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Eron Lenders
Project Name: #1199
Borrower: Goodridge Peninsula Holdings Ltd.
Lender update
January 19, 1998
The borrower's counsel has confirmed amounts held in trust in respect of interest reserves;
The borrower advises the Supreme Court of B.C. has ordered the Trustee of Lamford Forest Products to pay approx. $565,000 to the Ministry of the Environment to be used for environmental remediation of the site;
The borrower is confident this is sufficient funds to complete the remediation but has not responded to our questions regarding the time frame for completion of remediation;
The borrower has now alleged that the loan payable to 543731 B.C. Ltd. is at an illegal (usurious) rate of interest. We have performed calculations which indicate this to be incorrect but are obtaining the advice of our legal counsel before depositing further interest cheques.
Yours truly
Judicial Trustee
Eron Lenders
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