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Eron Lenders
Project Name: #1133 and1135
Borrower: A. Schiel Construction Ltd. and Bear Creek Sales Ltd. - Cloverdale Mall and Nanaimo Business Centre
Lender update
January 19, 1998
Accounting completed and demands for payment made on borrowers and guarantors on December 23, 1997;
Expect application for foreclosure action to be heard before end of month.
in face of allegations by borrower, we reviewed calculations of yields on amounts loaned and to date, have found no indication of usurious or illegal yield;
We expect this issue to be dealt with on summary basis;
counsel instructed to appoint Receiver of Rents as soon as possible and , if possible, before February 1, 1998 rents are due.
Yours truly
Judicial Trustee
Eron Lenders
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