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Emailjanum and Ergodoc
Hope this helps you - Richard Evans.
http://www.cbc.ca/video/#/News/TV_Shows/Lang_&_O'Leary_Exchange/1308689786/ID=1691735943
Forest Products CEOs Discuss Industry Future With Minister Flaherty
OTTAWA, Dec. 8 /CNW/ - Thirteen CEOs from companies belonging to the Forest Products Association of Canada (FPAC) held a pre-budget meeting with the Minister of Finance, Jim Flaherty, yesterday in Ottawa. The meeting provided an informal opportunity for industry leaders and the Minister to discuss the Government's priorities for the economy and for the CEOs to provide the Minister with a vision for the forestry products industry as it emerges from the recent recession and continues to transform itself into a green and innovative player in the bio-economy.
During the meeting, industry CEOs commended the Minister and the government for the Economic Action Plan and sound management of the economy during the recent economic downturn which have put Canada and the industry in a position of strength. "Unlike many other countries, Canada is now able to build from a position of strength," says Avrim Lazar, the President and CEO of FPAC. "Looking ahead, the industry supports the Government's commitment to developing a strategic long term economic plan for the country that includes sound fiscal management and the business tax reductions announced in 2007, which are an important part of the industry's recovery plan for the period ahead."
The forest products industry CEOs and the Minister Flaherty also agreed that Canada's forest products industry and the 240,000 direct jobs it supports across the country face a positive future. In this context, the CEOs and the Minister were also able to discuss past and future Government initiatives and partnerships which will help accelerate the industry's transformation to a next-generation forest products industry, one capable of attracting private investment and delivering sustained economic, social and environmental benefits.
"There is no question that the programs put in place by the Government during the recession helped this industry weather the storm and emerge in a competitive position. As our markets begin to rebound, we look forward to working with the Government as it identifies economic priorities for the short and long term that will encourage private sector growth and leadership in the economy," says Jim Lopez, President and CEO, Tembec and the Chairman of the FPAC Board.
Forest Products Association of Canada
The Forest Products Association of Canada (FPAC) provides a voice for Canada's wood, pulp, and paper producers nationally and internationally in government, trade, and environmental affairs. The $54-billion-a-year forest products industry represents almost 2% of Canada's GDP and is one of Canada's largest employers, operating in hundreds of communities and providing hundreds of thousands of direct and indirect jobs across the country. All members are signatories to the landmark Canadian Boreal Forest Agreement.
For further information:
Media Contact:
Susan Murray
Executive Director, Public Relations
Forest Products Association of Canada
Association des produits forestiers du Canada
smurray@fpac.ca
613-563-1441 x313
Ergodoc
Thanks for the note about GAP. I now think the same for Mirant / Reliant (Merger of equals) -- an indication that certain industries need to be restructured in order to reduce Legacy Costs. With this -- I guess the Gov't has said okay to cheating and lying in order to de-leverage the 'old economy' industries.
Sad thing is -- when the economy does move away from coal and oil -- those sectors will also get killed.
And now -- who really has the money to buy all of these "techy" gadgets and toys.
See Prior Post.
------------------
You guys might find this of interest.
NB. I am not sure what will come of the recently scheduled appeal. Unless, as of Decemer 10th (all of the nakeds covered - and they themselves own enough shares that make it worth while tofile evidence against. They make extra on the Escrow -- in the event that those monies are not used. OR. Peter is able to make his ase. Might I suggest -- David Patterson's own words as evidence. There was also another blurb on the industry being at the bottom of the cycle -- I will post later.
---------------------------
Tuesday, December 7, 2010Are The Federal Reserve’s Crimes Too Big To Comprehend?
By David DeGraw at ampedstatus.com
Posted
on
Monday, December 6th, 2010 at
2:16 pm, Filed under
Economy, Feature, Hot List, News, Politics & Government, Video . Follow post comments through the
RSS 2.0 feed.
Click here to comment, or trackback.admin
By David DeGraw, AmpedStatus
What if the greatest scam ever perpetrated was blatantly exposed, and the US media didn’t cover it? Does that mean the scam could keep going? That’s what we are about to find out.
I understand the importance of the new WikiLeaks documents. However, we must not let them distract us from the new information the Federal Reserve was forced to release. Even if WikiLeaks reveals documents from inside a large American bank, as huge as that could be, it will most likely pale in comparison to what we just found out from the one-time peek we got into the inner-workings of the Federal Reserve. This is the Wall Street equivalent of the Pentagon Papers.
I’ve written many reports detailing the crimes of Wall Street during this crisis. The level of fraud, from top to bottom, has been staggering. The lack of accountability and the complete disregard for the rule of law have made me and many of my colleagues extremely cynical and jaded when it comes to new evidence to pile on top of the mountain that we have already gathered. But we must not let our cynicism cloud our vision on the details within this new information.
Just when I thought the banksters couldn’t possibly shock me anymore… they did.
We were finally granted the honor and privilege of finding out the specifics, a limited one-time Federal Reserve view, of a secret taxpayer funded “backdoor bailout” by a small group of unelected bankers. This data release reveals “emergency lending programs” that doled out $12.3 TRILLION in taxpayer money - $3.3 trillion in liquidity, $9 trillion in “other financial arrangements.”
Wait, what? Did you say $12.3 TRILLION tax dollars were thrown around in secrecy by unelected bankers… and Congress didn’t know any of the details?
Yes. The Founding Fathers are rolling over in their graves. The original copy of the Constitution spontaneously burst into flames. The ghost of Tom Paine went running, stark raving mad screaming through the halls of Congress.
The Federal Reserve was secretly throwing around our money in unprecedented fashion, and it wasn’t just to the usual suspects like Goldman Sachs, JP Morgan, Citigroup, Bank of America, etc.; it was to the entire Global Banking Cartel. To central banks throughout the world: Australia, Denmark, Japan, Mexico, Norway, South Korea, Sweden, Switzerland, England… To the Fed’s foreign primary dealers like Credit Suisse (Switzerland), Deutsche Bank (Germany), Royal Bank of Scotland (U.K.), Barclays (U.K.), BNP Paribas (France)… All their Ponzi players were “gifted.” All the Racketeer Influenced and Corrupt Organizations got their cut.
Talk about the ransacking and burning of Rome! Sayonara American middle class…
If you still had any question as to whether or not the United States is now the world’s preeminent banana republic, the final verdict was just delivered and the decision was unanimous. The ayes have it.
Any fairytale notions that we are living in a nation built on the rule of law and of the global economy being based on free market principles has now been exposed as just that, a fairytale. This moment is equivalent to everyone in Vatican City being told, by the Pope, that God is dead.
I’ve been arguing for years that the market is rigged and that the major Wall Street firms are elaborate Ponzi schemes, as have many other people who built their beliefs on rational thought, reasoned logic and evidence. We already came to this conclusion by doing the research and connecting the dots. But now, even our strongest skeptics and the most ardent Wall Street supporters have it all laid out in front of them, on FEDERAL RESERVE SPREADSHEETS.
Even the Financial Times, which named Lloyd Blankfein its 2009 person of the year, reacted by reporting this: “The initial reactions were shock at the breadth of lending, particularly to foreign firms. But the details paint a bleaker and even more disturbing picture.”
Yes, the emperor doesn’t have any clothes. God is, indeed, dead. But, for the moment at least, the illusion continues to hold power. How is this possible?
To start with, as always, the US television “news” media (propaganda) networks just glossed over the whole thing - nothing to see here, just move along, back after a message from our sponsors… Other than that obvious reason, I’ve come to the realization that the Federal Reserve’s crimes are so big, so huge in scale, it is very hard for people to even wrap their head around it and comprehend what has happened here.
Think about it. In just this one peek we got at its operations, we learned that the Fed doled out $12.3 trillion in near-zero interest loans, without Congressional input.
The audacity and absurdity of it all is mind boggling…
Based on many conversations I’ve had with people, it seems that the average person doesn’t comprehend how much a trillion dollars is, let alone 12.3 trillion. You might as well just say 12.3 gazillion, because people don’t grasp a number that large, nor do they understand what would be possible if that money was used in other ways.
Can you imagine what we could do to restructure society with $12.3 trillion? Think about that…
People also can’t grasp the colossal crime committed because they keep hearing the word “loans.” People think of the loans they get. You borrow money, you pay it back with interest, no big deal.
That’s not what happened here. The Fed doled out $12.3 trillion in near-zero interest loans, using the American people as collateral, demanding nothing in return, other than a bunch of toxic assets in some cases. They only gave this money to a select group of insiders, at a time when very few had any money because all these same insiders and speculators crashed the system.
Do you get that? The very people most responsible for crashing the system, were then rewarded with trillions of our dollars. This gave that select group of insiders unlimited power to seize control of assets and have unprecedented leverage over almost everything within their economies - crony capitalism on steroids.
This was a hostile world takeover orchestrated through economic attacks by a very small group of unelected global bankers. They paralyzed the system, then were given the power to recreate it according to their own desires. No free market, no democracy of any kind. All done in secrecy. In the process, they gave themselves all-time record-breaking bonuses and impoverished tens of millions of people - they have put into motion a system that will inevitably collapse again and utterly destroy the very existence of what is left of an economic middle class.
That is not hyperbole. That is what happened.
We are talking about trillions of dollars secretly pumped into global banks, handpicked by a small select group of bankers themselves. All for the benefit of those bankers, and at the expense of everyone else. People can’t even comprehend what that means and the severe consequences that it entails, which we have only just begun to experience.
Let me sum it up for you: The American Dream is O-V-E-R.
Welcome to the neo-feudal-fascist state.
People throughout the world who keep using the dollar are either A) Part of the scam; B) Oblivious to reality; C) Believe that US military power will be able to maintain the value of an otherwise worthless currency; D) All of the above.
No matter which way you look at it, we are all in serious trouble!
If you are an elected official, (I know at least 17 of you subscribe to my newsletter) and you believe in the oath you took upon taking office, you must immediately demand a full audit of the Federal Reserve and have Ben Bernanke and the entire Federal Reserve Board detained. If you are not going to do that, you deserve to have the words “Irrelevant Puppet” tattooed across your forehead.
Yes, those are obviously strong words, but they are the truth.
The Global Banking Cartel has now been so blatantly exposed, you cannot possibly get away with pretending that we live in a nation of law based on the Constitution. The jig is up.
It’s been over two years now; does anyone still seriously not understand why we are in this crisis? Our economy has been looted and burnt to the ground due to the strategic, deliberate decisions made by a small group of unelected global bankers at the Federal Reserve. Do people really not get the connection here? I mean, H.E.L.L.O. Our country is run by an unelected Global Banking Cartel.
I am constantly haunted by a quote from Harry Overstreet, who wrote the following in his 1925 groundbreaking study Influencing Human Behavior: “Giving people the facts as a strategy of influence” has been a failure, “an enterprise fraught with a surprising amount of disappointment.”
This crisis overwhelmingly proves Overstreet’s thesis to be true. Nonetheless, we solider on…
Here’s a roundup of reports on this BernankeLeaks:
Prepare to enter the theater of the absurd…
I’ll start with Senator Bernie Sanders (I-Vermont). He was the senator who Bernanke blew off when he was asked for information on this heist during a congressional hearing. Sanders fought to get the amendment written into the financial “reform” bill that gave us this one-time peek into the Fed’s secret operations. (Remember, remember the 6th of May, HFT, flash crash and terrorism. “Hey, David, Homeland Security is on the phone! They want to ask you questions about some NYSE SLP program.”)
In an article entitled, “A Real Jaw-Dropper at the Federal Reserve,” Senator Sanders reveals some of the details:
At a Senate Budget Committee hearing in 2009, I asked Fed Chairman Ben Bernanke to tell the American people the names of the financial institutions that received an unprecedented backdoor bailout from the Federal Reserve, how much they received, and the exact terms of this assistance. He refused. A year and a half later… we have begun to lift the veil of secrecy at the Fed…
After years of stonewalling by the Fed, the American people are finally learning the incredible and jaw-dropping details of the Fed’s multi-trillion-dollar bailout of Wall Street and corporate America….
We have learned that the $700 billion Wall Street bailout… turned out to be pocket change compared to the trillions and trillions of dollars in near-zero interest loans and other financial arrangements the Federal Reserve doled out to every major financial institution in this country.…
Perhaps most surprising is the huge sum that went to bail out foreign private banks and corporations including two European megabanks — Deutsche Bank and Credit Suisse — which were the largest beneficiaries of the Fed’s purchase of mortgage-backed securities….
Has the Federal Reserve of the United States become the central bank of the world?… [read Global Banking Cartel]
What this disclosure tells us, among many other things, is that despite this huge taxpayer bailout, the Fed did not make the appropriate demands on these institutions necessary to rebuild our economy and protect the needs of ordinary Americans….
What we are seeing is the incredible power of a small number of people who have incredible conflicts of interest getting incredible help from the taxpayers of this country while ignoring the needs of the people. [read more]
In an article entitled, “The Fed Lied About Wall Street,” Zach Carter sums it up this way:
The Federal Reserve audit is full of frightening revelations about U.S. economic policy and those who implement it… By denying the solvency crisis, major bank executives who had run their companies into the ground were allowed to keep their jobs, and shareholders who had placed bad bets on their firms were allowed to collect government largesse, as bloated bonuses began paying out soon after.
But the banks themselves still faced a capital shortage, and were only kept above those critical capital thresholds because federal regulators were willing to look the other way, letting banks account for obvious losses as if they were profitable assets.
So based on the Fed audit data, it’s hard to conclude that Fed Chairman Ben Bernanke was telling the truth when he told Congress on March 3, 2009, that there were no zombie banks in the United States.
“I don’t think that any major U.S. bank is currently a zombie institution,” Bernanke said.
As Bernanke spoke those words banks had been pledging junk bonds as collateral under Fed facilities for several months…
This is the heart of today’s foreclosure fraud crisis. Banks are foreclosing on untold numbers of families who have never missed a payment, because rushing to foreclosure generates lucrative fees for the banks, whatever the costs to families and investors. This is, in fact, far worse than what Paul Krugman predicted. Not only are zombie banks failing to support the economy, they are actively sabotaging it with fraud in order to make up for their capital shortages. Meanwhile, regulators are aggressively looking the other way.
The Fed had to fix liquidity in 2008. That was its job. But as major banks went insolvent, the Fed and Treasury had a responsibility to fix that solvency issue—even though that meant requiring shareholders and executives to live up to losses. Instead, as the Fed audit tells us, policymakers knowingly ignored the real problem, pushing losses onto the American middle class in the process.” [read more]
Even the Financial Times is jumping ship:
Sunlight Shows Cracks in Fed’s Rescue Story
It took two years, a hard-fought lawsuit, and an act of Congress, but finally… the Federal Reserve disclosed the details of its financial crisis lending programs. The initial reactions were shock at the breadth of lending, particularly to foreign firms. But the details paint a bleaker, earlier, and even more disturbing picture…. An even more troubling conclusion from the data is that… it is now apparent that the Fed took on far more risk, on less favorable terms, than most people have realized. [read more]
In true Fed fashion, they didn’t even fully comply with Congress. In a report entitled, “Fed Withholds Collateral Data for $885 Billion in Financial-Crisis Loans,” Bloomberg puts some icing on the cake:
For three of the Fed’s six emergency facilities, the central bank released information on groups of collateral it accepted by asset type and rating, without specifying individual securities. Among them was the Primary Dealer Credit Facility, created in March 2008 to provide loans to brokers as Bear Stearns Cos. collapsed.
“This is a half-step,” said former Atlanta Fed research director Robert Eisenbeis, chief monetary economist at Cumberland Advisors Inc. in Sarasota, Florida. “If you were going to audit the facilities, then would this enable you to do an audit? The answer is ‘No,’ you would have to go in and look at the individual amounts of collateral and how it was broken down to do that. And that is the spirit of what the requirements were in Dodd-Frank.” [read more]
Here’s the only person on US TV “news” who actually covers and understands any of this, enter Dylan Ratigan, with his guest Chris Whalen from Institutional Risk Analytics. This quote from Whalen sums it up well: “The folks at the Fed have become so corrupt, so captured by the banking industry… the Fed is there to support the speculators and they let the real economy go to hell.”
ABWTQ (Michel Dumas - Tembec)
Insider Buy,
Dec 08/10 Dec 08/10 Dumas, Michel Direct Ownership Options 52 - Expiration of options -233
Dec 08/10 Dec 08/10 Dumas, Michel Direct Ownership Common Shares 10 - Acquisition in the public market 29,000 $3.418
------------------
got to run to another meeting
Just talked to my guys - cash up big time
DJ MARKET TALK: CME Lumber Surges Limit On Wednesday Cash Action
Dec 09, 2010 (Dow Jones Commodities News via Comtex) -- [Dow Jones] - Investor short covering after more cash-market action late Wednesday is credited with taking lumber futures up the daily limit of $10.00 a 1,000 board feet just at the opening of pit trading. The most-active Jan contract at the Chicago Mercantile Exchange's electronic market recently was up $10.00, or 3.85%, at $269.50. The Mar position was up $9.50, or 3.47%, at $283.20. May was $10.00, or 3.54%, higher at $292.40. A new round of domestic buying at the mills late Wednesday prompted some producers to raise prices, traders said. This followed some export business and a little domestic action earlier in the week and was enough to extend mill orders. Wholesalers reportedly were able to move some of Wednesday's purchases to retail dealers, sparking speculation that buying for spring needs had begun and leading to the short covering in futures. Since hitting a double bottom on daily charts Monday and Tuesday, the Jan contract has gained 8.53% in value, rising above chart resistance points at the 10-, 20-, 50- and 40-day moving averages to a level not seen in 3 1/2 weeks since Nov. 15.
Contact us at 913-322-5179 or lester.aldrich@dowjones.com
(END) Dow Jones Newswires
Quickly typing Pitt77
It occurred to me that Fairfax could have also had knowledge of something that may have been somewhat shady or illegal (such as the illegal naked shorting in BK) or relying on terminal shorting to then acquire more shares in a rising market (or have someone else acquire). Therefore immunity.
Bonds at par -- if bonds / shares must rise to be part of confirmed deal. Note: Calipine fiasco.
Out.
Month
Click for chart Session Pr.Day Options
Open High Low Last Time Sett Chg Vol Sett OpInt
Jan 11 261.40 269.50 261.40 269.50 Dec 09, 08:58 - 10.00 430 259.50 3150 n/a
Mar 11 276.00 283.70 276.00 283.70 Dec 09, 08:52 - 10.00 227 273.70 4785 n/a
May 11 286.30 292.40 286.30 292.40 Dec 09, 08:57 - 10.00 32 282.40 1218 n/a
Jul 11 294.00 301.40 294.00 301.00 Dec 09, 08:51 - 9.00 77 292.00 212 n/a
Sep 11 302.70 302.80 302.70 301.40 Dec 09, 08:46 - 8.40 3 293.00 7 n/a
Nov 11 - - - - Dec 08, 16:43 - - - 300.00 - n/a
Click here to refresh data
Short answer Pitt77
Sorry, heading out the door for the day. I don't think the answer is that complicated. I think that they are either aware of something or did something they would be in a "conflict of interest" and do not want to be incriminated at a later date.
imo, having board members and then partaking in Credit Default Swaps is a clear conflict of interest.
Also, what did the entire B of D know (prior to BK) about CDS and Illegal Naked Shorting on their stock and when did they know it. And what was the result of discussions. May 2007 was the earliest that I am aware of.
Was told by Frank the the entire executive was running around trying to figure out what was going on with their stock price and that Paterrson would handle things when he came on board.
I know for a fact that that Weaver was having internal discussions with Frank and Kursman.
That means that the Auditors and others (in connection with the merger knew it too). Non-Disclosure -- has nothing to do with Bad Management.
Naked Shorting is illegal and they were on the list for many, many months in 2008.
Lots of "investor stories" like this one.
Note: for the future (on disclosure or lack thereof).
Class action suit commenced against former directors, officers, and investment bank of Protective Products of America
Investors seek millions in compensation, citing failures to make material disclosures and misrepresentations in relation to company's business and operations
TORONTO, Dec. 6 /CNW/ - Investors who sold common shares of Protective Products of America, Inc. ("PPA") between August 14, 2009 up to and including January 13, 2010, and all investors holding PPA shares as of January 14, 2010 have launched a $120 million dollar class action suit against PPA's former directors and officers as well as the company's Florida-based investment bank, Farlie Turner & Co., and its affiliate Bayshore Partners, LLC.
PPA's shares were publicly traded on the Toronto Stock Exchange until January 14, 2010, when trading was suspended following an announcement that the company had filed a voluntary assignment into bankruptcy in Florida for the purpose of selling substantially all of its assets to Protective Products Enterprises, an affiliate of private equity firm Sun Capital Partners. PPA was later delisted from the TSX on February 19, 2010.
Prior to its bankruptcy filing, PPA was carrying on its business of designing and manufacturing concealable and tactical body armour. Its primary customers and target market included agencies of the U.S. Government such as the U.S. Marines and the U.S. Army.
The Statement of Claim in the class action alleges that PPA's former directors and officers knowingly permitted negative misrepresentations and non-disclosure of positive material information about the company's business, operations, and capital, in order to depress its share price. PPA never disclosed, for instance, that the U.S. Army had awarded the company a contract on December 4, 2009, just over a month before the bankruptcy sale. Throughout 2008 and 2009, PPA had touted this U.S. Army contract as a highly valuable opportunity, potentially worth up to US$300,000,000.
It is further alleged that PPA's directors and officers conspired with Farlie Turner and Bayshore Partners, to depress PPA's share price in order to take the company private for the benefit of certain defendants. PPA's artificially low share price hindered the company's prospects for refinancing and recapitalization and made it a more attractive target for private equity firms.
The allegations raised in the claim have not yet been proven in court. The plaintiff and the prospective class members are represented by the firm of Rochon Genova LLP.
For further information:
John Archibald at jarchibald@rochongenova.com.
------------------------------------------
Out for the remainder of the day. Will check-in during lunch break or later this evening.
More on Voluntary Carbon Credits and Tress
New Article showing Valuation
BOULDER, CO and QUEENSLAND, AUSTRALIA, Dec 09, 2010 (MARKETWIRE via COMTEX) -- ECO2 Forests Inc. (PINKSHEETS: ECOF), a sustainable forestry company, has entered into an Agreement for the establishment of joint venture projects in Europe.
In conjunction with ECO PLUS Limited, ECO2 Forests plans to commence projects in Europe. Initially targeting projects in Turkey, the Joint Venture is planned to be expanded to include Bulgaria.
The two companies signed the Agreement to develop the mutually beneficial project that will create a significant amount of local full-time jobs as well as the injection of millions of dollars into the local economy.
Initially, the goal is to establish the first of the European projects with a 1,200 acre forest in the vicinity of Izmir, Turkey.
Under the agreement ECO2 Forests will be responsible for all aspects of managing and control of the Plantation which is forecast to involve the planting of 268,800 Kiri Trees to produce 537,600 carbon credits and 113,000 tons of lumber every seven year cycle. The Kiri Tree naturally regrows after each harvest to create a truly sustainable forest and decreases the need to log existing old growth forests. The initial part of the project is forecast to deliver returns of an estimated US$120 million in each seven year cycle.
"ECO2 Forests has been working extremely hard this year to establish a network of forests around the globe under our Global Forestry Plan. Strategically we had targeted the Izmir region in Turkey as our research indicated the land was suitable for our Kiri Tree forests. We look forward to working with ECO PLUS to initiate the first module in the project and secure more projects in the region," ECO2 Forests CEO Ray Smith said today.
ECO Plus will be responsible for sourcing all land for the projects and jointly with ECO2 Forests intends to source suitable project financing through direct project investment.
In accordance with the ECO2 Forests' E4 Philosophy, ECO2 Forests and ECO PLUS both have agreed to work collaboratively to develop and implement projects that provide a positive outcome for the environment, improve the well-being and circumstances of stakeholders in the local community and host country as well as enter into joint venture agreements that are deemed mutually beneficial for the delivery of programs and projects.
"ECO PLUS became aware of ECO2 Forests and their Global Forestry Plan many months ago and we were very excited to find a company that was capable of creating this type of sustainable project in our region of the world. We have been in regular communication from that point and it is a significant milestone to sign this agreement. We must plant as many trees as possible and we all need more people in the world involved in the fight against climate change," ECO PLUS Director Michael Ginchin said.
About ECO2 Forests Inc.
ECO2 Forests was created to deliver large scale sustainable, lumber-producing forests through an innovative E4 Philosophy -- embracing positive Environmental impact and delivering Economic returns, while fostering Employment and Education.
Company projects are operated under the Global Forestry Plan which calls for the creation of thousands of acres of new forests to be planted and maintained in key locations around the world.
A publicly traded company, ECO2 Forests trades under the U.S. Stock Symbol ECOF. With offices in Boulder, Colorado and Queensland, Australia, the company has been structured specifically to be positioned for global growth and support.
For more information please visit www.eco2forests.com.
Forward Looking Statements
This press release contains statements which may constitute "forward-looking statements" within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934, as amended by the Private Securities Litigation Reform Act of 1995. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those contemplated by such forward-looking statements. Important factors currently known to management that could cause actual results to differ materially from those in forward-looking statements include fluctuation of operating results, the ability to compete successfully, and the ability to complete before-mentioned transactions. The Company undertakes no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events, or changes to future operating results.
For all media enquiries please contact:
V3 Services Inc
Jonathan Farber
P) 303-500-5272
With all do respect, I fail to see
your point. Unless you can prove complete negligence and produce internal documents, then I think you are barking up the wrong tree.
imo, environmental policy in Canada is a joke anyway -- with too much tax payer money not really solving the problems. Just a bunch of over-paid politicians trying to keep busy and trying to justify the monies that they are paid.
Look at the simple environmental problem of Canada Geese -- instead of killing a couple thousand to reduce the populaton -- these environmental guys would rather spend money to round up these same geese, then ship them north (or somewhere else), and then they migrate back down to where they are a big headache and pollute the same lakes, streams and parks all over again.
Lumber up in pre-market
If someone is going to make a bid at the bottom of the market then now might be a good time to do it.
Then again, maybe I might make a bid. I can finance the "exit" financing debt approximately 450 million dollars cheaper than what the debtor has done.
imo, the BofD and the Management Team and the Consultants have a fiduciary responsibility to re-finance cheaper to include the new market conditions.
The Canadian Dollar at much higher levels relative to the U.S. Currency -- this allows us to pay-off more of the previous in favor of the future.
ABWTQ - bonds at Par 8:23 am EST
FYI -- for those that may check=in from time to time
Last Updated: 12/9/2010
Corporate Bond Search Results Thursday, December 09, 2010
Ratings Last Sale
Include in
Watchlist Bond Symbol Issuer Name Coupon Maturity Callable Moody's S&P Fitch Price Yield
BOW.GK BOWATER INC - 03/15/2010 Yes - D C 100.000 -
ABY.GH ABITIBI-CONSOLIDATED INC 8.55 08/01/2010 Yes - NR C 99.781 -
BOW.GD BOWATER INC 9.50 10/15/2012 No - D C 99.636 -
BOW.GJ BOWATER INC 6.50 06/15/2013 Yes - NR C 99.610 -
ABY.GD ABITIBI-CONSOLIDATED INC 7.40 04/01/2018 No - NR C 99.287 -
BOW.GC BOWATER INC 9.38 12/15/2021 No - NR C 99.250 -
ABY.GE ABITIBI-CONSOLIDATED INC 7.50 04/01/2028 No - D C 99.184 -
ABY.GF ABITIBI-CONSOLIDATED INC 8.50 08/01/2029 Yes - NR C 100.000 -
ABY.GI ABITIBI-CONSOLIDATED INC 8.85 08/01/2030 Yes - NR C 99.983 -
Search Criteria
Bond Type: Corporate Symbol: abh
Quotes delayed at least 15 minutes. Market data provided by Interactive Data.
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Fundamental Data Provided by Morningstar, Inc.
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Earnings data provided by FactSet CallStreet, LLC
Last Updated: 12/9/2010
Corporate Bond Search Results Thursday, December 09, 2010
Ratings Last Sale
Include in
Watchlist Bond Symbol Issuer Name Coupon Maturity Callable Moody's S&P Fitch Price Yield
BOW.GB BOWATER INC 9.00 08/01/2009 No - D - 100.000 -
BOW.GA BOWATER CANADA FINANCE CORP 7.95 11/15/2011 Yes - D C 99.683 -
Search Criteria
Bond Type: Corporate Symbol: bow
Quotes delayed at least 15 minutes. Market data provided by Interactive Data.
Terms & Conditions. Powered and implemented by Interactive Data Managed Solutions.
Fundamental Data Provided by Morningstar, Inc.
SEC Filings data provided by Edgar Online Inc..
Earnings data provided by FactSet CallStreet, LLC.
Chart says they could go all the way to
to 0.018 to 0.019 then cover their illegal naked shorts.
----------------
out for the remainder of the day.
Thanks guys,
I am re-posting for use at a later date.
ABITIBIBOWATER ERRORPosted by Darius A on December 2, 2010 at 10:43am in Stocks to Buy
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A letter I sent to Tim yesturday...
Tim,
You may want to add to your blog a major error that took place yesterday at 1:30pm with abwtq.
I put in an order to sell off my shares(12MM) at .06 cents, thinking maybe a MM or so would be sold by the end of the day. Simply collecting my profits, then re-buying. By mistake I put in a MARKET sell order and all the stock were sold in less than 5 minutes. Thus creating a major plummet in the stock and destroying its momentum.
I lost hundreds of thousands, but people should know it was not the stock. It was my error.
Dear buyers, I am terribly sorry for this mistake. I am very familiar with this giant of a company and their restructuring program. This stock is heading to .20 very soon and over .50 by end of Q2 2011.
D
Twitter
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Replies to This Discussion
Permalink Reply by Stocks To Buy on December 2, 2010 at 11:05am
Wow that stinks! I never got your email on this,sorry
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Permalink Reply by Darius A on December 3, 2010 at 8:01am
Thanks for getting this out there.
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ABWTQ -- I get a kick out of this post
Why so erratic... 3 minutes ago Please search "abitibibowater error". You can see the letter to Tim. It should explain the upswing, then my drastic mistake I made destroying momentum.
darius786
"same poster here"?
Volatility Picking Up Again
Sources tell me that a lot of trading may have been HFT.
Lumber Charts -- look good.
Ratio between TMB and ABWTQ -- hard to tell, but it looks like mm's may have switched back to shares vs. shares (note the closing volumes yesterday and the opens today).
Deceit vs. Fraud (Non-Disclosure)
New Article. Numbers look pretty high -- or is this normal in society now?
Half of large Canadian companies hit by employee fraud attempts, execs say: study
Mid-sized companies safer, but less successful at catching fraudsters
TORONTO, Dec. 8 /CNW/ - Forty-eight per cent of executives at large Canadian companies said that employees have attempted to defraud their organization, while only 35 per cent of mid-sized company execs said they, too, face internal fraud issues. Regardless of company size, employees who attempt fraud were very likely to be caught, according to the findings of a SAS/Leger Marketing survey of more than 1,000 Canadian executives conducted earlier this year.
Only four per cent of executives at large companies said employees who committed fraud escaped being caught, whereas ten per cent of those fraudsters at mid-sized companies eluded detection, according to executives. More than two-thirds of the fraudsters were tracked down after the fraud occurred (74 per cent and 69 per cent respectively for large and mid-sized companies). In approximately one in six cases (14 per cent at large companies, 16 per cent at mid-sized) the company identified the fraud attempt and stopped it before it could occur.
"There needs to be a paradigm shift where the focus is on catching fraud before it occurs rather than tracking it down after," said Wes Gill, Executive Lead of Enterprise Risk Management with SAS Canada. "While diligence and perseverance help, technology is the key. Business analytics software can identify fraud as it is evolving, helping companies identify it before it has actually occurred. Would you rather round up the horses after they've left the barn or prevent them leaving in the first place?"
Customer fraud a concern too
Customer fraud, which could include everything from insurance scams to credit card and mortgage fraud, was also a bigger concern for large companies, with 47 per cent of executives saying they had been affected, versus 30 per cent for mid-sized companies. At large companies, seven per cent of customer fraudsters were not caught versus 12 per cent at mid-sized companies, according to the executives.
The financial, food/retail, and government sectors were the biggest victims of customer fraud attempts, with 60 per cent of food and retail executives, 59 per cent of finance executives, and 44 per cent of government executives saying they have been impacted by customer fraud. The lowest incidences were in the professional consulting, real estate and legal professions, with 16 per cent saying they have faced customer fraud.
•30 per cent of finance companies often use business analytics software to help detect fraud
•25 per cent of retail and food companies often use business analytics software to help detect fraud
•Only eight per cent of government executives said their organization often uses business analytics software to help detect fraud
"As the survey results indicate, certain industries are more affected by fraudulent activities than others," Gill said. "Though many organizations can benefit from the use of business analytics to detect fraud, the one concern I have from these results is that government, third highest in terms of customer fraud attempts and second highest in terms of employee fraud attempts, is not a big user of technology designed to detect fraud."
While there was not a lot of variance nationally when it came to customer fraud attempts (the national average was 39 per cent), Alberta was quite a bit higher than Quebec (48 per cent versus 36 per cent). When it came to internal fraud attempts, B.C. and Quebec were above Ontario, with 49 and 46 per cent respectively saying they had been impacted by employee fraud versus 37 per cent for Ontario. The national average was 42 per cent.
Stats at a glance
The survey also revealed that:
•51 per cent of mid-sized companies tracked down the occurrence of customer fraud after it occurred
•47 per cent at large companies tracked down the occurrence customer fraud after it occurred
•31 per cent of all customer fraud was identified before it could occur (the same for both large and mid-sized companies)
•55 per cent of food and retails executives said an employee had attempted to defraud their company
•46 per cent of both government and finance executives said they had been hit by employee fraud attempts
•The lowest for employee fraud were the professional consulting, real estate and legal professions, with 23 per cent saying they had been victim of employee fraud attempts
About the Survey
This online comprehensive national executive survey was conducted for SAS Canada by Leger Marketing between March 3rd and March 26th, 2010, during National Fraud Prevention Month, with a representative sample of 1,022 senior-level business decision makers. This is the fourth and final installment based on the survey results. This method simulates a probability sample which would yield a maximum margin of error of +/-3.1%, 19 times out of 20.
About SAS
SAS is the leader in business analytics software and services, and the largest independent vendor in the business intelligence market. Through innovative solutions delivered within an integrated framework, SAS helps customers at more than 45,000 sites improve performance and deliver value by making better decisions faster. Since 1976 SAS has been giving customers around the world THE POWER TO KNOW®.
The Canadian subsidiary of SAS has been in operation for 22 years. Headquartered in Toronto, SAS employs 263 people across the country at its Vancouver, Calgary, Edmonton, Winnipeg, Toronto, Ottawa, Quebec City and Montréal offices. www.sas.com
SAS and all other SAS Institute Inc. product or service names are registered trademarks or trademarks of SAS Institute Inc. in the USA and other countries. ® indicates USA registration. Other brand and product names are trademarks of their respective companies. Copyright © 2010 SAS Institute Inc. All rights reserved.
Docket 4028
Appendix D -- the proof is in all of the detail work.
Not sure what to make of something called "equity holdbacks".
Emailjanum,
Re: Blackstone filing for re-imbursement.
Your recent filing, in which you drew on the similarities with the Smurfit Case may actually be a good long-haul argument.
Looks like Blackstone reviewed the transcript of the case (in detail) and discussed strategy.
That means a lot (imo) -- over the long-haul. I think that they may have further contradicted their own prior evidence.
Out for the night.
PS. MOR (more of the same). Disclosure -- Disclosure. Bonds tell the story.
$Lumber Chart -- everything lines up.
Co-incidence -- I think not. U.S. Senators confirm market was rigged (PPT). Bottom of housing market is in. Now homes will be worth more again. Time for mergers?
Abitibi and Tembec Charts
Someone wants they charts exactly as is. Latimer.
Big time manipulation going on (imo).
Naked Shorts on Abitibi -- for those that care -- I have received a formal legal opinion on what has been called the practice of a "terminal short".
In short, mm's do not have an outright exemption for "terminal shorting". It is illegal.
Nuff said. Actually, I cannot say any more at this time (on this issue), publicly.
Thanks Pitt
You made me laugh. We have a National Assembly -- do we? Really?
Anyone know what kind of gains Abitibi's underfunded Pension Plan has made during the 3rd Quater. And what the true liability really is now. This information will be of interest to us after December 31st, 2010.
I still believe that it is a mistake to try to manage it for their employees. imo -- unwind it -- pay off all existing workers -- and let them manage their own retirement -- and the remainder (of underfunded) get NewCo shares up to a certain pre-determined point.
imo, LIRA accounts in Canada are in big trouble going forward. Canadian Gov't has totally screwed the pooch when it comes to Pension Reform for Generation X,Y and Z.
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CPP Fund gains $8.9 billion in latest quarter
CPP Fund valued at $136.8 billion as of September 30, 2010
Toronto (November 10, 2010) – The CPP Fund ended the second quarter of fiscal 2011 on September 30, 2010 at $138.6 billion compared to $129.7 billion at the end of the first quarter on June 30, 2010.
The $8.9 billion increase in assets after operating expenses this quarter was the result of investment income of $8.4 billion representing an investment return of 6.6%, as well as an inflow of contributions which totaled $0.5 billion. This quarter’s results were primarily attributable to the strong performance in the global equity markets which was reflected in CPPIB’s listed equity holdings.
For the six month fiscal year-to-date period, the CPP Fund has increased by $11 billion from $127.6 billion at March 31, 2010. This increase in assets after operating expenses is comprised of $6.7 billion in investment income representing a 5.2% rate of return combined with contributions of $4.3 billion.
“All major equity market indices realized gains this quarter, in particular U.S. markets, which posted their best September results in 70 years,” said David Denison, President and CEO, CPP Investment Board.
Chart says not too much more left in this one.
Then again I may be wrong -- anticipated emergence -- can anyone tell me what this really means. From my own previous experience -- legal people choose their words very carefully -- especially in writing.
Escrow Corporation -- surely the monies available in this account at the present time can be re-financed at much better rates -- according to some Fund Managers.
BofD still has a Fiduciary Responsibility -- check it out.
And even if I am wrong -- a lot of good information as at December 31, 2010. Pretty hard not to see through some of the lies.
PS Bonds still at Par.
I am sure LFinPon is correct
The question is to what extent is this guy correct. The common shares are likely to be cancelled -- whether uner the existing confirmed plan or some other plan that has yet to be announced.
Dav1234 -- why did the guy post -- and why did he stop posting -- is the guy still trading -- or posting on other boards. Confidentiality agreement?
Steelhead Navigator -- why does yahoo and others still show them as owning over 5,000,000 direct shares. If data is not correct, then re-course.
Tembec has over 800 million in assets -- 100 million shares -- stock trades at next to nothing. Tembec warrants? Tembec capital expenitures in 2010 -- trades like they know they have excess cash flow.
Exchange -- what is the guy referring to -- what other boards does this guy post on? New poster -- agenda?
Escrow Corporation -- after confirmation --company should be paying senior secured debt now -- and reduce the liability.
Bonds -- still the same games -- trading at par.
Other issues. imo, this Little fish in pond made some good points. SEC?
Judge -- opinion vs. final ruling or decision with reasons.
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Though the judge requested that all objectors show him where the 5 billion dollars went. Easier said than done. My accounting staff knows where it is?
Looks like rate of Terminal Shorting is dying
Probably means whomever holds shares is about done.
So are we going to get an annoucement by Fairfax that they own all 54,000,000 shares and they will now convert their remaining 36,000,000 million shares to hold 100% of the company to take private?
If these numbers are true, then
there are likely well over 80,000,000 o/s shares now by my calculations.
this is good news guys (imo) for a lot of reasons.
I guess the question is who owns the legitimate 54,000,000 shares (approx).
Just think if a Newco could buy 40 or 50 million shares at these numbers, then this same Newco would say they will honor the existing POR and offer warrants to all shareholders, then those that need to cover must do so at a higher price.
S/P goes to the moon very fast. Buyer's shares also sky-rocket -- then they sell more of their own shares at the higher price to finance.
Or it just could be the hedge funds / mm's that think they will get away with a terminal short and not be called out at some point in the future.
In my book, this is still illegal (any way you slice it) -- 58 days on NS list.
AbiBow Escrow Corp.
Cannot help but think that their may have been some advantages to setting this up (tax -- NOL's).
Also -- I do not understand why they wouldn't settle up some senior secured claims now -- since they already have the monies.
Difficult to follow the day's trades -- a lot of effort, unless their was some purpose. Emergence -- very, very vague and no press coverage in the Canadian media -- which means that there really is more to the story that they do not want to publicize.
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Abi -- last at $0.046 -- I think. Tembec shares now at $3.70 -- look at the percent increase since October 1st.
Tembec warrants still bid at $0.42 -- offered at $0.48. Tembec still does not want to disclose their two transactions publicly -- which seems so odd (other than the fact that they said they would disclose at an appropriate time -- which means what exactly.
Here is the scoop on the Tembec warrants -- go to $12.00 right away. Fairfax shares are convertible at $10 -- I think. Notes made about conversion in filings -- very strange.
Wouldn't take much for someone to file their own POR and take Abi out of BK. Pilgrims as an example and there are others.
Below:
Each warrant will entitle its holder to receive, for a period of four years from the effective date, one new common share automatically and for no additional consideration upon the 20-day volume-weighted average trading price reaching $12, as further described in the circular. The warrants will be governed by the terms of a warrant indenture, to be dated Feb. 29, 2008, between new Tembec and Computershare in Montreal, as trustee. The warrant indenture will provide for appropriate adjustments to the warrants in the event of stock dividends, subdivisions, consolidations and other forms of capital reorganization.
Refer to the circular for further details on the provisions of the new common shares and warrants.
In between meetings and noticed the volume
Would like to see end-of-day summary with buys and sells.
It's almost as if, someone is trying to unwind every single buy and sell that they have done over the past two years.
Tembec Warrants - FYI (by-pass trade to hold at $0.41 and larger than normal volume)
15:07:23 T 0.42 0.01 129 36 Latimer 79 CIBC E
14:23:02 T 0.42 0.01 12 36 Latimer 80 National Bank E
12:00:30 T 0.42 0.01 389 36 Latimer 80 National Bank E
11:31:00 T 0.41 0.01 259 36 Latimer 9 BMO Nesbitt E
10:49:49 T 0.41 0.01 4,500 79 CIBC 7 TD Sec K
10:48:57 T 0.415 0.015 2,500 36 Latimer 7 TD Sec K
09:34:28 T 0.46 0.10 129 36 Latimer 9 BMO Nesbitt E
09:31:01 T 0.45 0.10 389 36 Latimer 80 National Bank E
09:30:00 T 0.40 0.10 324 36 Latimer 19 Desjardins E
09:30:00 T 0.50 0.10 2,500 7 TD Sec 79 CIBC K
Tembec shares up again big -- anonymous and Cannacord big buyers.
With this kind of volume,
it wouldn't surprise me if someone has filed a 13D. But no time now -- I will look into it tonight.
Industry News - not related to the day's trade.
I am only in for a few moments, but will check back later tonight. I am sure the mm's are churning over their own shares multiple times today. Though, I do think the sign has been given to the mm's to do something, given the open at the high of the day, then down to the 50-day, then past the open and the previous high. Their typically bullish sign to eachother.
Article below -- mentions biomass in Nova Scotia.
Nova Scotia announces new strategic directions for forest management
December 1st, 2010 | Posted in Guidelines & Legislation No comments »
The Nova Scotia government has announced 6 strategic directions for forestry in the province.
The strategic policy directions are:
Reduce the proportion of wood harvested by clear cutting to no more than 50% of all forest harvests over a five-year period. Commercial harvests will be registered with the Department of Natural Resources and progress will be reported annually.
Prohibit removing whole trees from the forest site to maintain woody debris, which is important for soil and biodiversity management and is consistent with the province’s Renewable Electricity Plan. Christmas tree harvesting will be exempt.
Public funds will not go toward herbicide spraying for forestry.
Private land owners will not need management plans to harvest their woodlots for non-commercial energy use.
Analyze options for a provincewide annual allowable cut to limit total harvested amounts.
Incorporate forest biomass harvest requirements in the Code of Forest Practice and, as stated in the Renewable Electricity Plan, revise regulations to ensure commercial users of biomass for energy or fuel production are registered buyers and subject to the same rules as the forest industry.
The Nova Scotia government is making these changes to better protect our forests, secure good jobs, and to ensure that Nova Scotia’s forest industry remains competitive.
“We are charting a new course that enables Nova Scotians to make a good living from our natural resources while ensuring future generations can enjoy similar benefits,” said Natural Resources Minister John MacDonell. “These strategic directions will bring positive changes to our forests and guide the forest industry to managing them sustainably.”
The Mi’kmaq and key stakeholders will be invited to provide input before the policies are finalized. Rules and guidelines to support these directions will become part of the next steps in the strategy process.
“Now that we’ve explained what we’re going to do, we will be meeting with the Mi’kmaq, small woodlot owner representatives, the large mills and non-government environmental organizations for input on how we’re going to achieve the strategic directions,” said Mr. MacDonell. “We also have an agreed to consultation process with the Mi’kmaq of Nova Scotia and we will be using that to consult with them.”
Rex Veinot, a small private woodlot owner in Maplewood, Lunenburg Co. and two-time winner of the Woodlot Owner of the Year award, welcomed the new strategic directions.
“Small woodlot owners who want to practice sustainable forest management will welcome these changes,” said Mr. Veinot. “Many small woodlot colleagues practice uneven-aged management, while recognizing that clear-cutting is necessary in some stands, but not at the rate that has occurred in the past.”
The Nova Scotia Department of Natural Resources is in the final phase of writing the natural resources strategy. The forest policy framework and more information is available at gov.ns.ca/natr
Lumber is rocking in early trade.
Thanks emailjanum.
I read your this morning. Thought I may hav answered it with my earlier post.
This is the first time I have been in since.
I don't know the answer.
$CDW Chart
ABWTQ Chart.
Maybe an attempt by ARCA to cover -- or someone else.
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Late buying by Canaccord to keep Tembec going on the day. Tembec warrants finally caught a bid at $0.40 by $0.49.
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It makes sense for someone to come in and buy 5,000,000 shares (no SEC filing required to my knowledge), then bid $1.00 -- $55,000,000 -- leave open for a month and honoring the signed BK confirmation. If someone else comes in and offers $1.50 -- that original party makes $2,500,000 pretty quick.
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lumber moving higher in after hours -- $lumber chart looks to complete triangle and will move higher into the new year. weekly still looks good. Sell pulp and buy lumber hedges need to be unwound at some point.
Lumber = replacement cost of a new home = cost more to build = therefore buy used for some period of time.
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Canada in big trouble == banks warnin g of over-extension.
Looks that way -- for now
Terminal Shorts -- even though the SEC and others may not enforce (48 days now), it is still illegal. Which means that over the next 7 years, among other evidence, those who hold will likely get all of their investment back.
Falling Cdn Dollar -- and chart for $CDW suggest that penny players may be in it for as long as they can. Though some of these guys are so desparate that they play with a couple hundred dollars -- I call them college students.
Naked shorts -- my understanding is that cancellation gets anyone away from the 5% filing rule. Which means anyone can buy as many shares as they like and make an offer.
If it is Tembec -- maybe they acquire 4 million shares (avg. cost 0f $0.15) and then make an offer to acquire all shares for $1.00 -- leave it open for a month (Dynegy/Blackstone type) -- and stand by the BK Process confirmed plan.
Or maybe someone acquires 5% -- (same as above) -- fires management who supposedly gets 8.5% of newco -- then inserts themselves into the picture using the 8.5% under the confirmed plan.
Or maybe someone offers a higher number, in an attempt to get Fairfax to convert at over ten -- then they get out.
Lumber -- looks to me like its going higher and other hedges (on pulp, etc.) being reduced.
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Out for the rest of the day.
to Invest all my $100 or not -- big deal.
You have better odds at a Casino. Black or Red (50% chance of a win). Blackjack -- put $100 down -- win -- double your money.
Show us that you actually know this company or its assets -- or are you just trading on technicals.
Thank you.
Why Withdraw?
Good question. But I think that, as usual, there was just something that was not factually correct.
BTW -- anyone seen a hard date for emergence. everything I have seen is "in December" or "in early December". Most assume December 1st. Tomorrow is the first day of delivery for the November Lumber Contract -- so timing appears to be on target.
I do not know if other LT shareholders have sold (even with all of the naked shorts). No SEC filings for Far East, yet.
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If there is an offer from a vulture fund (or Tembec or others) -- I can see it as a strategy, wherby the price quickly runs to $10.00 per share where Fairfax is forced to convert, then they hold a large stake automatically. Take private or re-sale.
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As far as the w/d -- it could be as simple as the Supreme Court of Canada reviewing the Nfld case.
ABWTQ - noticed this article on Forest Talk
On the NFLD / Larbr. Deal. Any comments?
Not sure if this changes anything?
Supreme Court of Canada agrees to hear Newfoundland and Labrador’s appeal
November 26th, 2010 | Posted in Misc. No comments »
The Supreme Court of Canada has agreed to hear Newfoundland and Labrador‘s appeal concerning the environmental cleanup ruling regarding former AbitibiBowater properties.
The province of Newfoundland and Labrador originally wanted to become a secured creditor of AbitibiBowater to ensure the company paid for the environmental cleanup of sites it once owned in the province. The Quebec Court of Appeal refused to hear the appeal.
There are 5 sites in Newfoundland that require environmental clean-up. AbitibiBowater operated on these sites between 1905 and 2008, including the Grand Falls – Windsor mill site that was expropriated by the provincial government. The clean-up is estimated to be hundreds of millions of dollars.
The province of Newfoundland and Labrador wants the Supreme Court to determine key issues of public importance related to the creditor protection process under which the initial ruling was made.
In particular, it said the court needs to decide if a debtor’s statutory duty to remove environmental contamination is “extinguished” under the Companies’ Creditors Arrangement Act, like a commercial debt.
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Thanks for sending this as a reminder
Not that it really matters as well, but Barclays, and J.P. Morgan continue to be big mm's on Tembec (a small Canadian Company -- relatively speaking). Why? Buyers at almost every technical point, along with Anonymous, BMO, GMP and Desjardins -- Canaccord was also big this week past.
Tembec Warrants
Recent Trades - All 2 today
Time ET Ex Price Change Volume Buyer Seller Markers
13:26:12 T 0.38 -0.05 103 36 Latimer 79 CIBC E
13:17:21 T 0.40 -0.05 2,000 36 Latimer 7 TD Sec KL
Wayzata recently did a Private sale on some of its non-direct warrants ($12.00 exercisable under certain conditions, including a filing of a POR). Identified on SEDAR and Canadian Insider. Why private deal. There are 11 mil;lion warrants o/s.
Close of tembec warrants was $0.40 on Friday. Close of ABWTQ was $0.039 on Friday.
Tembec has yet to formally announce their two transactions pre-announced during conference call).
Market Activity
Had a very quick moment to post. Was on the phone with some traders and thought I would post their thoughts.
Apparently, a lot is happening with the Dynegy situation. There was some story that broke that Blackstone may have undervalued some generation assets that were to be sold to NRG. That deal is not happening -- but there is some talk of ethics violations and there are many lawyers looking over things now.
So maybe ABWTQ is trading in sympathy for same.
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Back-in tonight. best wishes.
Share Certificates.
In a previous note to the board, I made some comments. Emailjanum's solicitation for share certificates is likely on the same track as me. I cannot tell you why at this time.
That said, in the very short-term -- setting your sell price (limit order at $25 per share) accomplishes the same thing.
Generally, people wait until after it stops trading (completely)to ask for delivery of the certificates (joke is for wallpaper or whatever).
All I will say is that following ABWTQ's comments -- about disclosure -- and the marketplace -- in court -- well you see where I am going with this.
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Out for the rest of the day -- sorry I cannot follow this board -- but I will read up tonight.