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ERON INVESTOR PHONE LINE
Response to April 3, 2001 ELC Recording
From the recording of April 3, 2001:
Quote from the Eron Investor Phone Line: "In regards to the tax paid refunds that we have been waiting for from Revenue Canada for the past two years, to this date not one lender who filed through the convoluted process created by the Judicial Trustee has received a refund. … Those lenders who submitted an application to re-assess their previous tax situation covering the years they received and declared interest on Eron loans and did this on their own, received funds over a year ago."
Response from PricewaterhouseCoopers Inc.:
We report that to date, an initial 44 re-assessment refunds have been mailed to Eron lenders. CCRA has indicated that the process of producing cheques has just started and will now gather momentum.
We reiterate from our last response to the March 7, 2001 recording, that, from day one, the entire re-filing process has been done in accordance with the preferences and co-operation of the Canada Customs Revenue Agency (formerly Revenue Canada). To ensure the Eron lenders of accurate processing, the CCRA have initiated all processes; they continue to define and re-define our procedures.
Lenders who submitted their return of capital re-filing request directly to CCRA were largely denied that access and were then asked to relay their request through PricewaterhouseCoopers Inc. Although we do not have specific knowledge, a few Eron lenders may have received their refund earlier. However, the returns that have been processed outside of the current procedures are subject to re-assessment if the information is not in accordance with the overall agreement reached with CCRA.
Quote from the Eron Investor Phone Line: "The ELC still does not have … financial information from the Judicial Trustee since last October… The Judicial Trustee is violating the letter and spirit of the Trustee Act and the Order of Mr. Justice Tysoe in regards to their responsibility to the beneficiaries of the trust assets (i.e. Eron lenders)"
Response from PricewaterhouseCoopers Inc.:
We again reiterate from our response to the March 7, 2001 recording, that Mr. Justice Tysoe ordered that we no longer have an obligation to provide any information to the ELC, or to seek any input from the ELC where we believed the information would be mis-communicated or seeking input would be counterproductive. Based on our past experience with the ELC, we believe that future communication would be mis-communicated and seeking the ELC's input would be counterproductive. In our view, we are complying with the Order issued by Mr. Justice Tysoe. Every lender is advised that he or she may contact their Lender Lead as was previously agreed with the Lender Leads, PricewaterhouseCoopers Inc. and the ELC.
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