Arlan Galbraith, the Pigeon King, has yielded to creditor pressure and has gone into personal bankruptcy.
His lawyer filed a “consent decree” in Superior Court in London, avoiding a hearing where witnesses were prepared to testify about his failure to honour contracts to buy breeding-stock pigeons.
The next steps are now up to BDO Dunwoody of Waterloo, Ont. , to determine the extent of Galbraith’s assets and liabilities.
BDO Dunwoody is also handling the bankruptcy of Pigeon King International Inc. , the company Galbraith formed to continue his business of selling breeding stock to investors and contracting with them to buy back offspring to be sold as breeding stock to more investors.
That business has been described as a Ponzi scheme, and prompted officials in Iowa to ban him from the state.
At that point more people began questioning Galbraith’s promises to build pigeon-processing plants in the United States and Canada.
estimates as high as $40 million
Galbraith and his Pigeon King Internat ional fai led to honour.
He attracted investors from across Canada and the U. S. Many of the investors were Mennonites in Ontario, Pennsylvania, Ohio and Illinois. One of the largest contracts was with a Hutterite colony on the Canadian Prairies.
Waterloo Regional Police, the RCMP and law officers in the United States have conducted hundreds of interviews to collect evidence, but so far no charges have been laid.