Mr. Speaker, we followed the due diligence process. We did not think this was a market disruption. We did not query what other loans may have been out there. My understanding was that the $10 million loan had expired. We accepted and dealt with the company as they came to us with their request for $34 million, which we saw not only as a loan but as an investment with interest accrued and all the value-added at a time of extreme economic turmoil in the country, and in our own jurisdiction, a company that has hundreds of jobs, it has business relationships with other firms and aboriginal businesses up and down the valley. On that basis we reviewed this, did the appropriate due diligence and made the decisions. Thank you.
Michael Miltenberger on Question 65-16(3): Opportunities Fund Loan To Discovery Air Inc.
In the Legislative Assembly on February 5th, 2009. See this statement in context.
Question 65-16(3): Opportunities Fund Loan To Discovery Air Inc.
Oral Questions
February 4th, 2009
Thebacha
See context to find out what was said next.