EIS APPLAUDS BC SUPREME COURT RULING

ECOFORESTY INSTITUTE SOCIETY

NEWS RELEASE

EIS APPLAUDS BC SUPREME COURT RULING ON INALIENABILITY

July 28, 2015
For immediate release

VANCOUVER – The Ecoforestry Institute Society is pleased with today’s BC Supreme Court ruling that will allow The Land Conservancy (TLC) to transfer 26 properties to the Nature Conservancy of Canada and The Nature Trust of BC.

“This ruling is a good result. It allows the transfer of those properties to suitable charitable agencies. It also means that Wildwood remains a protected and inalienable property,” says EIS Chair Peter Jungwirth. “This is the outcome the Wildwood supporters had been asking for all along during the June 12th meeting.”

The judge herself questioned why TLC did not simply exclude Wildwood from the June 12th amendment. If TLC had allowed this exemption, a day long court hearing involving nine lawyers would have been avoided.

The judge’s decision also included the ruling that she has the jurisdiction to lift inalienability. For Wildwood, this means that she has the authority to lift inalienability when a suitable offer that meets all legal requirements is accepted.

At issue for Wildwood supporters during the June 12 meeting was the bylaw amendment that allowed Plan of Arrangement provisions that would have affected Wildwood. Specifically, this was the $860,000 private interest deal that had been submitted, then withdrawn, then was anticipated to be resubmitted sometime in the near future. Wildwood supporters could not take the chance that that deal would resurface at some point.

EIS has now granted TLC a one week extension to consider its latest offer to acquire Wildwood. That offer includes $900,000, a combination of cash and creditor debt forgiveness. The deadline for acceptance is Tuesday, August 3, 2015 at 2 pm. The offer represents the highest property contribution to date. By contrast, the contribution going to TLC for the 26 properties mentioned above is $1.5 million.

EIS is optimistic that the current offer is the one that allows TLC the advantage of a large contribution to pay down creditors, while ensuring Wildwood is held by professionals who can successfully steward a highly technical property. EIS would like to thank all those many letter writers who encouraged TLC and EIS to collaborate in finding a solution.

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