The Informal Committee of Debentureholders of Genecan Financial Corporation reports that on February 28, the Court of Appeal of Quebec confirmed the decision of the trial judge and ordered Revenue Quebec to pay Genecan Financial Corp. $1 million plus interest and costs.

Revenue Quebec has 60 days to decide whether it will seek leave from the Supreme Court of Canada to appeal the judgment.

The assets of Genecan, formerly General Trustco of Canada Inc., are in the process of being liquidated.