Mr. Speaker, the NWT Development Corporation spent public funds. I have to account to the House for that and, unfortunately, I am going to involve the private lives of the Pattersons. I think there is a misconception that Mr. and Mrs. Patterson walked away with their pockets jingling. What happened, Mr. Speaker, is that $500,000 of the money was owed to ourselves through the business loan fund; $600,000 of those dollars went into the working capital to enable them to put an inventory together; $300,000 went to the Canadian Imperial Bank of Commerce to pay the loan, and Mr. and Mrs. Patterson each received two dollars, Mr. Speaker. They gave up the loans and personal guarantees that they had put into their company. That is how the $1.4 million was disbursed, Mr. Speaker.
John Pollard on Question O244-12(2): Purchase Of Patterson Sawmill By NWT Development Corporation
In the Legislative Assembly on March 3rd, 1992. See this statement in context.
Further Return To Question O244-12(2): Purchase Of Patterson Sawmill By Nwt Development Corporation
Question O244-12(2): Purchase Of Patterson Sawmill By NWT Development Corporation
Item 5: Oral Questions
March 2nd, 1992
Page 237
John Pollard Hay River
See context to find out what was said next.