Protesters want the mortgage withdrawn from Twin IslandsFormer MLA Art Cowie has become involved in the fight
Courier-Islander Reporter Febrary 13, 1998
Former Vancouver-Quilchema MLA Art Cowie accused the Royal Bank of ensuring that Twin Islands will be logged, because payment on the $3.5 million mortgage on the islands will be paid with the proceeds from the sale of timber.
Cowie sent a letter to John Cleghorn, chair of the Royal Bank of Canada, on Jan. 31, saying he was surprised to learn that the bank holds a mortgage for $3.5 million on the islands.
"What surprised me is that the Royal Bank holds a mortgage of $3.5 million that is instrumental in financing this unfortunate and ill-conceived logging," Cowie wrote in the letter.
"Furthermore, the mortgage . terms state that the payment . will come from the sale and purchase of the timber.
"In other words the Royal Bank has guaranteed that these islands will be logged."
Protesters angry about the logging happening on Twin Islands have changed their approach in recent weeks- and are now targeting some of their protests at the Royal Bank, because they hold the mortgage on the islands.
Last week, about 60 pro testers from Denman, Cortes, Read and Quadra Islands plus some from the Sunshine Coast, took boats to Twin Islands and waved placards decrying the logging taking place there. Some of the signs they waved had negative messages about the Royal Bank.
In December, relations between Cortes Islanders and Mike Jenks, the owner of nearby Twin Islands, went sour when many islanders started complaining loudly about the logging taking place on Twin Islands.
Twin Islands, formerly a vacation getaway for Queen Elizabeth II and Prince Philip, was owned for years by Margraf Maximillian von Baden of Germany. von Baden Iused the islands as a summer getaway for his family, and it was he that invited the Queen and her husband to vacation there.
Jenks, who freely admits he plans to log 70 per cent of the volume of the trees on the islands, wouldn't comment this week on the protesters plans about the Royal Bank.
Jenks and his company purchased Twin Islands late last year.
He said Eagle trees on the islands will be left standing, as will maple, alder, pine, hemlock and balsam, but he does plan to continue the logging operations.
The Twin Islands mortgage says the sale and purchase of timber and the logging of timber are "taken as security for the ultimate balance owing."
The protesters say they will continue to protest against the bank and against Jenks, but didn't want to give their hand away by revealing the time and dates of any protests.
In his letter to Cleghorn, Cowie said more protests will be forthcoming if something isn't done.
"The Royal Bank must step in and do something to stop the logging before these islands are destroyed and an even greater protest arises, which will undoubtedly take place in the very near future."
He suggested if the bank withdraws the mortgage, other buyers could be found for the islands.
"If you withdraw the mortgage for the public good, I am sure some compromise can he reached," he wrote.
"I understand that there are people who will pay your mortgage, the costs to date and a reasonable profit to the logging company and the islands can be developed as a park and resort."
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