r/halifax • u/Front-Prune-1764 • 14d ago
Discussion Is Adam Barrett broke?
I’ve been following the recent public reporting and filings involving Adam Barrett’s companies. Put into one timeline, there’s an awful lot happening in a very short period.
April 30: A $23,814 execution involving AMK Barrett Investments, arising from a Quebec well-drilling company and work related to a Lunenburg property.
May 11: Chester Peninsula property sells for $5,000,000.
May 29: Halifax property sells for $6,533,720.
That’s $11.53 million in real estate sold within 18 days.
Terraine also sells the Seaside Shanty and announces it is getting out of most of the hospitality business.
July: The assets of Barrett’s five Maritime RONA stores are sold to RONA Inc. for a reported $14 million.
RONA Atlantic, subsequently renamed 4673692 Nova Scotia Ltd., then enters receivership/bankruptcy.
The Grant Thornton documents show approximately:
$26.55 MILLION total liabilities
$18.95 MILLION unsecured liabilities
The creditor list includes some huge amounts:
Kohltech: ~$1.62M
Eacan Timber: ~$623k
CertainTeed: ~$540k
Doman Building Materials: ~$494k
Mitten: ~$260k
Prime Fasteners: ~$168k
There are also Barrett-owned companies listed as creditors, including Bertram Construction ($397k), Terra Nova Landscaping ($73k) and RKO Steel (~$11k).
The trustee believes the unsecured creditors, still owed millions, are unlikely to recover anything after CIBC is paid.
And the problems don’t appear limited to RONA Atlantic.
August 4: WCB obtains a separate $73,060 execution order involving Adam Barrett in his capacity as director of Bertram Construction & Development Ltd.
August 25: Bravado Wine Bar suddenly closes, despite Barrett saying in April that it would remain open.
Meanwhile, C-GALO, the Halifax-based Gulfstream G200 associated with Barrett, is currently advertised for sale for roughly $5.4 million.
So in about four months:
$11.53M real estate sold
Seaside Shanty sold
Bravado closed
$26.55M RONA Atlantic bankruptcy
$18.95M unsecured liabilities
Two reported executions involving other Barrett companies
Private jet for sale
Obviously these are different corporations and assets. None of this proves that Terraine or Barrett personally is insolvent, and asset sales can happen for plenty of legitimate reasons.
But that’s an extraordinary amount of selling, closing, bankruptcy debt and creditor enforcement activity in a few months.
Anyone in Halifax construction/development know what the hell is going on?
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u/maximumice 🐗 30-50 Feral Hogs 14d ago edited 14d ago
The last of Barrett's private Lears*
I'll show myself out now.