Web Site Update: Anchovy Oil Concession
October 9, 2001
By: Hans Christian Beyer, Counsel to Creditors Committee
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Bill Cuthill, the Chapter 11 Trustee, and the Evergreen Creditors Committee (the Committee) have been pursuing three avenues
for asset recovery in this case: litigation, settlements with potential litigation targets, and liquidation of existing
Evergreen assets. As many of you know, the last beneficial owner of Evergreen Securities, Ltd. was William Zylka who used
substantial amounts of Evergreen funds to make a variety of investments, largely in various types of mining operations. The
Committee was approached by a representative of the Zylka family in August, 2001, regarding the structuring of a settlement
through which these assets would be turned over to the Evergreen Bankruptcy Estate if the creditors were not repaid in full
with interest. After initially agreeing to this settlement, the Zylka family has subsequently attempted to back out of the
agreement. The Chapter 11 Trustee has decided not to try to enforce that agreement in favor of either a separate settlement
or litigation. There are two assets currently beneficially owned by the Zylkas which are of particular interest to the
Committee: a Paraguayan hydrocarbon concession known as the Anchovy project and a Canadian graphite mining company, Crystal
Graphite, of which the Zylkas are the beneficial owners of approximately 52% of the outstanding common shares. The following
update has been prepared to provide you with additional information regarding the Anchovy project...
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