The Pigeon King, Arlan Galbraith, has about $376,000 worth of assets to cover almost $700,000 worth of claims in his personal bankruptcy case.
They at least have some hope of recovering some money, whereas most of the investors who dealt with Pigeon King International Inc. will get nothing because the company had nothing left to cover about $40 million worth of contracts to produce pigeons.
Galbraith yielded to bankruptcy in December, 2009 and BDO Dunwoody of Waterloo began gathering information about assets, liabilities and claims.
Investors who dealt with Galbraith before he incorporated his pigeon-rearing venture as Pigeon King International are the major claimants in liabilities that total more than $833,000.
His main asset is a $376,000 home he built at Cochrane after he walked away from Pigeon King in Waterloo.
Canadians have filed about $574,000 in claims and investors in the U. S. about $122,000.
Police from the Waterloo Region, the RCMP and the U. S. have been investigating for years, yet so far no charges have been laid. The Waterloo Region Police Force says it’s reviewing more than 60,000 documents gathered from across Canada and many states in the U. S.
Some have noted that the farmers who held personal contracts with Galbraith probably were in business for two years or more, so most would have realized significant operating profits during that time. In fact, many may have more than covered their capital and operating costs.
It’s more recent investors, under Pigeon King International Inc., who suffered the greatest losses.