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Eron Lenders
Subject: Ravenswood 32nd Partners
Lender Update
Further to our letter of November 17, 1998 we are writing to update you on the status of the above noted mortgage.
Project Status
In our last letter to you with respect to Ravenswood we indicated that the Judicial Trustee had received US$2,330,000. The balance of the settlement on the mortgage was to be carried as a US$320,000 note secured by a third charge on the property, repayable over two years at 10% interest.
Throughout 1999, 2000 and early 2001 payments under the sharing agreement were received on the note as the units in the development were sold. The final payment under the note has now been received and these funds have been placed in an interest bearing trust account awaiting the court's approval of the next distribution.
Lender Communications
We will continue to communicate directly with all lenders. However, we urge you to take advantage of the web site at
http://www.eron-pwl.com for project specific updates as well as related court orders and other general information. If you need information on reclaiming tax on interest income in prior years, please call David Craig at (604) 713-6680.
Yours truly
Judicial Trustee
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