The DION Saga
began in early 1992 when a private company controlled by Louis and Leo Dion, called GreatCanadian Bingo Corp. acquired 13,268,385 shares of the company through a reverse takeover. The transaction resulted in the original shareholders of (GCBC) owning 95.2% of the public company. Now that the Dion brothers have a public vehicle called Dion Entertainment Corp. to operate through, the fun (Entertainment) really begins.
From this date forward, shareholders have seen their money applied to many projects, not one coming to fruition and with losses mounting over the eight years of the Dion brothers control. At some point along the way Louis Dion was either fired or in some way removed from the Dion Company. During 1993, Dion Entertainment acquired a 51% interest in North Western Game Corporation for $297,500 in cash and shares. This interest in this company was written off in its entirety in the same year. Not a good investment by the look of it. LOSS = $297,000.00 Also in 1993 the company paid $5,386,163 to acquire certain rights to manage, and an option to participate in the profits of a first nations proposed casino development in Louisiana. This full onsideration as paid also included a note receivable in the amount of $ 300,000.00.
In 1994 Dion Entertainment Corp. exchanged these Louisiana rights for an interest in Double Eagle Entertainment Corp (DEEC: VSE) a company controlled by Louis Dion who is also a controlling shareholder of Dion Entertainment. The interest in DEEC consists of a note receivable from (DEEC) Barbados, a subsidiary of (DEEC) Canada bearing interest of 10% per annum and the right to convert the note to common shares of (DEEC) and the right for Dion Entertainment to receive 4% of the revenues that DEEC receives from its bingo game in the Czech Republic. 3,204,000 shares of Dion held by Louis Dion secured the note. In November 1995, the shares of DEEC were suspended from trading on the Vancouver Stock Exchange and Dion Entertainment lost the entire position and OVER $5,000,000.00 of the original investment.
Dion Entertainment wrote off the full amount. Two brothers controlling two public companies sure can lose a lot of money collectively in a very short period of time. LOSSES OF OVER $5,000,000.00 Even though Double Eagle Entertainment Corp. (brother Louis Dion's company) was finished, brother Leo Dion and Dion Entertainment decided in 1997 to give Double Eagle another $33,700.00.
Naturally this money was determined to be unrecoverable and simply written off by Dion Entertainment LOSS= $33,700.00 ONE MORE TIME: Dion Entertainment (Leo Dion -Pres.) handed over another $191,028 to brother Louis and his defunct company Double Eagle as late as 1998 for some reason. You would think that Leo would have the inside information from his brother that the company has been over for years. Naturally Dion Entertainment wrote off this amount. Maybe these advances in shareholder money are a simple case of brotherly love; or maybe Louis Dion is really controlling the purse strings of Dion Entertainment through his brother, President and CEO of the Dion Company. What does Louis do with all this money anyway? LOSS= $191,028.00 Also during 1994 Dion Entertainment invested $2.8 million into a start up company in the gaming equipment distribution business in the US. Company was called "Wolf Gaming LLC". In December 1995 it was determined that the assets of Wolf Gaming LLC were insufficient to support the amount of the loan and to this end had to be written off.
Wolf Gaming ceased operations soon thereafter. The company was able to collect cash of $624,866 against the principal. Another $ 2.2 million gone !! LOSS = $2,200.000.00 Effective August 1994 Dion Entertainment Corp. entered into an arrangement with the Fort Folly First Nation Indian Band in New Brunswick to provide funding for the development of and ongoing management of a gaming facility on the First Nations land.
In excess of $4,000,000.00 dollars were advanced to the project as loans and the funding of operating lossesand as of year end 1997 the entire investment has been written off and the facility closed up in early 1999 for good. LOSS= IN EXCESS OF $4,000,000.00 In February 1995 Dion Entertainment Corp. entered into an economic development agreement with the St. Mary's Nation to provide funding for the development of and the ongoing management of a gaming facility on First Nation's land. Dion had to retain a partner to fund 70% of the facility and retained management until removed by the St. Mary's Band in late 1998. In 1997 the company as a result of continued operating losses recorded a provision for impairment of $1,436,338. Good thing they only funded 30 % of this development opportunity.
In 1997 amounts due to Dion Entertainment from related parties, being shareholders who are also directors or officers or entities controlled by these individuals is approximately $485,000.00 ALSO NOTE THAT THE AMOUNT DUE FROM RELATED PARTIES (LEO DION ???) WAS WRITTEN DOWN IN 1996 BY $377,597 REPRESENTING A DISCOUNT ON THE SETTLEMENT OF THE BALANCE OWING TO THE COMPANY. LOSS= $377,597.00 In addition a total of $99,410.00 is included as interest income for the company in year-end Dec 1998 and $109,167.00 in 1997 for interest related to amounts due from related parties. NATURALLY THE REPAYMENT TERMS ARE BEING NEGOCIATED WITH THE RELATED PARTIES (MAYBE LEO DION?) Madison Development Group Inc, ("Madison") a corporation controlled by Louis Dion (36.67%), Leo Dion (36.67%) a Director of Dion, Lyle Roland (15.56%) , all considered related parties to the Dion Company, has been indebted to the Dion Entertainment and it's subsidiary, Great Canadian Bingo Corp. in the principal amount of $1,306,243. (The Principal amount) Each of the shareholders of Madison has personally guaranteed the outstanding indebtedness of Madison to the Corporation and GCBC subject to a limit proportional to their respective interests in Madison. In May of 1997, the Dion Company reached a settlement agreement with Madison (ISN'T THAT JUST LIKE REACHING A SETTLEMENT WITH YOURSELF?? ) pursuant to which Madison (Louis and Leo Dions private company) assumed the Dion Entertainment Company's debt to a "Certain" creditor of $600,000 in lie of payment. Question: Why didn't Madison (Louis and Leo) simply pay the money they owe to Dion Entertainment so that it can pay it's own creditors. Madison owes Dion $1.3 million, and Dion needed to pay a "CERTAIN" creditor $600,000?? In 1997 Madison did pay Dion Entertainment $290,000 and Lucky for Madison, Dion Entertainment waived all interest on the money that Madison (Louis & Leo) owes Dion Entertainment.
Not everybody can borrow money from a public company in which you are an insider and not have to pay interest on the money. Must be a special set of rules for the Dion brothers and other Directors of Dion Entertainment Corp. During the year ended December 1997 loan guarantee fees of $42,915.00 were charged to the Dion Company by shareholder who is an officer and director. (Maybe Leo Dion?) RESULTS - Dion Entertainment had a Working Capital surplus of $1,075,275 in 1994 with a deficit of $7,303.882 and managed to end up in 1995 with a Working Capital deficiency of $1,878,301 and a deficit of $17,828,125. - The deficit at year end 1998 rose to a level of an Astounding 29 Million Dollars - Dion Entertainment claims in 1996 that substantially all the company's assets are related to operations located on or associated with Native North American Reservations or in the Czech Republic. As of October 1999 all of the company's assets in Native American Indian Reservations and the Czech republic have been lost resulting in further deficits for Dion Entertainment. (Approx. 29 million of the shareholders money) This AMAZING company has never made any project work and not lose money, yet the Dion brothers are still able to live in multi-million dollar houses and drive expensive cars. I guess this is what it takes to be the " World's Largest and most Diversified Bingo Company" DEFECIT TO 3rd Quarter 1999 $31,000,000.00 and counting.
Dated November 21, 2007, in Louis Dion's certified Information and Disclosure Statement,
Pursuant to Rule 15c2-(11)(a)(5) under the Securities Exchange Act,
for World Mobile Network Corp. (now called Guyana Gold Corp), Louis Dion certifies that in the
last 5 years:
Under Legal/Disciplinary History
Section 1
Louis Dion certifies he has NOT been named as a defendant in a criminal proceeding.
Louis Dion has stated: NONE
Louis Dion's statement is FALSE
Section 3
Louis Dion certifies there are no judgements against him.
Louis Dion has stated: NONE
Louis Dion's statement is FALSE
1) November 2004 Judgement - D.A.W. Investments Ltd. (Marquis) in the amount of
$2,700,293.17 plus interest, etc., as provided under guarantee.
2) October 2003 Judgement - D.A.W. Investments Ltd. in the amount of
$3,947,416.20 plus interest, etc., as provided under guarantee.
Louis Dion has been involved in at least 48 business related lawsuits. In a majority of cases,
Louis Dion was a co-defendant either personally or as an officer of one of his companies.
Some recent cases before the Supreme Court of British Columbia (ONLY), where Louis Dion
has been named defendant, include:
September 2007....Bryce Geoffrey (lawyer) vs Veridigm, Inc., Alise Mills and Louis Dion.
fyi..September 26, 2007, Bryce Geoffrey vs Kerrie Naples (Louis Dion's daughter).
March 2007.............Shandro Dixon Edgson Barristers vs Louis Dion
February 2007........Gregory Johnson (lawyer) vs Louis Dion
April 2004................Thomas Bradley vs Louis Dion
February 2004........Greg Dureault (Louis Dion's lawyer) vs Louis Dion
No. C966531
Vancouver Registry
Entered Jan 6th, 1997
Supreme Court of British Columbia
Canadian Western Bank Plaintiff
Default Judgment against the Defendant
Louis Dion
Dated 3rd of January 1997
$188,834.80
____and there is so much more, I won't bother posting it.
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