hopefully Alberta are a bit faster processing this.

[enfranglais] 26/3/2019 11:24

irt - Rec`d the same e mail from Potter this morning, so we can hope that at least things are progressing - though at a snails pace!!!!!!!!!!
Still awaiting the same update from the CRA (to confirm Potters update)& any response from the Globe!!!
Will not let this stagnate further & will keep pressing. I have about £3k tied up here, though interestingly, Barclays Stockbrokers (the most useless bunch i have ever dealt with), have my shareholding valued at over £3,000,000 - what is it that they know that we don`t?!!!!!!!
Good luck folks.

[yasx] 25/3/2019 22:54

I think readers need to keep the pressure on Potter - otherwise, this slippery [bleep] will invariably ensure everyone but himself is pauperised since his track record serves to confirm the same.

[itsriskythat] 25/3/2019 19:31

Response from Anthony Potter received this evening:

Paul

We have now received the corporate tax clearance certificate requested from the Canada Revenue Agency (CRA) and have been advised by the CRA that the excise tax clearance certificate has also been issued.

Following receipt of the federal corporate tax clearance certificate, we filed for and are currently following up on the remaining Alberta corporate tax clearance certificate. We will look to disseminate an update once the final paperwork is in and we are ready to make the final distribution.

Regards,

Anthony

[itsriskythat] 25/3/2019 14:53

I'd now expect a further update in order to inform shareholders of recent events and in particular provide a response to enfranglais's email from the CRA.

I've also emailed him again.

[itsriskythat] 25/3/2019 14:49

I had to read the notice again to refresh my memory on what Anthony Potter at 2015960 Alberta Ltd said last September

[flyfisher] 25/3/2019 11:13

enfranglais, Thanks for your enterprising attempt to get some response from the CRA.

The fact that the CRA made no written correspondence to the company in the first 12 months after dissolution confirms that they did not achieve their normal service standard, they make no reference to this.

It does, however, add to our current knowledge in that the CRA comment that they have been in dialogue with the company since the date of your letter, so we know the process is ongoing. It seems that the process was delayed for a year or so by CRA backlog and inefficiency, and that following a formal complaint by the company the CRA have picked up the file and require further information.

I recollect that the irish assets were sold around the time of dissolution, perhaps this has created minor accounting issues.

However it turns out, most of the bulletin board speculation could be avoided if the companies agent sent out periodical updates.

[enfranglais] 22/3/2019 23:50

In the first instance, feel that we should all contact the CRA & i will post any reply i receive.
If anyone posts on other boards, please feel free to copy what i have rec`d to date & suggest others take similar actions, copying the CRA response to me as a reference point?!!!!!!!!!

[yasx] 22/3/2019 19:13

I really think it is high time shareholders collectively mount an action against Potter directly. I think there is more to this than meets the eye. I did note in a comment a while back that it was very possible that shareholders might be left with nothing, and that still remains a possibility, perhaps even more so.

I had a chat with him a long time ago, and found him to be very elusive and, frankly, slippery. The stock was still listed a the time. He said he felt I was unduly harsh in my assessment of him, but, my exegesis of his performance at Antrim was referenced to facts.

Sitting around will not achieve much. If there are sufficient holders with an interest, we can obtain formal legal advice (I do not mind taking that up). But, pursuing any action thereafter will incur significant costs, assuming there is something actionable such as a breach(es) of fiduciary duty etc - but, one needs to be mindful that any such breach would need to be properly identified and brought within specific timelines.

In the alternative, as someone suggests above, perhaps holders can write to the CRA to enable them to get an insight to the level of agitation felt by holders.

[hugepants] 22/3/2019 13:46

The implication from the email though is that this case is complex and/or further information is required. None of which reflects well on the Antrim Board.

[itsriskythat] 22/3/2019 11:38

"The confidentiality provisions of the Income Tax Act prevent me from releasing any information about a business’s income tax affairs without prior written authorization from that business. However, I can assure you that the CRA has been in contact with the business since you wrote your letter."

enfranglais, this is ominous, I agree.

[enfranglais] 22/3/2019 10:58

My response sent today - please either send your own or adapt & send similar:

Hi,
Thank you for your response, with regard to the many years delays in issuing the clearance certificates for Antrim Energy in liquidation.
The poor shareholders are stuck in limbo awaiting the dispersal that was promised by the Directors over 2 years ago. Reading between the lines, it would appear that you are awaiting either clarification from the Directors or further information before the certificates can be issued.
Could i ask what action is being taken against the former Directors of the Company & if they are being investigated for fraud or obvious mismanagement of a Canadian Corporation?
I am sure you will be limited in what information you are able to provide but i know there are many hundreds of very upset shareholders who were relying on good Canadian Corporate oversight, who feel they have been badly let down in this case.
Any further information would be appreciated,

[enfranglais] 22/3/2019 10:39

Well,i did not have to wait years for my response & the CRA are blaming Antrim for the delays, as they are stating that a "standard" clearance time would be 120 days!!
As the delay is now in the years & we know the rogues who ran the Company, this indicates that there are either accounting or tax problems we have not been made aware of?!!!
The response is in full below & the e mail address is:
[e-mail],

I suggest we all e mail them by return asking if this has been passed to another department for investigation of the Companies directors?

The Honourable Diane Lebouthillier, Minister of National Revenue, received your correspondence of January 26, 2019, about Canada Revenue Agency (CRA) delays in issuing clearance certificates. She has asked me to reply on her behalf.



The CRA strives to offer services that are fair, helpful, and easy to use and to make sure taxpayers are given complete, accurate, clear, and timely information. This continues to be a priority and focus as CRA employees devote all their efforts to delivering tangible results to taxpayers.



The confidentiality provisions of the Income Tax Act prevent me from releasing any information about a business’s income tax affairs without prior written authorization from that business. However, I can assure you that the CRA has been in contact with the business since you wrote your letter.



The CRA aims to issue clearance certificates within 120 days of receiving a request. However, the complexity of the file, the need for additional information, and further review to ensure tax obligations have been met may cause delays in the processing of clearance certificates.



Thank you for taking the time to write. I hope the information I have provided is helpful.



Sincerely,











Ted Gallivan

Assistant Commissioner

Domestic Compliance Programs Branch

Canada Revenue Agency

[itsriskythat] 14/3/2019 07:19

Expect that after all this time a substantial number of trading accounts will have been closed and some of the cash won't be returned to its owners in 2020, 2021, 2022, ..

[oilretire] 14/3/2019 01:01

We wish ;-)


Seriously though, there should be a lawsuit here given the amount of time they've held onto 'our' cash!

[ohisay] 09/3/2019 10:05

Waiting for Godot ftse style here.

“ESTRAGON: It can't go on like this.
VLADIMIR: That's what you think.”

[enfranglais] 04/3/2019 16:53

e-mailed the Canadian minister in charge & just got an auto response, stating that it had been passed to the ministry!!!!!!!!!! Might get a full response in 2 years if i am lucky!!!!!!!

[flyfisher] 28/2/2019 17:41

Given that he is on the payroll of 2015960 Alberta, the longer it takes, the more he gets paid.

[itsriskythat] 28/2/2019 17:16

Pathetic performance by all parties in this.

[itsriskythat] 28/2/2019 17:15

Don't understand why he doesn't provide a commentary every few months on the web-site? Surely something more to say now after all these months.

[yasx] 28/2/2019 11:13

HP,

One can only imagine Potter must have screwed something up - though I cannot understand how...

Surely the CRA cannot take this length of time - it is absurd.

[hugepants] 27/2/2019 17:18

"Given the lengthy delay and lack of communication, the administrative agent filed a formal complaint with the CRA. Subsequent to filing the complaint, the CRA has contacted the administrative agent to co-ordinate a review of the application. No timeline can be given with respect to CRA further processing the application."

5 months since this and not a cheep.

[holts] 17/2/2019 15:37

Dougdig ,

Should also thank you for your earlier reply re cgt loss , its coming to that time of year .

[yasx] 03/2/2019 23:16

Hard to be glass half full with Potter involved. Any glass that he is holding is bound to have a gaping hole at the bottom of it.

I have no idea what is going on here, what is really left after decommissioning liabilities and what to believe. With Potter, one must learn to expect nothing save twaddle.

One might be criticised for laying the blame for the non-distribution at the door of Potter, but, I must confess that I do conclude but for his involvement things would not have got lost in the system. There is something about Potter - anything he seems to do at Antrim ends up in a mess.