RSM Richter Inc. and Michel Fragasso agree on the issue dividing them in the Norbourg bankruptcy



    MONTREAL, Oct. 19 /CNW Telbec/ - The trustee to the bankruptcy estates of
the Norbourg Group, RSM Richter Inc., on one part, and Mr. Michel Fragasso and
Investissement Fragasso Inc., on the other, announce that they have came to an
agreement with respect to the proceedings instituted on October 26, 2006 and
this, to the satisfaction of both parties.
    RSM Richter Inc. confirms that its investigation on the Norbourg Group
has not revealed any evidence to the effect that Mr. Michel Fragasso would
have been involved in the financial embezzlement or fraud of which the
investors were victims, and that was given a lot of media coverage. The use of
the words "illegally and in fraud of the rights of the creditors" in the
proceedings filed by RSM Richter Inc. is standard, since this wording quotes
the terms used by the legislator in the Bankruptcy and Insolvency Act and in
the Civil Code and it does not necessarily imply the existence of a fraud in
its usual or criminal meaning.
    Also, to dissipate any ambiguity that may have been perceived on this
issue, RSM Richter Inc. has never attempted to allege in its proceedings that
Mr. Fragasso would have failed to comply with the rules pertaining to the
financing of political parties during the election campaign where Mr. Fragasso
was a candidate, within the 18 months period when he was an employee of the
Norbourg Group, following the sale to the latter of the company where he was
previously employed. As trustee to the bankruptcy estates of the Norbourg
Group, RSM Richter did not have the mandate nor was it otherwise its duty to
enquire about the compliance to these rules by Mr. Fragasso and it did not
conduct any investigation in this regard.




For further information:

For further information: Catherine St-Onge, Richard Thibault
Communications inc., (418) 840-4040; Source: Michel Fragasso

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RSM RICHTER

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NORBOURG

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