Toronto, Canada
February 2007
There has been a lot of inquiries as to what is going on with the investments that we were e-involved with over three years ago. This letter is written with the intent of shining some light on the subject and so that everyone understands our position in this matter.
We would like everyone to understand exactly where we are at and what is the plan of action. We want everyone to be on the same page in this investment saga.
In live the best laid plans of mice and men can go astray. This clearly is a situation that absolutely no one wanted to see. Least of all me.
In respect to the Eggvestments. The facts of the matter are that many of the investors have been paid out. Naveed continues to pay out eggvestors one at a time. The progress has been slow but steady. As to the order of who gets paid first and when, that is beyond our control. It is clear that I will be the last to get paid I can't say I like it.... but I can say that I am very sure that sooner or later I will get paid.
Naveed tells us and we have reason to believe it is not true, that this is a waiting game for him. Things did not work as he expected and now his explanation is that he has to hold his position in the market place. To do otherwise will trigger very large losses. This is his decision and WNBC has nothing to do with that nor do we have any control over it.
Naveed's plan is to recover the investments and pay out people as the money comes in. He has some very strong opinions about what people should expect when they invest. He sees the world from his perspective as we all do see from our own vantage point. He makes a big issue out of people investing borrowed money because he is correct in that he said a number of times that he would not accept borrowed capital to invest.
We DO NOT have control over how he chooses to do this, when and who he pays as it is his company Capital Reserve that handles the investments. WNBC merely passed a lot of the money to Naveed and witnessed a good number of the contracts on his behalf.
It is very important to read contracts. I have made a big issue out of this many times. so if anyone signed their contract to Capital Reserve without reading it, then they did so against my advice. The contract is very clear. It says that WNBC can not make any guarantees. It is clear who the investor is and who the investment was placed with. The investment was not placed with WNBC, it was placed with Capital Reserve.
Other than the huge aggravation and cost to WNBC to deal with all this stuff, I am not concerned with the "IF" people will get paid; I am only concerned with the "WHEN people get paid."
I will continue to do my part in keeping Naveed reminded and nagged.
It would make no sense to pay some eggvestors and not all, it would make more economical sense to pay none, same amount of shit, more money in the bank. Naveed is more than smart enough to figure that out.
Right now I am unable to get him to do anything else than to stay the course of his plan of action. In spite of the things which Naveed shows much interest in, because he is focusing on raising the money to pay back the investors. He has a property up for sale to help in the process.
Speaking in the third person, I will refer to me as "Dan."
What about Dan's responsibilities? Taking on responsibilities that are not 100% Dan’s has caused a lot of grief and expense. For instance; Dan paid for all the book keeping that had to be completed for the Eggvestments, this came to over $50,000. Dan never agreed at the beginning to be the book keeper for the Eggvestments, his role was simply to collect the money and give it to Naveed. In hindsight Dan should have said, "I am just the middle man. I gave the money to Naveed; Capital Reserve is his company, deal with him.” Dan would have been $50,000 better off and would have had less crap from people about payments etc. Instead of us going through every piece of paper with complete painstaking diligence, collecting all the info from the investors, we should have simply said, “Deal with Naveed, he is Capital Reserve, the contract clearly says, “Capital Reserve,” and clearly states, “WNBC can not give any guarantees, as we rely on Dr. Quereshi's guarantee.”
Dan is more than willing to carry responsibility, as a matter of fact when Dan went in for upgrading his Management and Business skills it was pointed out that he takes on more responsibility than is legal or sensible. As a result of that insight, he is now less willing to carry the responsibilities of things that should not be all his. He now puts responsibility for the results of decisions back on the shoulders of the person who made that particular decision.
For you who are involved with Greenfleet investments, Liz approached the club to get funding for Greenfleet, we in the club including Dan, put money into it. We had multiple meetings and discussions about it. Everyone was asked for input. It was a group decision. We all listened to presentations by Andre, Melanie, Liz, and Me. Naveed was never keen on the idea. He just went along being the good guy looking after Dan's interest because Dan said "I do not have the financial experience to take this on, so unless Naveed is in, than I am not. Dan had put more time and money into it then anyone else. So of course he carries the biggest loss. So who is going to refund Dan? If someone was to point the finger of blame, it should be at Liz, who promoted herself as the Auto Share expert. To attack Liz would be a useless waste of energy and her response will to be to point the blame elsewhere, as she still thinks that Dan and Naveed ran off with 200k and is out carrying on war, reporting it to the securities commission. In her stupid war, she has lost at the Labour Board, lost in small claims court. The Judge asked why we were not suing Liz and answered the question herself, which is “You can not get blood out of a stone.”
She is still at war with Dan and continues to try and ruin WNBC, Naveed and Dan. This woman was at war with her previous partner at Autoshare, then with her lawyer, then with Andre Fortier, then with Richard Fogg, and now because some new entity to war with is not on the place she continues the war on WNBC and Naveed. The most she can hope to succeed with by winning is having Naveed simply move to one of his homes in another country and tell everyone in Canada to fuddle duddle off and keep their money. (He has no intention of doing that) But vengeful people don't care, they just conduct war. Look at the Middle East.
When Greenfleet went under from an acute lack of sales and a very real and high cost of car leases, insurance (last bill was for $60,000) and overhead..... Naveed and Dan said that they were going to try to make the money back..... That was a pretty stupid thing to say... it is like admitting guilt at the scene of an accident.... it is an emotional error that ignores the facts of the matter.... it make no sense. Business go under, business succeed... but the investors never offer any of their earnings to the directors who took the risk when things go well... Naveed and I did make some attempts to get interest in getting a solution going... but it came down to "Dan was the guy who was going to have to carry the burden." this was not only workable but made no sense..... I like everyone else had to accept, we simply made some bad decisions. We talk our punches and move on. Blaming others does not put food on the table. And sometimes life really sucks.
Dan continues to wish he had not agreed to the whole eggvestment program and wishes he could have changed the outcome. You all must remember it was the club member's request to Naveed, and Naveed said he would not do it unless Dan handled collecting the money. Dan simply should have said, “I am not set up to do that, so I can not.” I clearly see why banks have big staff to do the book keeping .... Hindsight is pretty good.
Each and everyone of us knew that Naveed was and is a one man financial band. He does not have staff he does not have a business office. He works out of his home. Why did none of us stop to ask "How in the hell is he going to manage all these numerous investments by himself? How is he going to keep the records? Is he set up for it? None of us asked those questions. That just makes us all responsible for the decisions we made. In this life we are 100% responsible for everything that happens to us. Our fate is dictated by the decisions we make.
I made some bad decisions here. Being involved trying to help others make money trough investments was probably the number one stupidest things I ever did. Fighting forest fires was a better decision.
Regarding the land. Who has been paying the $6,000 a year in taxes.....? I don't hear any volunteers...... How is helping with selling it? The only person who has helped out (outside of the heroic efforts of the WNBC team, mostly Sheila) is Naveed. He has fronted the property tax money. He is promising to pay WNBC back the accounting fees we paid to straighten out the mess.
I am dealing with two potential buyers on the land. I have the power of attorney to complete the deal. So it does not matter if Naveed is traveling or not. I hope to conclude the deal soon. If it does not happen soon enough, then I suggest that someone give me a hand in selling it. I don't really have a lot of time to be in real estate. As soon as the deal closes and monies are received all the land investors will get paid out. If anyone wants to buy it, make me an offer. The town assessed the property at $600,000. We know it would be very hard to get that kind of money..... I am not interested in holding out for a profit.... I just want rid of all the headaches..... I would take $200,000 ... if someone wants to sit on it.... especially to hold on to it.... some day it will be worth millions.
I don't expect thanks for anything I have done. But it is pretty hard to accept all the blame and to suggest that I should pay everyone back their investments. I did as many as I could but then ran out of money and put myself in a cash bind. In hind sight, I should not have done that.
Regarding why is Naveed so bad about staying in tough. Putting right wrong and proper aside. I completely understand. It is very hard to call someone to tell them anything but what they want to hear. They don't want to hear that payment will be delayed.... When you make that call it is often long and draining.... so it gets easier to just wait until you have the money in hand and make the easy call.... "hey can we meet for a pay out.?" that is easy. I am not saying it is right not to call. I am just saying I understand that it is not easy.
OK... so Why is it Dan is not staying in touch with the Investments? Easy answer.... I simply don't have time to spend on this, it costs me time and money, it does not pay off in any way. In the mean time; I have to work my ass off.... I am up around 4 or 5AM in the morning and work until night fall.... I work weekends.... I have to build the business momentum of the new WNBC with a team of professionals that I truly care about. I have to make sure that WNBC gets better and better every day. I have to make sure we can pay the team. I have to make sure that I do as many good deeds as I can. I make a real and significant difference to a lot of people. I have to make up for all the financial losses that happened to me as a result of thinking that I could be the hero that would make the wonderful members of the club a lot of money. This loss has hurt me more than anyone else. I know who to blame for that and it is simply me to blame..... Boy! am I sorry!
One can only do what one can do. I am doing all that I can and for those of you who have been patient, I know who you are and I really appreciate it. I will do my best to keep you from the bottom of the pay out list that gets paid last. I do not have any decisionary or discretionary power in this, but sometimes at the right time I have influence, I can make a difference. Those who have been a colossal pain in the posterior.... what can I say?
For those few of you who are conducting war and trying to harm WNBC you are attacking a wonderful team of people dedicated to doing a great job. None of the people who were involved with the investments work for WNBC, they don't even know what happened way back then, it has nothing to do with them or the jobs they do. I know it stresses them out at times...... unless you want to blame Sheila who has done nothing except that best she can to look after the investors. She worked for WNBC back then.... She has shed tears over this ... and none of it was her doing.... Sheila knows the truth.... and some people listen and some don't. So that leaves Dan left to attack. Ok... he has broad shoulders, handles stress well so lets get him. It is all his fault. In the mean time others are getting hurt more than Dan is. But anger knows no common sense. I wonder how sinking me would get anyone paid back? ... I don't understand that.....
Lets all learn some lessons from this experience and be wiser for it. If you say "It is all Dan's fault" I feel sorry for you because you will continue to make these kinds of mistakes until the lesson is learned. I clearly know where I made my mistakes and it is me that I am dealing with to be sure that I never get in this mess again. My biggest lesson .... "Don't take responsibility for the mistakes of others."
In reality this will all pass. Dan, WNBC and the team will still be around, and five years from now it won't seem all that important. The new WNBC is vibrant, growing and is making a lot of people happy. We are doing some really cool things. And yes we still screw up here and there.... but we work really hard at learning lessons and not repeating mistakes. We are like a family where we all care and look after each other. You will not find more wonderful people anywhere in the world than the team we call WNBC. I am blessed to have them working with me. ... Now if I could just erase the past... oh well... sigh....
This explanation has been a while in coming.... sometimes it is hard to write what is in your heart when being shot at with poison arrows. So I apologize for the delay... But now that you have the story, be it ever so long, I request that you read it carefully and decide what is the best course of action for you to take.
Sincerely,
Dan White
----------------------------------------------------------------------
Share and post your experiences by e-mailing: beware.of.scams@gmail.com
