injunction stops
bankruptcy file

From page t

The RCMP, the Vancouver Stock
Exchange (VSE) and the BC.
Securities Commission are investi-
gating a series of financial transac-
tions involving Kostiuk.

One deal is a $390,000 payment
from Evergreen to Riva Yachts,
Kastiuk's family holding company.

“The VSE. have done a damn
forensic audit ~~ there's nothing
wrong,” Kostiuk said.

The dispute has split Evergreen’s
board of directors. On one side is
dissident director Grant Sutherland.
a North Vancouver lawyer and long-
time friend of Kostiuk’s, who ques-
lions the company’s — financial
records. .

Fellow board members Dale
‘Harvey, Donald Mavinic and Len
Kowalewich are ali loyal to Kostiuk.

Hours after a Nov. 16, 1994,
North Shore News article expised
the company's turmoil, Evergreen's
board decided to hire prominent
West Vancouver lawyer Mark Sager
to «mediate: between Kostiuk and
Sutherland.

The next day, the Evergreen
j board signed over most of the ¢ com
pany’s assets to Kostiuk to cover his
alleged $1.5 million in - loans to
Evergreen.

Sager abandoned his mediation
‘efforts before Christmas, and the
fight’ for control. -of / Evergreen

Techaologies ¢

Sutherland weat to court at the
end of January seeking an annual
meeting to alow shareholders to
vote,

Two weeks later, the Evergreen
bourd suddenly decided to file for
bankruptcy, Less than 18 hours
notice was given.

Kostiuk, whose loans are disput-
ed. and new company president Len
Kowalewich together claim almost
all of the company’s liabilities,

On the, asset side, Evergreen’s
revolutionary software was given no

value atallin the material support-
ing the bankruptey petition.

$n contrast, an independent con-
siltant last fall valued the compa-
‘ny’s software at $15.6 million, in
connection with a Gix-assisted
financing that was later cancelled.

The B.C, Supreme Court recent-
Iv slapped an injunction on the con
pany to prevent the questionable
bankruptcy filing.

Mr. Justice Bruce Macdonald
relied in part on the November 1994
News article in his written decision.

Last Friday, another judge grant-
ed Sutherland's request for a share-
holders’ necting, which is sched-
wed to be held on May 3.

Meanwhile, Kostiuk hints that he
is considering suing the VSE,
imongst others.

“They'll see me in the courtroom
as well... just wait and see.”

Pace Al Sa

- Sega strike vote

‘NORTH VANCOUVER and Bowen [sland branches of the
_ B.C. Society for.the Prevention of Cruelty to Animals will
> be involved in a strike vote Thursday night.

~ A vote to strike would allow animal care workers to walk

off the job 72 hours later,

North Vancouver shelter employee and union president
_ Jeff Lawson said issues include job descriptions and pro-

motions. .

‘Money. is not a contentious issue in negotiations with

‘SPCA management, he said.

Lawson added the SPCA would not sllow animals fo suf-
fer in case of a strike, but said it would be premature to
comment on whether animal adoptions would be allowed.

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