A6- The Terrace Standarel, Wednesdy, Seplember 1 15, 2004

New Skeena. back:
in court next week

Matlin Patterson considering investment

THERE’ was- no. indication ~- structuring plan harnmered’ . ing toward - investing or r not. my
yet as of last- week whe-’ oul by the next due date, > “They did not. share any ",
ther New York investment me But he said there's been: ‘of, their. catds,” he said.
fund Matlin Patterson will’, no sign of any: ‘preparations :..-.. New Skeena's. “ Owners
step forward. with money to’ for that-so far as northwest 7 called ‘in: Mallin ‘Patterson.
buy” New, Skeena. Forest rouinicipalities: can sce... after Wordbridge Co. Lid
Products. ©. +. _. MatlinPatterson: thas... walked. away from:a-pilari
The ‘so-called “valliuie met ‘with - Talsira, : ‘Skeena. ‘fo'invest, $70" million: after '
fund was ‘continuing its’. MLA Roger Harris and for: :*-it failed 10 Convince an-in-
due diligence: work: study- | Ost. minister ‘Mike™. de: ‘dustry partner: to Join th
ing the operations. Jong.*: . os effort, ;
_ New Skeena and Matlin. ~ Harris ‘said: ‘he: and de
Patlerson officials: are :to. ‘Jong ‘made: the’ case. for-- George ‘Petty: ‘and Dan’ Ver.
be back in: B.Ci: Suprem Ye why “the - ‘operations. “aiid: nicz paid $8 million to buy.
Court Sept. 20... 0. otheir “outlook. chave.- been. the. operations. :
~ Mayor’. Jack: Talsira: said transformed. ™ ; : half years te0. a
the initial thinking. atthe.” We: gave. them’ the The: -mills were. ‘Glosed:* . .
- last court date: was that'the - sales-pitch,” he said; add three years ago’ under the School of iene an ad er ieeetettic ation Trades community pei
prospective ‘buyer: : would : ing - he tried to; déterinine ownership of. the Provincial. . Technology Programs Centre for Professional and Continuing Studies Colle , oo
ry \o.have + Somplele Te WwW tthe. fund: was: Tean government.. oe Waes : School of Arts, Sciences and Language Studies Schaal of Music §

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Rupert
mayor.
recounts =
tax deal -
haggling

PRINCE RUPERT'S. role oars
in: forcing through. property: ..
tax deferrals two years ago |
is why. it took the biggest
hit of the four northwest .
‘towns in. their latest. ‘agrée~’
ment with New. Skeena
Forest Products, ::says
Prince. Rupert ‘mayor Herb :
Pond.
“In the the 3002: resttu
“turing of Skeena Cellu:
lose, all the towns: ‘except’
Terrace agreed toa. nin
year repayment - plan - for
unpaid taxes, but. no: pay-
ments . fave: ever ‘been
made:.- cen ee
That history came back
‘to. haunt. Prince” “Rupe
when the towns _got-toge-
ther to. craft the ‘newes
deal, Pond said.”
“Terrace did. ‘not. want
that last: doaly! ‘ :
- was Prince: Ru D
“the charge, ig
- communities :on si
dragged: ‘the - other town:
into-that deal.”
“That's (r emembered.
wheit you're, sitting: around *
the table figuring. oul: who.
gets “to be repaid, *- Pont
“said. a
The. new. v. deal stnick ‘on:
repayment of taxes called
‘on the. towns to wipe. ‘out
around $20 million of. un:
paid taxes. and: collect $10:
Million. 2
“Prince. Rupert’ s ‘woul
recoup around: a “quarter: 0
what it’s. owed. While‘ the”
other, three ‘towns. would
~ recover 85 per cent.’
Pond: said ‘the: agreé-
ment: was' based on’ équal :
- treatment of the four towns:,
on-: the newest. taxes
2004, 0
But Prince Rupert énds*
up. wilh. a. much mailer.
fraction of the. older: taxes
that were covered in. the
2002: agreement; ‘because
of its role‘at:the.time. ~
“The older the: money:
the bigger the Price. Prince
Rupert is: paying,’ said.
Pond, .
“It’s “challenging and...
~ not. popular,” he” added
_ “But. you: can appreciat
how those: ‘who lived ‘
through it ‘last time: ‘te
member. it’ well and® don’
feel. they should. be. pena: :
lized for being forced | nto:
it.” ° oO fh 4
Pond wasn f mayor ‘in
Prince Rupert in 2002;:°
He:said it’s easy. to. now:
- wish things: had ‘been ‘don
differently, , ‘withthe: bene
fit of hindsight.”
“I know. 'the mayor. ‘and
council of. the, day,” - -he’
said. “Their. intentions -
were to do the: very’ best...
things for the, community.” m

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