Income trust fall-out: American couple the first to launch NAFTA challenge against Government of Canada for eliminating income trusts; inviting others to join



    OTTAWA, Oct. 30 /CNW Telbec/ - Marvin and Elaine Gottlieb are taking on
Prime Minister Stephen Harper, Finance Minister Jim Flaherty and the Canadian
government for the Halloween 2006 broken promise on the elimination of income
trusts. The Chicago couple are the first Americans to file a Notice of Intent
to Submit a Claim to Arbitration under the North American Free Trade Agreement
(NAFTA). The couple are among the thousands of US investors who lost a total
of $5 billion dollars in the fall-out from the Conservative Government's
decision last year to effectively tax income trusts in the energy sector out
of existence.
    "The Halloween 2006 income trust decision by the Government of Canada has
had a massive financial impact on thousands of investors in Canada and the
U.S. and we believe that it breached Canada's NAFTA obligations", said Marvin
Gottlieb. "Because of this decision, more than $30 billion has been lost by
individual investors in Canada and more than $5 billion has been lost by
energy trust investors, including Elaine and me, in the United States.
    "Based on Stephen Harper's very public promise, thousands of individuals
and grandparents like us invested our hard earned money in income trusts and
energy trusts. This is not just a nightmare on Bay Street. It's a nightmare on
Wall Street."




For further information:

For further information: Susan Smith, Bluesky Strategy Group, C: (613)
371-0624, susan@blueskystrategygroup.com

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MARVIN AND ELAINE GOTTLIEB

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