Finance

Director informs The Record of ABCP Woes

On April 10, Patrick Hunt spoke with The Record regarding the $93,000 of our capital expenditure fund that was invested by Canaccord in asset-backed commercial paper and frozen since last August.

Patrick Hunt, who sits on Beaver Creek's board, said in an interview the fund is used for repairs and upkeep at the 28-year-old housing complex.

Unlike many housing co-ops, Beaver Creek was in good financial shape, he said in an interview.

"In a pinch we could have survived this," Hunt said, but added, "somebody is responsible for this. It wasn't us."

He believes small investors weren't treated with the same respect as large ones.

"Everybody with a lot of clout and money was able to pull out of this, but the little guy couldn't," he said. "Ninety-three thousand dollars is a lot . . . to us."

Going to Ottawa

About $93,000 of Beaver Creek's $183,000 capital expenditure fund invested with Canaccord is stuck in frozen ABCP. Steve Furino, Beaver Creek's Treasurer, has been asked to speak at the House of Commons finance committee's special hearing on ABCP tomorrow. Learn more in today's Globe and Mail or click the read more link.