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Lethbridge Herald Newspaper Archives

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Lethbridge Herald, The (Newspaper) - November 28, 1973, Lethbridge, Alberta Bank records introduced at inquiry EDMONTON Bank showing that of P.A.P. Holdings Ltd. received money from the bank accoeat of a related firm were introduced Tuesday at a .public inquiry into the collapse of the Alberta-baaed conglomerate. Peter Van Rhyan of Van- former secretary- treasurer of acknowledged a bank slip which he said was to receive from the account of Rocky Holdings Ltd. But Mr. Van Rhyn said the money was repayment for a loan he had obtained in his own name for Rocky Holdings. He also acknowledged bank records indicating that Albert Jaasma of Van- founder of received a total of from the Rocky Holdings ac- count and director John Olthuis of Vancouver received But Mr. Van Rhyn said these moneys could also be repayments from previous obligations. Mr. Van Rhyn made the comments under questioning from Edward an Ed- monton lawyer appointed by the crown to represent shareholders who lost approx- imately million when PAP and its related firms experienced financial failure. Mr. Jaasma has testified that the losses occurred in an unsuccessful attempt to buy N W. Financial Corp. of B.C. PUBLIC COMPANY Rocky Holdings was formed as a holding company for Canamera Enterprises Ltd. of Mr Van Rhyn said earlier that P.A.P. intended to transfer all its assets to whose directors were essentially the same as those of and make Canamera a public com- pany. Mr. Duncan said that Mr. Van Rhyn received the from Rocky Holdings' bank account only a month after a meeting in at which shareholders in all the companies passed a vote of non confidence in including Mr. Van Rhyn. Mr. Duncan presented the minutes of a P.A.P. board meeting in at which the directors approved the transfer of all P.A.P. to Canamera. He then presented the minutes of P.A.P.'s annual meeting in and noted that no mention was made of the directors' decision. Mr. Van Rhyn acknowledg- ed that the transfer of assets was not included in the minutes but said he was quite it was mentioned at the annual meeting. Mr. Van Rhyn said there was between all the directors and shareholders that shares were to be transferred to and a public company be established. The transfer actually oc- curred in he said. Under questioning from Mr. Mr. Van Rhyn said some P.A.P. shares were sold during the summer of but he could not specify when the last shares were sold. TREATED AS ASSETS Mr. Duncan said he found it that attempts by P.A.P. to purchase a number of including Lui Pig Farms of Grande CKRD of Red Deer and Speciality Metal Crafts of were never completed... they were treated as assets of Mr. Van Rhyn replied that only the moneys advanced by P.A.P. towards the purchase of the companies was entered in P.A.P.'s books as assets. Mr. Van Rhyn was asked Monday if people seeking mortgages from a branch of Cosmpolitan Life Assurance for which P.A.P. was the holding were re- quired to take a certain amount of the mortgage in cash and the rest in P.A.P. shares. Mr. Van Rhyn testified that he had knowledge of Under questioning he said mortgage applicants were sometimes shareholders in P.A.P. but he couldn't remember if people applied for mortgages and subse- quently became shareholders in P.A.P. Mr. Duncan also questioned Mr. Van Rhyn about a tran- saction in 1968 in which Mr. Jaasma redeemed of his P.A.P. shares. Mr. Van Rhyn said earlier that Mr. Jaasma pledged all his assets in exchange for one million P.A.P. but when the directors found some of the assets unacceptable they were returned to Mr. Jaasma and of his shares were redeemed. SHARES REDEEMED Mr. Van Rhyn said Tuesday that other shareholders oc- casionally had shares redeem- ed as and he knew of no cases where P.A.P. had turn- ed down requests for redemp- tion. D G. solicitor for North West Trust Co. of Ed- monton which lent Cosmopolitan various sums of took issue with a statement by Mr. Van Rhyn that North West Trust unjust- ly confiscated shares of Seaboard Life Insurance Co. held by Cosmopolitan. In his cross-examination of Mr. Van Mr. Ingram presented a document show- ing that the shares were hypothecated by Cosmopolitan as security on a loan of which was not repaid. Mr. Ingram said Canamera lodged Cosmopolitan shares with North West Trust as security on a loan of This was repaid but Canamera remained liable un- der a guarantee for the loan of he said. Mr. Ingram also presented a Cosmopolitan financial state- ment showing a promisory note owing to Allarco Developments Ltd. of Edmonton and suggested that the note was one reason Cosmopolitan was delayed in its amalgamation with Seaboard. Mr. Van Rhyn said earlier that B.C. officials objected to North West Trust savings cer- tificates held by Cosmopolitan. SHEDDING CLOTHING NEW CAMPUS CAPER COLLEGE Md. Shedding clothing is the latest collegiate caper and some students at the Univer- sity of Maryland are making- spirited efforts to out-bare each other. Instead of eating goldfish or piling into telephone naked students are taking part in foot basketball parades and even one mock wedding. Campus Police Chief Jer- roM Witsil said that only one nude runner has been ar- rested so far this year. The runner was charged with as- sault and disorderly conduct after hitting a resident direc- tor who tried to make him go inside. don't view this as a lark or as anything approach- ing what is commonly called good college Witsil said. Richard Davidof one of the resident directors whose Job to to keep peace in the dor- said the festive at- mosphere accompanying the nude activities pretty dis- ruptive to the students who don't want to be Any attempt to stop the ac- which usually last an hour or might cause a lot of he said. Davidson said he has re- ceived doiens of complaints. Student enrolment at the Col- lege Park campus near Wash- ington is Students said the record for mass running in the nude was set at midnight Nov. IS by about 125 circled a dining hall while spectators urged them on with music and firecrackers. A group of coeds claimed the distinction of holding the most bizarre event. They stag- ed a mock wedding in which the participants wore only hats and headdresses. Gas rationing plan closer LONDON Bri- tain has moved closer to full- scale gas rationing with the government announcement of plans to distribute coupon books to some 15 million motorists beginning Thur- sday. FIRST GLIDER The earliest man-carrying glider was designed in England in 18S3. Hanging postponed to March 1971 The LallihiHsji HeraM 41 Year-round daylight time approved by U.S. House Energy A 15-month-old lion cub sits on its mother's perhaps awaiting a ride in their cage at the Term. zoo. Another of the four cubs of the 12-year-old Kenya is in the perhaps awaiting its turn. VANCOUVER A third stay of execution has been granted Gary who was to have been hung Tuesday for the murder of jail guard John Starehuk last year at Alexis Creek about 2SO miles north of here. McNanaara is appealing Us conviction to the Supreme Court of Canada. The hanging has been postponed to March Another man charged in the fatal beating was acquitted. HASHISH SEIZED WASHINGTON A record 12-ton seizure of hashish was reported by the drug enforcement administra- tion Monday. The agency said the drug is worth about million on the illicit United States wholesale market with street value estimated at million. It said a Lebanese has been arrested in connection with the seizure. WASHINGTON The House of Representatives voted Tuesday to put the United States oa year-rowid daylight time. The bill approved by a vote of 111 to Is one of several ptoees of President Kim has said he needs to deal with the energy crisis. Year-round dayUfht time can reduce electricity and heating demands by as much as three per the White House says. Fruit salad dressing. GOT GOOD FOR Paint Dflirrac PflLM Save Christmas trees that look forest grown but never shed a needle Fire resistant...and their beauty lasts for yeara off for 3 days only. Sears 6 ft Christmas tree 140 branch tips 7 ft Christmas tree 176 branch tips 9 Save Reg 25 98 Save Reg. 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