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Cimarron collapse spawns bankruptcy sale and sprawling lawsuits
In Medicine Hat a planned Cimarron community on the south side becomes part of a bankruptcy sale and a tangle of court actions under the Foundation Group of Companies umbrella. Dozens of local investors face losses as a half billion dollar civil suit targets Lethbridge developer. Harvest Group bought the project in 2010. lender Medican remains owed over $700,000. Investors say Foundation investments were a sham, with 40 or more residents invested 10 000 to 300 000 each.
MENTIONED IN THIS ARTICLE
Medicine Hat
Lethbridge
Cimarron
Court of Queen’s Bench
Calgary
Foundation Group of Companies
Harvest Group
Medican
Foundation Investments
Cimarron Development LP
Harvest
Ron Aitkens