Street Wire ... Thermo Tech consultant faces $1.65-million offshore suit
by Brent Mudry
A former consultant to Thermo Tech Technologies faces a $1.6-million suit over a demand promissory note loan from an off shore company. In a statement of claim filed Tuesday in the Supreme Court of British Columbia, Sanclair Holdings, a holding company based in Vancouver is being sued by Intek Corp., which is incorporated in the Commonwealth of the Bahamas. The suite claims Intek Corp. agreed to lend Sanclair $1.65-million in September 1997. The demand promissory note, dated Aug. 31, 1997, carried an interest rate of prime plus 1 cent. Intek's Vancouver lawyer, Howard Shapray Cramer, note the loan was also to be repaid "at such place as Intek designated." In an affidavit, Intek's Toronto lawyer, Nathon Jacobson, notes that Intek made a repayment demand on March 23, but Sanclair has not yet paid back the loan.
No other details of the offshore loan were noted. Sanclair served as a consultant to Rene Branconnier's Thermo Tech in spring 1996, but it is not know if this suit is related to Thermo Tech. By coincidence, Mr. Shapray filed a separate $469,000 suit for another client, Anglo Management against Thermo Tech on Sept 1, 1998. In that action, the lawyer sought a garnishing order on Thermo Tech's account at a Langley branch of the Canadian Imperial Bank of Commerce. In the current Intek suit, Mr. Shapray received a garnishing order on Sinclair's account at the same branch, issued in court on Tuesday. |
