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Eron Lenders
Project Name: Sterling Place, Edmonton, Alberta
Lender update
October 23, 2000
Further to our letter of October 4, 1999, we are writing to provide you with a further update on the status of the above noted mortgage.
Project Status
In our last letter to you with respect to Sterling Place we indicated that a dispute had arisen over whether the agreed upon amount to settle the mortgage was $3,600,000 or $4,100,000. Efforts by the Judicial Trustee's legal counsel to arrange for an Examination for Discovery of the borrower and ultimately to bring the issue before the courts were stalled by the borrower.
The Judicial Trustee has now received the sum of $4,322,521 in settlement of the dispute. The amount includes $4,100,000 in principal and the balance as accumulated interest.
The Court has approved an interim distribution of funds to the Sterling Place lenders. Details on the amount of the distribution will be sent to you under separate correspondence.
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. The Eron Lenders Committee has set up an information line, which can be reached by dialling (604) 878-4484. We would also encourage you to contact Ray Wolrich ((604) 987-2425) or Ian Wragge ((604) 688-8671) of your Lenders Committee for updates on the Sterling Place project. If your enquiry is of a general nature, you should contact James Tindle of the Eron Lenders Committee at (604) 438-0915. 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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