D FV aMeVEreV Fever Trey I TEV APE EN VEY ETAT ANYONE, . From front “It has 30 days to come up’ with a plan and if it doesn’t E days it can go to the court to r get an extension,” Prentice t says, adding each extension can be‘up to'45 days. “It “has to file’a plan. within six &months of. filing the notice. - come up with a plan in 30. 4 _ city recouping that money of. intention and if it fails to ' ; § that ir s automatically bank- ; srupt.” : a: grim picture for investors, The’ development paints. , » more, than two dozen people, . kwho! have ‘been told they ‘ “may ‘get ‘as little as 0 to 15 td ‘cents: ‘on the dollar for their _ginvestment. And ‘that could cos ibe optimistic, . Tt’s" not. really a ‘return “for. shareholders because’ the’ “shareholders don’t get - 7 anything -until all the credi- + tOrs are’ aid in full,” says. ‘gate i if ‘there might be a way to i imp ve that for all credi- . - plors.”” “cured debts including an un- #known amount of money to [the City of Terrace, $1.799 *million-to International For- - , est Products, which was. its £ lumber broker, and $611,000 tin shareholder loans which t were largely made by share- } "holders recently when the oo purpose: iof this notice of in- ., tention | process is to, investi: 5 - The -Gompany owes in the 7 «range of. $2.39 million.in se- ‘company’s financial situ- ° " ation became | more dire, Prentice says. . But the vast majority of © “Yoans made .to the company » by. local ‘People are unse- ‘cured. . - While some of the: shiire- - ‘holders invested money in “ their own names, numerous _ investors contributed money ‘under numbered companies, ‘ including three numbered ‘companies that are now . ‘owed a combined total of : $2, 951,228. Other investors, includ- ing board members such as | ; Gerry Martin are listed indi- . vidually. | Topping the.list.of. unse- cured creditors is the City ‘of Terrace which is owed _ $1,225,000 million. That ‘reflects the $950,000 high- ‘interest loan it made TLC ‘last year. « ‘That loan however, was ‘made ‘to a subsidiary num- ape’ company of TLC, says Prentice. And the loan is se- :cured through a mortgage on © ‘ «the property, he says. - Mayor Jack Talstra says _ ‘he’ Ss not worried about the - Auction. could — help a et a icity © {SOME of the proceeds from ‘the auction of the Terrace ‘Lumber Company sawmill ‘will likely be directed to the. ‘City of Terrace. + That’s because any mu- ‘nicipality has a charge for ‘property taxes and that charge ranks ahead of all tother creditors for land and ‘improvements, says the ‘trustee overseeing TLC’s in- ‘tention to make a proposal, ‘Larry Prentice. _’ “Some of the items in the ~ «mill ‘that look like equip- ‘ment actually fall into the category of improvements,” ‘Says Prentice. : He'll have to determine ‘what those items are and thow much they sold. for at ‘auction. “An example is kilns and ‘to the extent that the city has ‘a charge for property taxes ‘they may be able to claim ‘part of the proceeds of the ‘auction ‘in -Tespect to prop- ‘erty taxes even thought the land is owned by the subsid- iary company.” The Terrace | ‘Lumber Company itself does ‘not own the land on which the mill sits. It instead formed a sub- sidiary numbered company and the land is held in the name of that company. - Us. Automotive Performance, Execution and Layout StudySM. Stady based responses fom 69607 US 4 mew vehicle owners, measuring 251 moet ad meses opnon of Cmeumes afer 0 ay Owners, Poy Sy es a a on and says he’s confident it is secured through the mort- gage on the property. The second largest un- secured’ creditor is Mohin- | der Takhar who is owed $944,561 by the company.’ The company. .also owes Coast ‘Tsimshian Resources $447:671. © More than 20 individu- -als or small groups of indi- viduals are owed in excess of $100,000 each, the dollar figure many ‘shareholders — put into the company more ‘than 18 months ago. Under the direction of -’ Prentice the company will “have to try to figure out some : sort of a restructuring plan. © “It’s pretty early days in : this process,” Prentice says. “The idea in this, as it is in most, is to get a good handle on what the asset values are that are available to become . part. of .any restructuring _hand and to get a handle on what the creditors: are owed.’ ” “Determining ithe assets “the company has could take ” some time. Whatever money comes out of last -week’s auction will be just one aspect of the money available to deal with what the creditors'are owed. » How: much «money was derived for the, company from. Jast : -week’s auction was hot available, but those _ attending the auction over- whelmingly agreed the auc- tion fetched very low prices for the equipment and struc- . _tures.on the property. And : it was revealed last week — Bankruptcy motion filed that the company did not, in fact, obtain a guarantee from Maynard’s auctioneers on. the sale of the assets. The company should also get in excess of $1 mil- lion US back from softwood lumber duties paid, but that ' may not happen until the end _ of the first-quarter in 2007, Prentice says. “But the question is, how | much of that will come back» and what are the charges that will be deducted’ along the way?” Prentice says.: Once ‘the assets. are fig-” ured out, then the company can’come up with a proposal for its creditors. Dy o “Let's try to make some. - sort of substantial. and sus- tainable offer that the credi- ° . tors - will accept,” -$ays. AN INVITATION: Mayor and Council would like to extend an invitation. for you to join them.at the GROUND BREAKING CEREMONY of Phase 1 of Terrace’s Sportsplex to take place Friday, November 10, 2006 at 12:30 p.m. --at the Terrace Arena. — ‘Reception to f follow in.the Terrace Arena ‘bona ke Room. “The Stitching Generations quilt group would like to say” Thank-you fo all the individuals who donated toward our quilt rojects, The group received generous donations from the following #4 ” organizations to pay for batting and backing: Northern Savings . Credit Union, the Independent Order of Foresters, Copperside Foods (J&F Distributors), Don Diego's Restaurant, the Skeena Hotel, Aardvark Tractor & Machine Ltd. and Images. A big Thank-you goes out fo Carol at Fabricland fer doing some of our machine Quilting, as well as to the Fabricland store for their support. ‘ Sfitching Generations is a group of 9-14 members who ~ meel weekly fo sew quilts for people in need of comfort. Quills have been donated fo Terraceview, RCMP. Terrace Fire Department, Mills Memorial Hospital, the women’s and men's shelters; Terrace Search and Rescue, fire victims in Terrace and Prince Rupert, Birth Rite, the Transition House, Ministry of Children and Families, and more. Over one hundred [100+] placemats were also made for Meals on Wheels and Homemakers. Since their last distribution in May the group has completed over 40 quilts from baby size to queen size. The work an projects is shared giving everyone a chance to participate in the craft of their expertise. z All fabric pieces and cotton scraps are greatly accepted, For more information and donations please call: Alma Stainton at 635-6724, Ivy Estacaille at 635-2304, Laune Mitchell at 635-3079, Lorna Speman at 635-7024, or Vesta Jo Christy at 635-5258. Prentice’ — ‘FABRICLAND ) S- THAN} FABRI IU. MEMBER ME SECOR Frenepes & FASHION FABRIC All Stock *Members 50%-70% 22. ~ INTERFACING, LINING AND Soy “LACES & TRIMS - All Regular Stock By The Metre * Membe 50% “REFERS TO FABRICLAND SEWING CLUB MEMBERS ‘FABRICLAND Orr : Oot. #117-4717 Lokelse, Terrace ™ ‘Phone Orders Welcome a 635° 5315 Pa _ The Terrace Standard, Wednesday, November.1, 2006 - A15 cf MUCH Mor: OLFA MATS & CUTTERS jl . All Stock *Members — ries - "SIMPLICITY PATTERNS "SEWING. NOTIONS. stock valued to ‘n | Auge “Members “Members | SO% Fridoy Protect yourself and ‘your family Get immunized against inFLUenza “Influenza vaccine — it’s safe, it works, and. it’s FREE for: * Adults 65 years of age and over * Healthy children aged 6 to 23 months '* Adults and children with a chronic illness - *\ People working with live poultry or swine * Household contacts of people at high risk for influenza * Household contacts and regular child care providers of children aged 0 to 23 ‘months — = ’ Pregnant women in their third trimester expected to deliver during influenza s season Saturday. Allin store stock “Members QUILT BATTING & igs HOURS Mon. - Thurs... 9:30-5:30 9:30-9:00 130 - 5:30 if you are in a high risk group listed above, you can receive free : influenza. vaccine at your local drop-in clinic: ” Northwest Health Unit (Auctorum) x 3412 Kalum Street . DAYTIME CLINICS .,. Monday to Friday, November 6th - 10th — “Tuesday to Friday, November 14th - 17th 8:30am - 4: 30pm _ 7 _ EVENING CLINICS Wednesday, November 8th Tuesday, November.14th ~ Thursday, November.16th— 6: 30pm - 8: 30pm - ° For more information, call 250-638-2200 northern health 'www.northernhealth.ca , BRT LISEL Cot SIBLE ESTIC D RICE. i< LEASE THE, 2006 SE- 4 FUSION FOR” ot\) 48 2, 750 ‘1. gi’ 8) ; MONTHS | DOWN . APR| DEPOSIT'| 48 | °1,400 1, 9: sac\oery monTs DOWN APR | DEPOSITt . 40 No” . DOWN DEPOSIT] : spermine $3, 000° DELIVERY ALLOWANCE AND $1, 250 AIR TAX AND FREIGHT. y eo , TERRACE 4631 Keith Avenue Terrace, B.C. 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