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InuvialuitCorporateGrouprideshighavoidsfalloutfromDowlandcollapseIndustryAboriginal11TuesdayNovember262013ByJACKDANYLCHUKKnockedsidewaysbythe2008recessiontheInuvial-uitCorporateGroupICGhashitanotherhighpointonitsve-yearnancialrollercoasterride.Thelatestannualreportforthegrouprevealsnetearningsof17.5millionfor2012a35.9-millionimprovementfromthepreviousyearslossof18.4million.ICGhasbeenhittingpeaksandvalleyssince2007whenitreportednetearningsof35.1million.Thenextyearearningsdroppedto3.8millionthenfelltoa17.3-millionlossin2009beforereboundingin2010with7.1millioninearnings.IntheintroductiontothelatestreportNellieCournoyeachairoftheInuvialuitRegionalCorp.attributedtheresultstogainsbytheInuvialuitInvestmentCorp.andimprovementsatNorTerraaholdingcompanythatincludesCanadianNorthandNorthernTransportationCo.Ltd.Thenewscomesatatimeofgrowingoptimism.ImperialOilistalkingaboutndingAsianmarketsforshut-innaturalgasworkisbeginningontheInuviktoTuktoyaktukhighwaythereisrenewedinterestinoffshoreoilexplorationandtheCanolshaleeldisinplay.867.875.7007or867.874.2515staceybolthotmail.com49WrightCrescentHayRiverNTX0E0R2ChristmasShoppingGuideNeverthelesstheICGwillmaintainitsstrategyofbeingconservativeandresponsibleinmanagingourspendinginordertopreservecapitalCournoyeasaidinthereport.LastyearIRCanditswholly-ownedsubsidiariesprovidedover17.5millionindirectbenetstotheInuvialuitCournoyeawrote-including2.4millioninannualdistribu-tionsof536.20to4256ben-eciariesanimprovementof80apaymentfromthesitu-ationCournoyeadescribedinthe2011annualreport.Globaleconomicrecoverywasstillshakyandtheresultsfor2011reectedthechalleng-ingtimesaheadparticularlyintheNorthCournoyeawrote.Currenteconomiccondi-tionshaverestrictedthenumberofnewbusinessopportunities.SeveralsubsidiariesunderIDCInuvialuitDevelopmentCorp.havebeenaffectedbythisde-clinealthoughwearehopefulthatoffshoreoilandgasdrillingactivitieswillprovideopportu-nitiesinthefuture.ICGaoatdespiteDowlandcollapseTheyearwillalsostandoutasonethatprotectedtheICGfromthecollapseofDowlandContractingLtd.InthemidstofthecompanyslargesteverprojectInuviksnewEastThreesuperschooltheInuvialuitwithdrewitsbondingguaran-teeandcuttieswithDowland.The100-millionschoolproj-ectwassolesourcedtoDowlandin2009whenitwasrecognizedasanInuvialuitcompany.Then-premierFloydRolandanInuvi-aluitbeneciarywrotealettertocabinetsupportingthechoicebutwasnotpresentwhenthedecisionwasmadetoawardthecontract.UntilitcrashedlastspringDowlandwasanInuviksuc-cessstory.Foundedin1984byGuyPembertonthecompanygrewquickly.In2011ithad350employeesofcesandprojectsscatteredacrosstheNorthandWesternCanadaboastinginapromotionalslideshowWebuildcoasttocoast.TheDowlandGroupwasdownto85employeesinMaywhenitwashandedovertoreceiverAlvarezandMarscalCanadaInc.whosaidthatthecollapsebeganinMarch2013setoffbydisputeswithownersandcontractorsovervariousprojectsandendedwhentheRoyalBankcutoffitsoperatingloans.ThereceiverafterthreemonthsofparsingDowlandsaffairstotaledliabilitiesat135millionagainst75mil-lioninassetswith55millioninreceivablesand4.1millionmoreduefromrelatedpartiesthatprobablywontberecov-ered.Propertyandequipmentwerevaluedat14.2million.Securedcreditorshaverstclaim.TheRoyalBankisowed21millionbutitmayhavetosharetheassetswithbondingcompaniesthatbackedDow-landonseveralofthemorethan30projectsthatwerestoppedinmid-stridebythecrashandmaybeowedasmuchas60million.DowlandscollapseshookhundredsofcompanieslargeandsmallacrosstheNorthandWest-unsecuredcreditorsthatthereceiversaidareunlikelytoseeapennyofthe53milliontheyareowed-andrattledtheAnglicanDioceseoftheArctic.InitspursuitofDowlandas-setsthereceiveriscallingina3-millionnotetheDiocesegavethecompanyforworkonSt.JudesCathedralinIqa-luit.LastmonththeDiocesemountedanemotionalappealfortimeandnancialhelp.AlsoamongthecreditorsareDowlandsownersandmorethan150formeremployeesin-cludingformerpremierRolandnowInuviksmayorandvice-presidentofstrategicrelationsforDowlanduntilthecompa-nyscollapse.Theemployeesareowedmorethan1million.PembertonandPatrickMc-GuinnesssoleshareholdersinanumberedholdingcompanyfortheDowlandGroupareowed924000inshareholderloanstotheircompanies.Neithermanhasbeenheardfromsincethecrash.Thelargestunsecureddebtis9.4millionowedtoNunaLogisticsownedbyKitikmeotCorp.andNunasiCorp.theICGspartnerinNorTerrabutthereceiversaidthatthedebtmaybeoffsetbyotherinter-corporatetransactions.ITSTHEMOSTWONDERFULTIMEOFTHEYEARGuardianTMWALLYSDrugsPharmacy.Souvenirs.Magazines.NewspapersToys.Cards.Stationery.LotteryTicketCentreMondaytoSaturday10a.m.to6p.m.Thursday10a.m.to8p.m.SundayCLOSEDComeondownandcheckoutTHEAMAZINGDEALSinourHolidayGiftGuide.SALEENDSCHRISTMASEVEWALLYSHOLIDAYSALE867872-2134FortSmithInuvialuitRegionalCorp.chairNellieCournoyeasaidsheshopefuloilandgasactivitieswillprovidefutureeconomicopportunities.Filephoto