You should have received a letter via hushmail updating you on the court proceedings yesterday. If you did not receive an update please contact us via firstname.lastname@example.org.
Certain evidence became public record filed in Ontario court. We've made some of it available here:
This evidence certainly raises many questions.
Was Mr. Pattison, as an insider and Director of Brookfield Asset Management afforded opportunity or any compensation that other shareholders were not similarly offered?
Was this document included in the PWC recivership papers? Did the Alberta court know that this transaction happened while Birch Mountain was in receivership?
How is it that an UNSECURED debenture holder receives nominal cash and an option to purchase 30% of a $2 billion dollar asset when the shareholders, other unsecured debenture holders, and creditors received nothing?
The pain continues . . .
"A friend first told me about Birch Mountain nearly 5 years ago. I started researching the Athabasca region with their oilsands and their growing importance to supplying the world with oil. Reading about the growth of the Fort McMurray area only soldified my decision to invest in what was going to be the LARGEST quarry, not just in Alberta, but in all of Canada, right smack dab in the middle of the oilsands.
What I saw was a very safe investment with great potential and steady growth over the long-term for my children's college costs and my retirement. When Vulcan Materials paid $4.5 billion for Florida Rock to get 2 billion of reserves, I knew the AMEC report was validated and continued to invest more money into Birch, a company with hard assets.
I watched in total disbelief as this stock continued to fall over the next couple of years even after having the financial backing from behemoth Brookfield, contracts from Suncor, Syncrude, Albian Sands, Petro Canada and the South Haul Rd project going on. I continued to add more and more money into Birch taking from other retirement funds. The stock collapsed and so did all my savings. Years of savings now gone, and with time no longer on my side, I realized then that I could not make up for the losses sustained. Something felt very wrong, how can hard tangible assets not be worth anything in the middle of the fastest growing area in all of Canada?
The hardship this has put on my family can never be compensated for, lives were changed, the way I felt about myself, the times and experiences that we never got to have or for the struggles this has caused.
When I heard about the CA lawsuit and visited the blog site for the first time it reinforced my feeling that something very wrong indeed happened and that I wasn't the only one that believed it."
Another shareholder story:
"I became a Birch Mountain shareholder early on, as I read the story, understood the man-faceted long-term structural need for limestone in the area and the absence of a local substitute. Fidelity's famous fund manager Peter Lynch used to say that his favorite businesses were quarries because the cash flows were so stable and predictable. A quarry with a strong demand, no local competition, and a well-defined local community were wonderful underpinnings for my Birch Mountain investment. The move from TSE and pink sheets to an AMEX listing only further solidified my conclusions and confidence in the Birch Mountain model. Receiving a regular stream of good news for a long time, and near radio silence on the bad news pending was quite a shock and left me significantly financially disadvantaged. Along with me, several of my close frends and family members who also bought into the Birch Mountain unfolding story (many at less than $1/share on the upswing) were devastated. I remain stunned . . .
I hope that the courts force them to disgorge the entire company to its rightful shareholders and punish them for their actions as an example."