s = YOUR COMMUNITY ~—| HOPING TO land-the big one, Ron Greening casts his line into the Seymour River in the District of North Vancouver. Avid North Shore anglers are which are now open for sport fishing. picking up their rods Deora and heading to our local rivers, NN. SHORE RESIDENTS A NORTH Shore group has been formed to fight for re- covery of a portion of the $467 million worth of uninsured investment The North Shore Principal In- vestors Proiection Group (NSPIPG) has scheduled its first meeting for 7:30 p.m. Thursday, Nov, 12 in West Vancouver Senior Secondary’s cafeteria. NSPIPG organizer Melvin Poliakoff said the meeting will help bring together what he estimates will be some of the 2,000 North Shore residents who in- vested savings and’ retirement money in what he says investors were led to believe were invest- ments insured by the Canadian Deposit Insurance Corp. (CDIC). confrects held by bankrupt Principal Group Ltd. ‘Cromie. two subsidiaries of the By TIMOTHY RENSHAW News Reporter The organization will affiliate itself with similar Principal in- vestor groups in Richmond, Kamloops, Victoria and Vernon in launching court action against Principal, the Alberta government, the Alberta Regulatory Board and Principal president Donald Principal, an Edmonton-based financial company controlling more than $1 billion in assets, filed for bankrupicy Aug. 10, 41 days eee re ne dee oe ee Ene SouSlion Sache G puges 25¢ after the assets of its subsidiaries First Investors Corp. and Associated Investors of Canada Lid. were frozen June 30 by the Alberta government. A recently completed B.C. in- quiry into the companies’ collapse interviewed 100 Principal investors and received approximately 2,000 submissions from people who in- vested money in what they thought was a safe investment. A total of 67,000 people across Canada invested money with Prin- cipal and its subsidiaries. An estimated 14,000 British Colum- bians had money invested with First Investors and Associated In- vestors. Poliakoff, 69, said he invested $35,000 with First Investors. Thus far, he and all other B.C. Principal Prepare for Christmas PULLOUT investors who held term deposits or Guaranteed Investment Certifi- cates with the company have received 30 per cent of their origi- nal investment. Those holding promissory notes with the com- pany or its subsidiaries have received nothing. “A lot of people who had in- seymour residents plan strategy: 3 Finishing touches taught PAGE 33 a tert pyrene i 5 _ SIEVE STOEE understanding that it would be in- sured ‘‘104 per cent, which as it turned out, was totally untrue.” The inquiry into the Principal collapse, headed by Lyman Robin- son, found that many of the peo- ple investing in Principal were “‘savers’’, not investors, who were looking for safe financial institu- CO-OP PROPOSES TO BUY APARTMENT: SEE PAGE 3 vestments with the company were senior citizens saving for their retirement,’’ Poliakoff said. West Vancouver resident Lyn Butterfield said her 79-year-old mother held a maximum $60,000 term deposit with Principal. She has, Butterfield said, recovered on- ty $13,280 of that investment. Butterfield said her mother in- vested the money on the tions where their money could earn interest rates competitive with chartered banks. Speaker at the Nov. 12 meeting will be Art Charbonneau, who is chairman of a Kamloops Principal investors group. For information about the meeting call 988-5413 or 985-0324 in North Vancouver or 922-4575 or 922-8728 in West Vancouver.