rr

TERRACE STANDARD

At2 - The Terrace Standard, Wednesday, November 24, 2004

From front

New Skeena bids must »

be fair value - - - receiver

liquidation of the. Prince .

Rupert and Carnaby: mills
comes from
Maynards, :

_ That proposal would pay
out a minimum $5.635 mil-
licn for’ the sale of all:com-.

pany assets except | the: for-

_ est licences. and, the, ‘Terrace
sawmill. :

~Maynaids- “offe er: -would

add. another “$265. million
‘tothe minimum payout if it
is alsoawarded the rights to.
me liquidate the. Terrace saw=
Lo mill by. Dec. 14: Tn
- ‘That’ suggests’. athe’ $2. 65.

milion. may ‘effectively’ be

-the upset. price.any bidders
for Terrace ‘must ultimately
offer - and that. there is a a os

clear deadline,

Prentice said:he’s sympa- .

thetic lo the desire-of towns

to keep operating millsalive,:.-
~but said he-does ‘not intend : «
to-accepl offers.to.run mills’
” . if the Payment ji is. below. lige

uidation value.:

. “Why would we take any”
less?” he asked, “Tt’s nol our.”
function rightly“or. wiongly.
~_in-these’ things to be ‘an: iad-
vocate For: regional. econoni-:
__ ie development.”

- With. both the Carnaby:
and Prince ‘Rupert mills, ‘he.
~ said, there's: great, local de-.
sire for something ; ‘creative:
to happen, ‘but. no emotely
- viable proposals,

“We had :a choice in ‘
Carnaby: of-accepting a'very
significantly. financially. de :!
ficient offer that-would sup= lion offer for:the Prince Ru-
“pert-site, subject to finding aS
: pulp. mill operator. ° ;

port reopening. the business:
and be a: good: ‘thing. fn the:

“auctioneer :

_- Alice Maitland

_ community,” Prentice said,

“The difficulty that pres-

© ents to-us is.if we take $20r
$3: million’ less. ‘money in as
~ sale-than we should; that re-
ally i is somebody's money.” -
One offer for the Camaby, :
” sawmill, New: ‘Hazelton-raw
Jog chipper ‘and area for-:.
“est licences: was: ‘for. $1.05
~ million but” the - proponent :
_wouldn’t take responsibility.”
for reforestation:

‘Hazelton’ - mayor - “Alice

Maitland: demanded. mare’ -
+. time to: pursue a. solution, at

Carnaby."

decision.”

“There W ‘ahaa a $t ‘mil:

fie by the:

‘Dan Veniez

drawn.

Rupert - far too long... :

some: creditors: shave: ques-

tioned’ expenses . totalling
$1.5. million” claimed '. by’
-New. Skeena’s Jawyérs; Fra >
‘ser. Milner Casgrain, and by
~ monitors PricewaterhouseC: .
oopers. while: New’ Skeena.”
was under: -CCAA: creditor
protection. _

The receiver-also had two’ -
“offers for all ‘the company’ Ss.
assets, One for-$18. million: -
failed to get ils financing in’
place. A. second. offer. for. *
$10.75-° ‘million Was: with: "
we -bankruptey: and was “placed”
in receivership ‘Sept,- -20 ale:
chighest: liquidation offer. fee ter owners Dan-Veniez and |
“ceived..: a .
“ Another Offer guarantéed
a minimum-payout of $12,1.-
- © million, :But-Prentice: reject- :
-ed it involved a salvage Gp-.
/eration spanning upto a year"
-at Carnaby and Terrace. and:
2 “up-to three’ yéars at: Prince uo
“oWe. riéod the: receiver to” .
consider: ‘the: fuiuré of our.”
‘community. and give. wei ghit:
“eld, proposals. they've -potlen :
“19 keep’ the mill intact,” she”
“said! “We live 9

, Maynards : was - not” “the.”

“Court: documents show :

Prentice: has: also: been -
-asked to investigate pay-~
ments in September to New

Skeena CEO Dan Veniez. “
"New Skeena’s ‘lawyers
received two payments lo-

talling $206,643 oa Sept, 9°
and.16, the receiver’s court

filing says. “The:money was

proceeds from the sale of the .

Kitwanga mill:

- Those: lawyers ther paid:
“Veniez : $205,000: on Sept.”
16“‘in partial payment.of un-.. |
paid salary and.benefits,”
* That. was. in: addition to 7
~. $40,000 Veniez was paid by
sNew Skeena Sept: 9 for un- >
paid management expenses. vp RS
- Since: being: named ‘re: -

‘ceiver of New Skeena, Emst |4

‘and Young.Inc. has rung up

‘total. expenses of, more ‘than 7
$1. million.-: .

- New ‘Skeena_ ‘declared

George’: Petty... abandoned
their éfforts to find financing
to restart.the operations,’. ©

AS ‘Toronto investment :
firm and a New. York vulture: .
-fund that had examined the —
“operations” ‘over. the summer

both: backed away.. 4
‘Neither: "Woodbridge. Co.

_nor Matlin-Paiterson Global
* Advisers: -expressed interest ©
cin: buying: tlie operations in
receivership, Prentice said. '
‘Nor’ was . there interest -
from: GMB. :Ventires, an:
“auctioneer that ‘last. “spring
“proposed to liquidate | the op-
“erations,. ‘generating. $10 to

$20 million... =.

~Ed Moldenhauer is
finally retiring:-He'll be.
“spending his time golfing,
{putting and just: plain’ -

P relaxing! After 39 years in

1 Terrace; selling furniture —
-and-appliances, he’s ~
celebrating. It all starts...

Over $26,000 in Cash Prizes!
| What agreat stocking stuffer |
_. |... Idea for this: Christmas...
‘Dr. R. E.M. Lee Hospital
| Foundation  —
2005 Cash Calendar |

. only: 4 000 calendars have been printed
only $20.00 each.
First draw $1000 - January 1, 2005

.™*. Get Yours Today!
“Terrace Totem Ford :
*Northern Drugs
Any Caledonia Band Student

2h 635c1IPS-

EEE:

oat

fa;

eae
See

Pereey eye eE ERE ee Eee Eee?

we ee

MUP aP PO PPEI IIE EEDELS EFTELE.

3

5,

SASERELSE

‘4

¥
aS

REL SX Mee

Ly SE A

FIES

First Served!

Chiropractic |

Stainless Steel ee ae

_owaserorrour() | | "Interior Tub ‘Self Clean -Rusen Size.
SELECTED GOODYEARTIRES | |’ Dishwasher || Gas Range | | No Filo bod
UNTIL DECEMBER 11,2004! "| J | List $969.95 | | List $1279.95 || ie eifogcoe

| si 08 | L SALE E $809, |

SALE $539

‘Wintor Wheels

aaa Be
_ AN Set ol winter wheels . gt AZ DOV epee ee oe Oak a
| me rom vans rage : ) 5 | ; i in ae ae ~ Reclining | Select Rocker +. Queen _
| cng wg ) SAVESIOO | “| Wing Chair || ReneS |. Sleigh Bed
: 2 Ask for 510 a] Limited tities * | rom pp
: Sa _ SAVESIOO | SAVE! 100 SAVE MOO | T | erssiogs |) usesre005. || ust$990.95. |
cuumcringme ears ewes | || SALE $399. || SALE $399 | | SALE $699 |
Revoltonay te for any _ciestcalago eee | IL
@ 7 and meseorear : ao handling and ‘cooopr 7 ny ~plekups  evesixan os ; “oO d 0: k- “Bi K G
Get Charged! versize a ac / ranite

: 5 Drawer Chest.

At Fountain Tira we can

test your battery and tet
you know how much life
it has left. Ask us about

your battery todayl

Table & 4 Chairs
List $899.95 List $1199.95 ©

7 _ SALE $499 | SALE $698

‘SWESO_

ON A SET.OF FOUR (4)

ON.A SET OF FOUR (4)

ULTRA GRIP ICE

2 ‘Severe winter traction radial. :

. oe SAVES4 "40 eof
~. ULTRAGRIP

o Severe winter traction-radial--.”
pinned for studs =~. ont,

a, HAS
TD, Siva up ta $100 ona sal of
: four (4) selected Goodyaar
, Nices res etlect unlit Decatiber ~§ NE ‘40
14, 2004. All applicatle © .
2 eyomgye™ laxas (iat GST, PST and tire :
tanes) ate éxtta, Sea

retailer for details, @™ Trademarks of AIR.“
MILES" inigratlonal Trading BY, Used undet

“NO INTEREST |
NO PAYMENTS |

- EAGLE ULTRA GRIP.GW3 | a.

: Premium. performance radial»
licanse- by Loyalty '., designed for exteptional - ° designed for optimal .”
Management Group: ASK ABOUT on winter traction | ‘tee: traction without stirs":

Tandda- Ing.*. and OUR HASSLE OU. fizan a . frcan
Goodyear Canada (ne, FRE: WARRAMTYE © Gaon, ar Sone

fountain Tire
A641 Keith Avenue * Terrace
(250) 635- 4344

- wwvwfountaintire.com

wee eee oe

DP uz BOY Motion Love Style 570 -

| Metal Futon and Mattress
J. Canwoed Pine Floor Model Bookcases -
-Maytag Super. Capacity’ Washer
Moffat Extra Latte Dryer

$419.95 sesaetianeas
"$279, 95 vesissisrsern $139

WIN YOUR

Purchase a set of four s Goodyear winter tires 7.
between October 25 and December.11; 2004
_and enter to win your purchase back! -
Sas ines ot, dona Fei Qc

PURCHASE
BACK!

4501 Lakelse Avenue Terrace * 638-1 158 * » 1-800- 813- 1158

: F OR 6 MONTH Ss“

REGULAR LIST RETIREMENT SALE
$1799.95, wena $899 .

- $669. 95... teeeveeetasdenns «$497

7 TOTEM FURNITURE & APPLIANCES 3

~ 1 SARIS 9 9 SASSI SE ESE

WECoN See C ee EO HAO TE

woe ee ee

SESADIRIDTSAT ELTA SS TOUT, itt

Aas

ee

put

: “AS= yee awere

ee nara