|
|
|
Eron Lenders
Project: Eron Investment Corporation ("EIC")
Lender update
May 15, 1998
This letter is being sent to all parties whose investments in EIC were paid out subsequent to the allocation process carried out by Eron Mortgage Corporation. We have been instructed by the Supreme Court of British Columbia (the "Court") to inform you of the following issue that has been raised.
There is the potential of the Judicial Trustee being authorized by the Court to seek repayment of funds that were paid out to EIC lenders prior to the October 3, 1997 appointment of the Judicial Trustee. We do not expect that a binding determination will be made at the application which is scheduled for June 16, 1998. Mr. Justice Tysoe has indicated that he will be prepared to listen to the views of EIC lenders who were paid out as to whether the Judicial Trustee should be authorized to seek the return of funds which have previously been paid to you.
We offer to you that you may want to be represented at the June 16, 1998 hearing. To this end we will make available a list of all lenders who are affected by this possibility. The list will be available for pick up at Suite 500, 1380 Burrard Street, Vancouver, after Monday, May 18, 1998.
If you have any specific questions or information concerning the project please contact us in writing at 500 - 1380 Burrard Street, Vancouver, BC, V6Z 2H3 or by fax at (604) 688 6128 marked to the attention of EIC - Project Lead.
Yours truly
Price Waterhouse Limited
Judicial Trustee
BACK
|
|
|