E-mail tells meeting the company is working on report
Clients and creditors of former Berkshire Investment Group adviser
Ian Thow didn't get the interim report they were expecting from
Instead, the 30 creditors, who were meeting at a local hotel,
received a two-paragraph e-mail promising the company was still working
on it and would be moving forward "as quickly and efficiently as
Berkshire originally promised creditors the report -- which the
company hoped would be the start of rebuilding trust between clients and
the firm -- would be delivered Dec. 2.
"We were disappointed it wasn't a little more than this," said Andrea
Racicot, spokeswoman for the group and one of 73 unsecured creditors
claiming more than $32 million from Thow. "I can appreciate that it
takes time to go through [the interviews and documents] individually. In
fact, I was more disappointed they didn't correspond with us on Dec. 2
as they said."
The group was also concerned Berkshire's e-mailed message didn't
contain any kind of timeline as to when a report and a resolution may be
The note written by Julie Clarke, Berkshire Securities' senior
counsel, said only that the company was still working on the file.
"As a result of our meetings, we have come away with a great deal of
information and documentation to review and consider. We assure you that
we understand the sense of urgency with which you want and expect
Berkshire to respond to you," she wrote. "We are meeting internally and
with our insurers with respect to each one of your particular
"As you can appreciate, fraud investigations take time. However,
Berkshire remains committed to continuing its review of these matters
and moving towards a resolution as quickly and efficiently as possible."
Racicot remained optimistic there could be a resolution before
Christmas, though she admitted that optimism was based on what she had
heard about Berkshire founder Michael Lee-Chin.
"You hear a lot of talk that Michael Lee-Chin is an honourable man
and has done a a lot of good works so that I guess helps with the
optimism," she said. "There's nothing to suggest that they will [come
through before Christmas], but given the season and what you hear about
the type of person Lee-Chin is I would not be surprised to see something
The group's disappointment over a lack of action so far, however, is
not likely to turn into apathy and dejection.
"I don't think this group is going to throw up its hands, there's an
interesting bond developing within the group," Racicot said, noting
their resolve to see it through has galvanized over the course of the
last six months.
The group of creditors intends to meet again Jan. 10.