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Eron Lenders
Project Name: Fairways at Arrowhead
Lender update
8 September 1998
Lender Update
Further to our letter of May 15, 1998 we are writing to update you on the status of the above noted mortgage.
Project Status
On August 6, 1998, we took possession of the Fairways project under our foreclosure action. Twenty-four letters have been sent to potential purchasers who expressed an interest in buying the 70 completed condominium units plus the vacant land. The potential purchasers were invited to submit offers by August 26, 1998. Twelve letters of intent have been received offering from US$4,800,000 to US$7,650,000 for the project. We are currently reviewing the letters of intent and are assessing the merits and demerits of each. Once the selection process has been completed the Judicial Trustee will select one potential buyer and negotiate a final purchase and sale agreement subject to a period of due diligence for the buyer. The closing date will be part of the negotiating process, but at the outside we would expect to close no later than November 30, 1998.
We continue to negotiate with Dr. Battrum in an attempt to sign a Mutual Release Agreement and we are hopeful this process will be completed shortly.
Lender Communications
As you are probably aware we have a web site at http://www.eron-pwl.com. On this site you will find project specific updates as well as related court orders and other general information.
We will continue to communicate directly with all lenders, we urge you to take advantage of the web site so that you can receive first hand current information from the Judicial Trustee in the most cost effective manner we have available.
We plan to issue another letter as soon as we have significant new information with respect to the distribution. In the meantime, if you have any specific questions or information concerning the project please contact us in writing at Price Waterhouse Centre, 601 West Hastings Street, Vancouver, BC, V6B 5A5 or by fax at (604) 688 6128 marked to the attention of Fairways - Project Lead.
Yours truly
Judicial Trustee
PricewaterhouseCoopers
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