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Eron Lenders
Project Name: Ravenswood 32nd Partners
Lender Update
April 2, 1998
Further to our letter of February 25, 1998 we are writing to update you on the status of the above noted mortgage.
Project Status
The Judicial Trustee has been negotiating with one of the ownership interests to acquire the outstanding debt on Ravenswood for US$2,650,000, payable US$2,330,000 by cash and US$320,000 by way of a two year note secured by a collateral assignment of the Partnership's ownership interest and a third charge security on the property. Interest would accrue at 10%, simple, per annum. Proposed closing would be early July 1998. If the debt is not acquired by early July, Ravenswood 32nd Partners will provide a quit claim deed to the property to the Judicial Trustee. Upon receipt of the quit claim, the Judicial Trustee would have the property listed for sale.
The total amount advanced to the borrower was US$2,667,000. A recent appraisal valued the property at between US$2,500,000 and US$3,000,000.
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 500 - 1380 Burrard Street, Vancouver, BC, V6Z 2H3 or by fax at (604) 688 6128 marked to the attention of Ravenswood - Project Lead.
Yours truly
Price Waterhouse Limited
Judicial Trustee
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