Bankrupt Real Estate Fraudster Tobi Reyes (& Wife Paula Thomson) of Portliving Development $400 million in Debt & High Risk of Misappropriating of Taxpayer Funds

Before Filipino support the mayor forking over tens of millions to a bankrupt real estate developer Tobi Reyes who is continually served new lawsuits annually for fraud, misappropriation of funds, non-payment of loans, mortgage default, something to consider to prevent squandering tax payer money which you might lose your job over. Tobi Reyes is still in debt and he is concealing this with smoke and mirrors. He has not repaid the $400 million in loans and desperately wants to be granted government funding to build the Filipino cultural centre so he can misappropriate these funds as usual for personal living expenses and to repay his previous creditors. Robbing Peter to pay Paul. As a former accountant and auditor at KPMG, mayor Ken Sim should understand the importance of due diligence, fraud, bankruptcy, and the concept of financial viability. The office of the mayor needs to do the full and thorough forensic audit of Tobi Reyes and Portliving. Tobi Reyes claims he is the victim of character assassination from people who want to build a competing Filipino Centre. Wrong. Court records prove that he has faced over 100 lawsuits in recent years from individuals (employees, contractors/tradespeople, creditor/lenders, investors, former friends, business owners, professional services organizations) who are all suing Tobi Reyes and Portliving for non-payment of loan, default on mortgages, non-payment of professional fees, mortgage fraud etc... This is the real reason why people are accusing him of being a non-reputable character who cannot be trusted. A quote from this City News Article from Sept 15, 2020 (https://vancouver.citynews.ca/2020/09/15/portliving-eviction-alleged-debt/ ): "PortLiving files for bankruptcy at flagship development. But just five months ago (in 2020), PortLiving founder Macario “Tobi” Reyes said, in a sworn affidavit, his company was at risk of defaulting on more than $400 million in loans if it was forced to immediately pay the creditors of its flagship development, Terrace House – a mass-timber condo tower under construction in Coal Harbour. PortLiving is the investment wing of its parent company, Port Capital Group, while Port Capital Development is its development division. In late May, Port Capital Development and Evergreen House Development, a limited partnership created to build Terrace House, filed for bankruptcy protection under Canada’s Companies’ Creditors Arrangement Act. The filing was only tied to the one development. In his (sworn) affidavit, Reyes reported (ie: admitted to) an estimated $46 million in debts, including $20.1 owed to construction lender CMLS Financial and $14.7 million to Aviva Insurance. “The financial difficulties of the Petitioners are attributable to a number of factors, which were compounded by the widespread business closures as a result of the COVID-19 global pandemic,” Reyes said, adding the pandemic had also caused investment to dry up..." Tobi Reyes stated in a sworn affidavit in Sep 2020 that he is at risk of defaulting on more than $400 million in loans if he was forced to repay creditors of her bankrupt development Terrace House. Now in 2025, Tobi Reyes claims he has miraculously taken care of and paid off the $400 million loans. How??? Exactly how did he manage to pay off $400 million in loans in just 5 years when the real estate market and condo market has been collapsing and sellers are forced to slash prices while many developers go bankrupt? Other developers are not making hundreds of millions in profits yet Tobi Reyes claims he has earned more than $400 million dollars to pay off the $400 million loans that he swore he owed just 5 years ago in 2020. If Tobi Reyes has $400 million, then why did Tobi Reyes feel the need to take out a $2 million mortgage out on a property he bought jointly with his former high school classmates (Dr. Dr. Gerald Da Roza, and Judge Derek Mah) who ultimately sued him in 2024 for $400,000 to reclaim their initial investment in the property? It seems Tobi Reyes had difficulty repaying a mere $400,000 back in 2024 and tried to hide from being served a lawsuit as reported in the Vancouver Sun in July 2024 (see here). How did Tobi Reyes suddenly acquire $400 million by 2025 to repay the $400 million in loans that Reyes admitted to owing? We are in extreme dire need of a forensic auditor. Tobi Reyes claims his grandfather is a billionaire and infers he himself is very wealthy. If so, why did all these individuals and organizations below sue Tobi Reyes? If Reyes is so rich and has an abundance of cash, why doesn't Reyes just pay his bill in a timely manner in the first place? Why does Reyes wait for people to sue him before he pays his bills. Here are some examples: https://www.canlii.org/en/bc/bcsc/doc/2024/2024bcsc1005/2024bcsc1005.html?resultIndex=1&resultId=41c31f5115644b70a51065713d6d3152&searchId=2024-07-12T13:42:52:201/1b5acefbbc5f4b809ceb1afa73d7b754&searchUrlHash=AAAAAQAHYnJhZGNhdAAAAAAB List of Court Orders Tobi Reyes/Portliving has faced on the Ernst & Young website https://documentcentre.ey.com/#/detail-engmt?eid=385 "Several lawsuits claiming unpaid debts and bills have also been filed in B.C. Supreme Court against Reyes, Port Capital Group and its various subsidiaries. Studio B Architects claims the developer owes it $198,771 in unpaid invoices for designing four of its Mt. Pleasant projects, including Midtown Heritage. Port Capital Group is also facing a second suit from Studio B under its new name, Formosis Architecture. The company claims it’s owed $369,520 for work on five PortLiving projects, including services that led directly to development approval for Midtown Heritage. In March, Delta Pacific Landscaping filed a lawsuit against Port Capital and a subsidiary, Living Midtown 2 Development, claiming it hadn’t been paid in full for work it did on the Midtown Modern project on Broadway between Carolina and Fraser streets. Delta Pacific claims the Port Capital Group owes it $15,432 in outstanding invoices and $39,614 from a lien holdback for extra work it completed. “There have been no questions about the quality and workmanship of the work raised by either Trillium or Living Midtown,” Delta Pacific said in its filing, referring to the project’s management company. In late May, GC Capital sued Port Capital Group, a subsidiary, and Reyes for more than $2.56 million. The investment firm claims the development company defaulted on a $2.5 million loan it made in 2018. “The defendants, and each of them, have neglected or refused to pay the amounts demanded.” In separate lawsuits filed in June, two Vancouver businessmen claim Port Capital Group, Reyes and another subsidiary, Origami 2 Investments, owe them for unpaid loans. James Foley said he’s owed $373,776, while Mark Vanry is demanding $160,189. Urban One Builders asked a judge to grant it a lien of $915,926 against the Terrace House project, claiming the Port Capital Group had made “misrepresentations” to the construction management firm about its ability to fund the project. Port Capital lists Urban One among its creditors in its creditor protection filing, claiming to owe the firm $887,921. An Okanagan family business is suing three Port Capital Group companies, claiming they failed to pay for company shares they had agreed to buy. Roland and Hagen Kruger, along with two family trusts, claim the Port Capital firms owe them $2.25 million for the shares and $251,000 in promised working capital. The Okanagan Wine Tour Guide published this year said the Kruger family founded Wild Goose Vineyards in Okanagan Falls in 1990. “The Kruger family continues to be active in winery, with Nikolas as lead winemaker, after a majority stake was acquired in 2019 by Portliving, a Vancouver developer raising its Okanagan profile.” Another company, D & J Osoyoos Holdings, also claims Port Capital Group entities reneged on an Okanagan real estate deal. The holding company sued for a $50,000 deposit in February, 2019. Port Capital filed a response, claiming D & J Osoyoos had attempted to change the terms of the deal upon which there was “no meeting of the minds” or agreement. The development company said it doesn’t owe anything, noting the Osoyoos property in question later sold for $1.22 million – more than the original asking price. In response to this story https://www.biv.com/news/economy-law-politics/vote-on-abc-vancouvers-push-for-filipino-cultural-centre-delayed-to-dec-10-11555353 and this story https://vancouversun.com/opinion/columnists/abc-vancouver-fast-tracks-filipino-cultural-centre-project-debate#comments-area Tobi Reyes cannot be trusted. He is already $400 millions of dollars in debt and faced over 100 lawsuits for mortgage default, non payment of loans, real estate fraud. There is no evidence he can carry through the development of the new Filipino cultural centre. The Filipino community do not congregate in nor live in the area of the proposed cultural centre development. Does Tobi Reyes actually care about Filipinos or just leveraging his Filipino heritage to seek a lucrative business deal to dig himself out of debt? Prediction: Tobi Reyes will ultimately tarnish the image & reputation of Filipinos with his shady business practices. Proposed location of new Filipino Cultural Centre facing foreclosure. Assessed value is $23 million but property owner Tobi Reyes defaulted on 1st mortgage $17 million and defaulted on 2nd mortgage $7 million and defaulted on $21 million of interest payment. Does Tobi Reyes appear to be a solid entrepreneur with good business acumen? He owes $45 million on a property with an assessed value of $23 million. How is Tobi Reyes planning to build on a piece of property that he is about to no longer own? How is he going to pay for the construction cost when he has already admitted in affidavits related to receivership and insolvency proceedings that Portliving is $47 million in debt? He wants the government to pay for the construction of the new Filipino cutlural centre and he charges the government a big markup so he has funds to pay all his other creditors?? Tobi Reyes was accused by old high school friends (judge & doctor) of fraud and misappropriation of funds. Judge & doctor invested money into real estate project with Reyes with the expectation that funds would be used to develop a piece of property jointly acquired. Instead, Reyes took out a $2 million mortgage on the property without the knowledge of the judge & doctor who were his business partners. Reyes used the funds for his own personal use. The article then states that Reyes & his company have been sued over 100 times in recent years. https://vancouversun.com/business/vancouver-real-estate-developer-accused-of-fraud Real estate website reported that Tobi Reyes' affidavit indicates PortLiving is $47 million in debt due to failure of the Terrace development project https://storeys.com/port-capital-group-vancouver-terrace-house-ccaa-proceedings-coromandel-properties-creditor-protection/ https://vancouversun.com/business/real-estate/court-of-appeal-reverses-supreme-court-ruling-on-future-of-stalled-terrace-house-downtown-luxury-condo-project Reyes sought creditor protection and the "The Petition also reveals that Port Capital Development was 'undercapitalized in terms of equity' " and his lenders are inflexible. According to accounting firm Ernst & Young document centre, Portliving is insolvent https://documentcentre.ey.com/api/Document/download?docId=28098&language=EN "The Reyes Affidavit describes that the Petitioners are undercapitalized in terms of equity and as a result, are unable to meet their obligation to fund any cost overruns on the Terrace House Project. The Construction Lender has determined that there are cost overruns that Evergreen LP is responsible to fund, for which funds are not currently available. In addition, the Port Capital Group has been unable to advance funds such that the Petitioners have not been able to pay interest due to their Construction Lender. 30. The Reyes Affidavit further describes that the financial difficulties of the Petitioners, and the Port Capital Group generally, are attributable to a number of factors...On May 12, 2020, CMLS, as Construction Lender, made demand and issued a Notice of Intention to Enforce Security in respect of the Construction Loan Indebtedness. The Petitioners do not have sufficient funds with which to repay the Construction Loan Indebtedness." Tobi Reyes also lost his motel in Pentiction due to defaulting on $5.5 million mortages https://www.pentictonherald.ca/news/article_73248b4e-5f8c-11ec-9429-b72d550c6eff.html https://mnpdebt.ca/-/media/files/mnpdebt/corporate/corporate-engagements/receivership/penticton-motels/order-made-after-application1.pdf https://mnpdebt.ca/-/media/files/mnpdebt/corporate/corporate-engagements/receivership/penticton-motels/notice-of-application.pdf https://mnpdebt.ca/-/media/files/mnpdebt/corporate/corporate-engagements/bankruptcy/living-beachside-development-limited-partnership/trustees-report-to-creditors.pdf Tobi Reyes also tried to buy a winery but defaulted on payments https://johnschreiner.blogspot.com/2021/07/burrowing-owl-buys-wild-goose-vineyards.html Glassdoor reviews from Portliving employees indicate "balance sheet issues" and Portliving "didn't pay the bills" with an owner (Tobi Reyes) who thinks he is Steve Jobs (billionaire founder of Apple) but turns out Tobi Reyes "didn't have it" https://www.glassdoor.ca/Reviews/PortLiving-Vancouver-Reviews-EI_IE1785396.0,10_IL.11,20_IM972.htm More bad press for Tobi Reyes - bad faith evictions https://vancouver.citynews.ca/2020/09/15/portliving-eviction-alleged-debt/ https://www.straight.com/news/mount-pleasant-site-rezoned-by-city-of-vancouver-for-six-storey-project-on-sale-for-224-million# "PortLiving has since been reported in media to have run into financial troubles. Now a brochure by Colliers indicates that 1940 Main Street is on sale via a court order. The property at the northeast corner of Main Street and East 4th Avenue is on the market for $22.4 million." Unsecured Creditors for "Terrace House" project (circa August 2020): Urban One Builders CM Inc. (construction management firm): ~$1.8 million owed (listed by company as $887,921) Shigeru Ban Architects (architectural firm): ~$946,550 owed Francl Architecture (architectural firm): ~$299,074 owed GC Capital (investment firm): Sued for over $2.56 million James Foley (Vancouver businessman): Owed $373,776 for unpaid loans Mark Vanry (Vancouver businessman): Demanding $160,189 for unpaid loans Formosis Architecture: The firm that designed the 1940 Main Street project Creditors for the "Penticton Motels" (Living Beachside) properties: BCMP Mortgage and Investment Corporation: Filed a certificate of pending litigation for over $17 million plus interest against a Main Street property associated with the group. Other unsecured creditors for the Penticton properties were listed in documents, but specific names were not immediately available in the initial receiver's report. Accessing Full Creditor Lists For a complete and current list of all creditors and claim amounts, you should consult the official public documents provided by the court-appointed monitors and receivers. Terrace House Project (Port Capital Development (EV) Inc.): Information is available on the EY Restructuring Document Centre (check the main EY site for updates). Living Beachside/Portliving Farms Entities (Penticton properties): Documents are managed by MNP Ltd., accessible on their engagement website for the Penticton Motels receivership. The official Trustee's Report to Creditors may also provide details. 4 deleted messages in this conversation. View messages or delete forever.