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November 2015

The ol' Chev was worth a bundle.

How much was Brookfield Asset Management willing to spend to develop the quarry? After it was in their hands?

$737 Million.

Table 1: Components and Construction Schedule for the Limestone Processing Facilities (Hammerstone Project Update, October 2009)  Source:

November 5, 2008, in Receivership Court Transcript Excerpts

Mr. Gorman is from Norton Rose Fullbright law firm and is counsel for Brookfield Asset Management 


Page 1


22        MR.GORMAN: Sir, I don’t know if you had a chance to receive

23        the material. I don’t think this morning is going to be at all contentious.


25        Submissions by Mr. Gorman


27        MR.GORMAN: It’s my application on behalf of Tricap Partners

28        Ltd. as a secured lender over Birch Mountain Resources Ltd. --


30        THECOURT: Right. No, I did receive the materials,

31        Mr. Gorman, I did look at them and, in some ways, I really only have one question. It

32        seems to me, given this was going to be a consent and isn’t going to be contentious, why

33        are we proceeding by way of a court-appointed receiver, instead of just -- because I -- I

34        got through the instrument, the instrument has receiver provisions in it.


36        MR.GORMAN: Well, I think -- certainly, the starting point, this

37        company’s going to need some -- some DIP financing --


39        THECOURT: Oh, I see, okay.


41        MR.GORMAN: -- and of a serious amount. The order right

Page 2


1          now provides for $2 million in receiver certificates. The cash flows we received from the

2          company would suggest, to -- to keep operating ’til January 31, they will need 4 million.

3          Whether they operate or not is something that we’ll learn in due course.


5          THE COURT: So, Mr. Roberts have to organize the Christmas

6          party, they need $2 million?

What is being said here?

The Court seems to be asking why the Receivership is being switched from a debtor receivership to a court appointed public receivership? Why? (We'll make a guess in the next post).

The company only needed $4M to get through to January 31st, 2009? Then what? Perhaps a very lucrative contract in the wings?


January 8,2009, Receivership Court "Sale of the Asset" Transcript Excerpts


Page 4


33        The Receiver carried out its own sales process for a variety of reasons, but in a harsher

34        economic environment than before, and although there were 18 people who kicked the

35        tires, no one wanted to buy the Chev. So, the only party who came up with the offer is        

36        Tricap, and they’ve done it in the form of forgiveness of debt offer.

What is being said here?

Mr. Gorman seems to be trying to paint the picture that the company/asset might be like this:


$737M investment would certainly make the Chev more like this:



Seems the Chev was worth saving!


What! ? You still don't know about the Brookfield Class Action Lawsuit for Birch Mountain shareholders?

If you received a phone call asking if you were a Birch Mountain shareholder - it's true - we're looking for you. 

This is the unofficial blog site for Birch Mountain shareholders.

A lawsuit against Brookfield Asset Management was initiated by Birch Mountain shareholders in the pursuit of recovery for the "acquisition" by Brookfield of our $1.6 billion asset - the Hammerstone Project. We're in year 7 of the lawsuit and we're nearing the end. You can browse this site and find random information or check back weekly for new updates as we explain where we are in the process.

If you HAVE NOT ALREADY registered your shares and contact information please do so through the official web site here:

Here is the official web site of the class action lawsuit web site with all the legal documents:

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