Sean McCoshen
| Sean McCoshen | |
|---|---|
| Born | 1967/07/04 |
| use both this parameter anduse both this parameter and | |
| 🏫 Education | University of Manitoba (BA), University of Western Ontario (LLB) |
| 💼 Occupation | Chairman of A2A Rail |
| 💰 Net worth | Negative CAD$80 Million |
| 👶 Children | 1 (son) |
| 👴 👵 Parents |
|
Sean Frederick McCoshen (born July 4, 1967) is a Canadian lawyer and self-proclaimed businessman, entrepreneur, investor, and philanthropist, who is the Chairman and Chief Executive Officer of The McCoshen Group, and the Chairman and Founder of both the Alaska-Alberta Railway Development Corporation and the Alaska–Alberta Railway US, Incorporated. Current estimations following an investigation by the Ontario Securities Commission place his net worth at negative CAD$80 Million. Despite the investigation Sean maintains a self-reported net worth of CAD$3.95 Billion. However, the vast majority of his net worth is illiquid and exists only as equity in the Alaska-Alberta Railway Development Corporation. The CAD $3.95 Billion valuation was produced by consultants under contract by Sean McCoshen.
Early life and education[edit]
McCoshen was born in Antigonish, Nova Scotia, to a Canadian father and mother. Sean spent most of his childhood in New York State. As a teen, his family moved back to Canada and settled in Winnipeg, where his father worked at the University of Manitoba.
McCoshen began his academic career at the University of Manitoba. After attending McGill University in Montreal, Quebec as a visiting student, he returned to the University of Manitoba, where he earned a Bachelor of Arts degree (1992). Sean then went on to complete a Bachelor of Laws Degree at the University of Western Ontario (1995). McCoshen was called to the Bar of Manitoba in 1996.
Career[edit]
Early in his career, Sean articled at Thompson Dorfman Sweatman in Winnipeg, during which time he realized his affinity for business and finance. This newfound passion eventually led Sean back to the U.S. and into private banking. Following his call to the Bar of Manitoba, Sean began buying and selling businesses, some of which were later liquidated or dissolved, most notably in the manufacturing sector, with varying degrees of success.
Sean next went into infrastructure development and financing with extensive dealings in the Middle East, primarily in Fujairah, United Arab Emirates.
Following his time in the UAE, Sean came back to the U.S. and worked at a large International private equity firm, based in both Washington, DC and New York City. During this time, Sean was tasked with multiple roles throughout the organization, eventually leading to the position of Managing Director of the Infrastructure Fund. There, McCoshen participated in multiple, large transactions and several infrastructure initiatives.
In 2007, he founded his own investment firm, which is now called, The McCoshen Group.
In 2015 Sean McCoshen engaged Bridging Finance Inc., a private lender from Toronto, to fund the Alberta to Alaska Railway Development Corporation or "AARDC." Over the next six years Sean McCoshen increased his credit with Bridging Finance Inc. to over CAD $180MM until allegations of the CEO of Bridging Finance misappropriating investor funds arose. From an investigation into the activities of Bridging Finance it appears that Sean McCoshen was complicit in their misappropriation of investor funds. Over the course of their six year relationship, in return for extending over CAD $180MM to Sean McCoshen, Sean made direct payments to the personal account of the Bridging Finance CEO in the amount of CAD $19.5MM often within days of receiving an increase to his loan.
The future of the AARDC and McCoshen Group is uncertain.
Interactions with First Nations[edit]
In 2012, following discussions with and encouragement from Ovide Mercredi, former National Chief of the Assembly of First Nations (1991-1997), McCoshen launched The Usand Group (Usand).[1] Since commencement, Usand secured over CAD$200 million in financing from capital markets for First Nation groups in Canada. Much of this debt was high interest debt from Bridging Finance Inc., Bridging Finance charges on average 12.1% per annum.
The McCoshen Group[edit]
The McCoshen Group, owned entirely by McCoshen, is a family-owned business operation, that owns eight privately held companies and holds significant interest in three publicly held corporations, ranging from manufacturing to finance. The McCoshen Group has secured in excess of CAD$1.32 billion in transactions and has an asset base of CAD$3.95 billion (USD$2.97 billion).This asset base is entirely comprised of illiquid equity holdings in the Alaska Alberta Railway Development Corporation or "AARDC." The valuation was developed by McKinsey & Company, a management consultant company hired by the McCoshen Group.
Douglas Cardinal Housing Corporation[edit]
Sean is also a principal of Douglas Cardinal Housing Corporation (DCHC), which is a collaboration between internationally renowned and celebrated Anishinabe architect, Douglas Cardinal, and The Usand Group, a private company, owned by McCoshen. DCHC works with First Nations, Inuit and Métis communities to offer collaborative housing solutions.
Alaska - Alberta Railway Development Corporation[edit]
In 2015 Sean McCoshen formed the Alaska-Alberta Railway Development Corporation (AARDC) with the stated goal to build, own, and operate a new railway connecting the Alaska Railroad and Alaska’s tidewater, to northern Alberta, a distance of 1,600 miles or 2,570 km.[2] Through years lobbying efforts, A2A Rail has garnered the support of several key stakeholders in the United States, including Governor Mike Dunleavy of Alaska,[3] the Alaska Congressional Delegation, and the former Governor of Alaska, Bill Walker.
Sean McCoshen is the sole shareholder of the AARDC and has taken on upwards of CAD$180MM in high interest debt to fund this venture. To date AARDC had no assets, having only paid for engineering work, consulting work and lobbying efforts to promote the railway. In its current state an in order to support the valuation of CAD $4 Billion the financial models developed by consultants hired by AARDC include nearly CAD $14 Billion in government contributions. To date no contributions have been announced from provincial, state or federal governments in the USA or in Canada.
The future of the AARDC is uncertain.
Other Business Ventures[edit]
In addition to his many private ventures, McCoshen has interest in The Beverly Hills Courier newspaper, and is a major shareholder in the Canadian based digital media company, Enthusiast Gaming.
Personal life[edit]
In most respects, McCoshen is an intensely private individual, keeping a small circle around him, and separating many aspects of his business and personal life. McCoshen is currently engaged and has a son from a prior marriage.
Presently, McCoshen resides with his son in Edmonton, Alberta, with homes in Vancouver, British Columbia, Portland, Oregon, Los Angeles, California and Turks & Caicos.
Philanthropy and other activities[edit]
While Sean McCoshen is a claims to be a philanthropist, who supports dozens of organizations however, it is now understood that the funds to make these donations came from high interest debt obtained under questionable circumstances from Bridging Finance Inc by facilitating the misappropriation of investor funds.
In addition, McCoshen has been a long-time supporter of the First Nations University of Canada. Over the years, Sean’s support has concentrated on programs focused on financial literary and empowerment, to donating and fundraising for milestone celebrations. An advocate of Canada’s Indigenous population, McCoshen, is also a supporter of the Gord Downie & Chanie Wenjack Fund. McCoshen has long supported veterans and all levels of law enforcement.
In August of 2018, McCoshen donated CAD$2 million to Canada’s Diversity Gardens to support the development and construction of the project.[4] In August 2019, McCoshen donated an additional CAD$1 million to Canada’s Diversity Gardens to bring awareness to the monumental attraction.[5]
In June 2019, McCoshen donated CAD$170,000 to the St. Laurent Royal Canadian Legion Métis Branch No. 250, Canada’s only Métis legion.[6] The Legion, later named a road after McCoshen, in the community of St. Laurent, Manitoba as a token of their appreciation.
In addition to past gifts, in October 2019, McCoshen donated USD$125,000 to the Woodrow Wilson International Center for Scholars and CAD$50,000 to Sarah McLachlan's School of Music.
Legal[edit]
In 2016, McCoshen and his company The Usand Group, were embroiled in allegations regarding Sean’s business dealings in the Indigenous community. made by Aboriginal Peoples Television Network, McCoshen has launched a number of lawsuits since against the network, author, and those quoted throughout the article however these actions have had little success and the articles remain available online.
In May of 2021 Sean McCoshen has been implicated in a fraud investigation conducted by the Ontario Securities Commission into Bridging Finance Inc, a private lender with nearly CAD $2 Billion of investor funds under management. Sean McCoshen has accepted over CAD $180 Million in high interest loans and guaranteed a further CAD $80 Million of high interest debt held by troubled construction company Bondfield. From the Ontario Securities Commission Affidavit it is alleged that in return for extending these funds Sean McCoshen made direct payments to the CEO of Bridging Finance, David Sharpe. Over a 6 year period Sean McCoshen paid David Sharpe CAD $19.5 Million, often within days of his loan being increased and further funds being advanced to his account.
At this time the investigation is still underway and no charges or penalties have been announced.
References[edit]
- ↑ Guy, Anna (April 22, 2018). "Building Strong Nations Through Modern Finance". Business Elite Canada. Business Elite Canada. Retrieved 11 September 2020.
- ↑ Barrow, Keith (June 28, 2019). "Alaska Railroad backs plan for link to North American rail network". International Rail Journal. International Rail Journal. Retrieved 11 September 2020.
- ↑ DeMarban, Alex (March 31, 2019). "Governor asks Trump for permit needed to connect Alaska railroad to Canada, Lower 48". Anchorage Daily News. Anchorage Daily News. Retrieved 11 September 2020.
- ↑ Pindera, Erik (August 8, 2018). "Diversity Gardens bolstered by $2-M donation". Winnipeg Free Press. Winnipeg Free Press. Retrieved 11 September 2020.
- ↑ Pinkew, Nadya (August 28, 2019). "Businessman gives $1 million to diversity gardens". Winnipeg Free Press. Winnipeg Free Press. Retrieved 11 September 2020.
- ↑ Pinkew, Nadya (June 26, 2019). "St. Laurent Legion gets $170K gift". Winnipeg Free Press. Winnipeg Free Press. Retrieved 11 September 2020.
This article "Sean McCoshen" is from Wikipedia. The list of its authors can be seen in its historical and/or the page Edithistory:Sean McCoshen. Articles copied from Draft Namespace on Wikipedia could be seen on the Draft Namespace of Wikipedia and not main one.
