|
|
|
Eron Lenders
Project Name: Gaetz Crossing
Lender update
April 30, 1998
Further to our letter of April 2, 1998 we are writing to update you on the status of the above noted mortgage.
Project Status
On April 15, 1998, $2,400,000 was received under an agreement to settle the outstanding mortgage on the Red Deer, Alberta project. The balance of $177,000 was due on April 15, 1999 which together with interest at 12% per annum would have amounted to $200,000. However, on May 15, 1998, $190,000 was received in settlement of this balance outstanding.
Distribution Issues
Now that we have received funds with respect to Gaetz Crossing we anticipate that you are wondering when you will receive your funds. We are required to make an application to the Court to make a distribution to you. This process is currently underway. However, we anticipate that it will take as much as six to eight weeks to be resolved.
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.
While 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 PWL 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 500 - 1380 Burrard Street, Vancouver, BC, V6Z 2H3 or by fax at (604) 688 6128 marked to the attention of Gaetz Crossing - Project Lead.
Yours truly
Judicial Trustee
Eron Lenders
BACK
|
|
|