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May 26, 2004 |
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Attention: Robert Thornton
Dear
Mr. Thornton:
Re: In the Matter of Stelco
Inc.
Our File No. 040174
We are counsel to the
Salaried Retirees Representatives, who represent some 3,500 Stelco Salaried
Retirees ("Retirees"). The Retirees are a large group of people, and
may become one of the most significant groups of Stelco creditors if pension or
other post-retirement employee benefits are affected in this restructuring. As
such, they have a major interest in these proceedings, and a major stake in the
outcome.
As a matter of process, we would ask that, in the
future, the Monitor discuss with us the status of Stelco's discussions with the
Retirees, prior to publishing any comments in regard to those discussions in a
Monitor's report. In this regard, we have not found the pension disclosure to
be useful or satisfactory, and are concerned that an uninformed reader would
interpret paragraphs 54 and 58 of the fourth Monitor's report as implying that
thorough disclosure and thorough discussion have taken place.
We believe that future reports of the Monitor will
benefit from direct communications between us as to the status of matters
affecting the Retirees.
Yours
truly,
KOSKIE MINSKY
Murray Gold
MG:jn
c. Gary W. Dallin, George Hanson ,
John Hanson, Paul Wendling (via email)
Hap Stephen, Stonecrest Capital Inc.
Andrew Hatnay, Clio Godkewitsch, Koskie
Minsky LLP
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