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ERON MORTGAGE INFORMATION WEBSITE
THE ERON LENDER COMMITTEE
MINUTES OF MEETING - NOVEMBER 2, 1999
ELC-PROJECTS & LENDERS Monthly Meeting
1. At 7:00PM J. Tindle began the meeting, welcoming the lenders and announcing that David Church would be reporting to lenders about the class action lawsuit at the AGM, instead of at this evening's meeting.
2. Tindle reported that the meeting with PWC and R&D on October 21 had been constructive, and he thanked D. Craig for his efforts as moderator of the meeting. The outstanding issues between the ELC and the Trustee had been covered, and in particular the matters to do with the ELC's monitoring the Truteeship costs had been reviewed in detail. Tindle, Rockandel and Jasich cautioned that until the Trustee begins providing the information sought the meeting's agreements remain unfulfilled promises.
3. Jasich reported that to date three individuals had been nominated for the next ELC: J. Tindle, E. Inacio, A. Jasich
4. Ripley reported that preparations for the AGM had been organized, and he noted important dates for the lenders to keep in mind: Nov. 8 & 9, the PWC application at court re. Trusteeship costs; Nov. 14, the AGM; Dec. 1, the class - action Appeal at court.
5. Tindle reported that there were no new developments regarding litigation. He noted that regarding the BCSC Commission's decision, S. Angus had recommended to the panel that no fines be imposed on Slobogian and Biller if such fines ranked ahead of the lenders receiving back funds from the principals through other means. Tindle noted that the RCMP continues giving priority to its investigation of the Eron disaster.
6. D. Craig reported that Revenue Canada had declined to agree to the simplified refiling plan recently proposed by PWC, hence the prior plan will be continued. Lenders may expect to receive refiling documentation in the coming weeks. Given Justice Tysoe's ruling, in conjunction with RevCan's prior decisions, all lenders will benefit by refiling , no matter what the status of their project. RRSP accounts are not eligible for the refiling.
Adjournment : 8:25PM
Secretary: S. Ripley
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