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Eron Lenders
Project Name: #1170 - West Coast Golf Promotions
WEB/VMX - Box # 2178
Lender update
January 21, 1998
West Coast Golf Promotions Ltd. raised funds primarily to finance golf tournaments featuring PGA players. The tournaments held in 1995, and 1996 were known as "The West Coast Golf Classic" The tournament held in 1997 was labelled "The Antigua Challenge".
At this time, Price Waterhouse Limited is not appointed as the Judicial Trustee of West Coast Golf Promotions Ltd. Through legal actions commenced against Mr. Brian Slobogian and Mr. Frank Biller, Price Waterhouse Limited in its capacity as Receiver of Eron Mortgage Corporation obtained control of 60% of the common shares of West Coast Golf Promotions Ltd. The other 40% of the common shares outstanding were owned by Ron Waters. We were recently assigned Mr. Waters' shares and accordingly we now control 100% of the shares of the company.
West Coast Golf Promotions Ltd.'s security is a note for $4.2 million convertible into public shares and warrants of Antigua Enterprises Ltd. The lenders have appointed David Craig and Michael Scholtz as their representatives to negotiate with Antigua Enterprise Ltd. (AEL). Negotiations are ongoing and the lenders have been kept apprised of developments directly by David Craig and Michael Scholtz. We understand Antigua Enterprise Ltd. is considering an Initial Public Offering on Nasdaq.
Price Waterhouse Limited is in the process of assessing any value that may exist in the equity interest in West Coast golf Promotions Ltd. We will advise of developments in this regard.
Yours truly
Judicial Trustee
Eron Lenders
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