I am pleased to advise that on Friday, August 21, 2009, our legal counsel, John Blair, and I had a lengthy meeting with Cleone Couch, her legal counsel, and a representative of Ernst & Young LLP to discuss the status of various Shire projects. The atmosphere was one of cooperation and mutual courtesy and Ms. Couch provided a significant amount of information that supplements what we knew from prior correspondence, court searches, title documents and other sources. Ernst & Young LLP is working diligently to gather information and formulate a plan to deal with the various properties on a going forward basis. We are gratified that both Ernst & Young LLP and Shire seem to perceive the utility of involving the investors in the process. A preliminary report will hopefully be ready for the next court appearance in the CCAA action set for September 4, 2009. Mr. Blair and I are currently examining the benefit of retaining property development experts to assist us, Shire and the court in assessing the development, sale or other prospects for the various Shire projects, some of which appear to be more viable, or at least capable of monetization, than others. Obviously, considerable progress is being made and will continue on several fronts in the near future.
Please Note: You are not represented in the class action unless you have sent in your signed retainer letter along with your payment to John Blair’s office. Please contact me if you require further information.
