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Friday, August 28, 1998

Bre-X founder's widow can't pay for his funeral

By SANDRA RUBIN
The Financial Post
BRE-X  The widow of Bre-X Minerals Ltd. founder David Walsh isn't getting a living allowance ordered by a Bahamas court because she has not complied with an injunction demanding she disclose the couple's worldwide assets.
 Jeannette Walsh has said she doesn't have enough to pay for her husband's funeral. He died of a ruptured aneurysm in June.
 The Walshes were to get a US$3,000 weekly allowance granted this spring in a court order that froze their assets. Deloitte & Touche applied for the injunction in a bid to preserve any funds that might have come from trading in Bre-X shares, pending the outcome of civil suits stemming from the mining fraud.
 The Walshes had planned to appeal the asset freeze.
 "The injunction was obtained ex parte," said Alan Lenczner, Walsh's lawyer. "It's subject to challenge.
 "The US$3,000 a week that the court allowed should not be an issue -- nor should the funeral expenses."
 Jeannette is asking for about $39,000 to cover her husband's hospital stay and funeral. She accuses Deloitte of manipulating the situation to pressure her into complying.
 "The battle isn't about the funeral expenses -- it's about other issues," Bre-X trustee Ross Nelson said from Calgary. "All we can say is we're following proper procedure in the Bahamian courts." He declined to comment further.