Fondation Fer De Lance Sponsors Continue their Fight against AMF to Preserve their Rights and Recover their Capital Deposited in Trust

Montreal (ots/PRNewswire) -

Jean-Claude Vachon, a long time Sponsor of Fondation Fer de Lance
(FFDL), and representing the Sponsors of FFDL ("The Group of
Sponsors") after proper consultation with them, declared: "The Group
of Sponsors was stupefied to say the least by the nature of the
allegations of the AMF in its press release of July 26, 2011 relating
to FFDL and in respect to a number of its representations."

The Group of Sponsors continues its long term fight against the
Québec Autorité des marchés financiers (AMF) to recover their capital
deposited in trust, which are still currently held in security in
trust with the Montreal Law Firm: Lapointe Rosenstein Marchand
Melançon.

They will introduce shortly, an amended Motion for Declaratory
Judgment against the AMF before the Québec Superior Court. The Group
of Sponsors states that the AMF has been preventing them for more
than two years from retrieving their own capital which FFDL had
offered previously to return to them.

"The AMF is preventing The Group of Sponsors from retrieving
their own capital; notwithstanding the legal proceedings which The
Group of Sponsors had instituted in December 2009 before the Bureau
de Révision et de Décison en valeurs mobilières ("BDRVM") to that
effect. Thereafter The Group of Sponsors was obliged not only to sue
before the Superior Court in March 2010, but then to appeal the
Appeal Court of Québec following the attitude of AMF refusing to
accept the alleged facts," says Jean-Claude Vachon.

"Furthermore, it is essential to note that The Group of Sponsors
has never filed a complaint against the FFDL with the AMF nor has it
solicited or desired its intervention," continues Jean-Claude Vachon.
"Our intent in coming forward at this time is to clarify certain
alleged facts in light of the representations of the AMF with respect
to FFDL and its Sponsors. The Sponsors are honest and trustworthy
people who believe sincerely that they dealt with people equally
honest and trustworthy, as the evidence filed in the various
proceedings bears."

In a press release issued on July 26th 2011, the AMF failed to
mention that, in March 2010, The Group of Sponsors had instituted
before the Superior Court of Québec, various legal recourses against
the AMF to protect its rights as owner of its own capital.

These recourses include an Action alleging damages (court case
number: 500-17-056804-100) against the AMF for more than 4.5 million
dollars alleging amongst other things, AMF's misrepresentation,
perjury, concealment of evidence and malice as well as a Motion for
Declaratory Judgment (court case number: 500-17-056802-104 and
500-17-056817-102) which, ironically, seeks to have The Group of
Sponsors to be declared owner of their own funds.

After more than a year, The Group of Sponsors filed a complaint
(court case number: 500-17-056817-102) alleging that the AMF had been
preventing them from retrieving the capital that FFDL offered to
return to them long time before. In addition, the Group of Sponsors
had to go all the way to the Court of Appeal of Québec (court case
number: 500-09-021055-108) to obtain a decision directing that this
Motion for Declaratory Judgment be heard by the Superior Court, which
appeal was successful.

Despite this favorable decision from the Court of Appeal of
Québec, (case court number: 5500-09-021055-108) which does not
support the AMF's position in this regard, the AMF is still
preventing the Sponsors from retrieving their own capital.

"The Group of Sponsors does not understand and finds it rather
strange, to say the least, that the AMF, which as per our
understanding has a mandate to protect and keep the public informed,
has never published nor mentioned the aforesaid proceedings. The
Group of Sponsors invites all interested parties to consult the
proceedings mentioned above in order to judge by themselves the
intrinsic value of either of the press releases, as well as the
manner in which the AMF was able to cause the BDRVM to issue an ex
parte order against FFDL freezing OUR FUNDS in July 2009," said
Vachon.

As this matter is currently before the courts, no other comments
will be issued at this stage to protect the legal process to unfold.

Legal proceedings and judgments can be obtained upon request.
Please note all documents are available in French only.

For further information:
Source:
Jean-Claude Vachon on behalf of The Group of Sponsors:
+1(866)833-4841
Information:
Mylène Forget, LL. B.
Massy-Forget Public Relations
+1(514)842-2455, ext. 17
mforget@mfrp.com

ots Originaltext: Fondation Fer de Lance Sponsors
Im Internet recherchierbar: http://www.presseportal.de

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