HITTING GEARS on their cars was this malicious soccer ball Wednesday night.
Engineers at Crippen Consultants took on Carroll-Hatch workers in a friendly game at
outet Park. (Eric Eggertson photo)

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{HEY MAY have just gone into receivership, but

-‘' will be business as usual at the North Shore
Winter Club — at least for the time being.

By NANCY CAMPBELL

A victim of high interest
rates, the well-known club
was put into receivership
June 25 by the North Shore
Credit Union.

The club was unable to

*meet the payments on a $2.8

million loan, on which in-
terest rates had suddenly
jumped from 10% to 19%
per cent June 1.

“We showed the credit
union our books and told
them they could have the
total cash flow if they
wanted since we couldn't
meet the new payments,”
said club president Clarence
Hobbs.

“But I guess they didn’t
like that arrangement.”

The loan was negotiated
several years ago to finance
the building of new tennis
and racquet ball courts., The
expansion: was part ‘of an
agreement with the mem-
bership of + the Capilano
Winter Club, which merged
with the NSWC four years
ago.

The receivers, Coopers
and Lybrand, do not feel the
club will close in the im-
mediate future.

“As long as the members
support the club, it will be
open as usual,” said Eric
Biagi. Closure would not be
through any action on his

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firm's part, he added.
There

are no serious
problems at the North
Vancouver facility other

than a restricted cash flow to
prompt the calling in of a

receiver, according to
Hobbs.
The 1,200-member club

has had more members than
usual drop out this summer
with the ending of winter
sports, Hobbs said, but
normally the membership
climb again in
September with the
beginning of winter sports.
“But in this current
economic situation, it’s not
surprising drop-offs are a
litle higher than usual,” he
said. “Now with the club in
receivership no one will

want to join with the
possibility of the club
folding.”

Club members join by first
buying a debenture and then

paying monthly dues. ©
In the meantime, the
board of directors: is

scrambling to find a solution
acceptable to the club
members and the credit
union. “We're trying to -put
our club back together
again,” Hobbs said.

Other Lower Mainland
clubs are probably: having
just as rough a time as the
North Shore Winter Club, he
says. “If our doors close, it
wauld help our com-
petitors.”

But Hobbs hopes the 25-
year old club will not have to
come to that. “Our sports
record is good and our
program is probably the best
in the Lower Mainland.”

Several club teams have
made it to the provincial and
national playoffs this year,
including the Juvenile;;'A’
hockey team which captured.
the 1982 Canadian cham-
pionship.

One the club's best known
alumni is famous - figure
skater Karen -Magnussen.

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