Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
For the transaction. Objectively, it is a great deal that can only boost the company. In addition, as we keep the expertise in place, by its management, the Cie will surely develop greater challenges. I do not know the Asian buyer, but if they are like M Watsa, it is surely good people, who will be able to benefit the interest of the shareholder.
It is really unfair, for us, all the former shareholders of the CIE (ABWTQ) to have nothing for this transactions. It would not have been very expensive to compensate for us. Faithful employee and shareholder, for 40 years, and to see that an elite make so much money, is frustrating and scandalous. Our capitalist democracies must stop destroying small shareholders by their weapons of mass destruction (CDS), because ethics is the only virtue, which our world needs most, to dominate the global economy. If not, authoritarian regimes will be right for our unscrupulous and devastating ideology.
It is outrageous to have destroyed its shareholders, when we see our company doing so much money. We are The Griswolds Family with a bad boss. Surely no bonus again for Christmas! Must laugh! Happy party, anyway, to all my friends, who worked very hard for their money. The Lord will give you what you deserve better. That he bless all your families and gives you health and happiness, it is the most important in the life.
Clark
I do not know but the title is very undervalued. Considering a US economy at the outflow of pandemic, with a growth of 6% of PIB, timber prices should still be at a good level, due to strong demand. Finally, we can conclude that the CIE benefits from this crisis, and again, which will allow it to strengthen its restructuring. That is, that factory closures like Comeau Bay and AMOS, will allow CIE to cut its losses in the decline of paper, and enjoy, delightful subsidies, to develop new revolutionary products.
Full-year production is expected to rise by 7 per cent.
FP/wire say Resolute Forest takes hit for Q1 miss
2021-04-30 09:47 ET - In the News
The Financial Post reports in its Friday edition that lumber demand is so strong that Resolute Forest Products' order book exceeds its inventory, according to chief executive officer Remi Lalonde. A Bloomberg dispatch to the Post says that after trucking and rail car shortages hampered shipments during the first quarter, Resolute is now holding extra inventories at a time of record wood prices, Mr. Lalonde told analysts on a conference call Thursday. Still, even those stockpiles are not enough to satisfy the North American building boom, so Resolute is increasing output. Full-year production is expected to rise by 7 per cent. Lumber futures have surged 85 per cent this year on sky-high demand from home builders and remodellers. "We're selling volume that we haven't sawed yet," the CEO said. The inventory rise during a price rally was "kind of a happy accident." Investors punished Montreal-based Resolute for posting adjusted per-share profit that trailed every analyst estimate compiled by Bloomberg. Executives cited transport snags for the underperformance. To boost output, Resolute restarted an Ontario mill idle for two years, as well as one in Arkansas. Resolute closed Thursday at $16.12, down $2.95 in Toronto.
© 2021 Canjex Publishing Ltd. All rights reserved.
https://www.stockwatch.com/News/Item/Z-C!RFP-3072285/C/RFP
Since Mr. Garneau handed over to the rails, this company has more than the wind in the sails. I see it at $ 50 within 2 years, because its products will know a strong demand.
I am happy with the results for you. But bitter because we, former shareholders of Abitibibowater, were stripped of our shares. It is unfair and deplorable on the part of a governance that has not worked for the respect of ALL its shareholders. Even if they reach the sky of the limit, their blessing is not necessarily acquired. Good luck to all and be careful in your faith
Appalaches Announces Closing of the Second Tranche of Its US$10 M Loan Financing Secured for Gold Production at Dufferin Mine
http://www.marketwired.com/press-release/appalaches-announces-closing-second-tranche-its-us10-m-loan-financing-secured-gold-production-tsx-venture-app-1857892.htm
RIMOUSKI, QUEBEC--(Marketwired - Dec. 2, 2013) - Ressources Appalaches (TSX VENTURE:APP)(FRANKFURT:OU3) is pleased to announce the closing (the "Closing") of the second tranche of its previously announced loan financing of US$10 M provided by New York based Lascaux Resource Capital Partners, LLC. A first tranche ("Tranche A") of US$2.5 M, less third party fees and expenses, was advanced to the Company in May 2013 and the second tranche ("Tranche B") of US$7.5 M, less prepaid interest of US$800,000, a structuring payment of US$300,000 and other third party fees and expenses, was advanced at Closing.
Path to Production
The loan financing of US$10 M is expected to provide sufficient funds to complete the refurbishment of the Dufferin Mine and advance the project to gold production. Start of commissioning is currently projected for approximately 4 months, with another 4 months of mining & milling ramp-up operations.
The targeted first stage of production stands at 300 tonnes per day (TPD). This targeted output was reviewed by MineTech International as part of the financing due diligence process.
Financing Details
The financing of US$10 M, is being made through an Ontario limited partnership (the "Ontario LP"). The financing will bear interest at a rate of 8% per annum starting the 9th month after Tranche B is advanced and is payable in cash. The financing is amortized by the delivery of a total of 10,125 ounces of gold over a period of 27 months starting the 9th month following the advance of Tranche B.
In consideration for the financing, the Company issued 1,000,000 shares to the Ontario LP in May 2013 and issued an additional 3,500,000 shares to the Ontario LP at Closing of Tranche B.
The financing, which is secured by the Company's assets, will be used to resume gold production at the Dufferin Mine project in Nova Scotia (see press releases of November 28, 2012 and March 4, 2013).
The Company has entered into an off-take agreement with the Ontario LP for all production from the Dufferin Mine on market based pricing. The Company will have the option to buy back the off-take for US$2 M one year after the fulfillment of the 10,125 ounces of gold deliveries.
Axiom Capital Management Inc. a broker-dealer based in New York, is receiving a finder's fee consisting of an aggregate 5,000,000 shares of the Company, of which 2,000,000 shares were issued in May 2013 and 3,000,000 shares were issued at Closing, and cash equal to 5% of the amount advanced under the Loan.
About MineTech International
MineTech International Limited has served the Canadian and International mining markets since its founding in 1989. Staffed by experienced engineers and geologists, it is located in Halifax, Canada.
MineTech is an independent, employee-owned consultancy capable of delivering professional results for a wide range of mining and geological problems, including assistance with mine exploration, design, permitting and operations.
About Lascaux Resource Capital Partners, LLC
Lascaux Resource Capital Partners, LLC is the general partner of Lascaux Resource Capital Fund I L.P. which is dedicated to providing production based financing to enable smaller mining companies to put their assets into production.
About Ressources Appalaches
Since it was created in 1994, the goal of Ressources Appalaches has been to discover and develop deposits of base and precious metals in Canada with an expertise targeted towards the Appalachian geological formation in Québec and Nova Scotia. The Company is mainly focused on the exploration and development of the Dufferin Gold Mine in Nova Scotia.
Photos of the Dufferin Mine and tis facilities are available on the Company's website at: www.ressourcesappalaches.com.
The above mining & milling information of this release have been verified by MineTech International's Patrick Hannon, M.A.Sc., P.Eng. and Douglas Roy, M.A.Sc., P.Eng., both reviewers are independent of Ressources Appalaches.
The contents of this press release were prepared and reviewed by Alain Hupé, Eng. a Qualified Person as defined in NI 43-101. Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts any responsibility for the adequacy or accuracy of this release.
This press release may contain forward-looking statements that include elements of risk and uncertainty. Consequently, actual results may differ substantially from those anticipated in such statements. These risks and uncertainties are described in the quarterly and annual reports, and in the documents submitted to the securities administration.
Contact Information
Alain Hupe, Eng.
President
418-724-0901
info@ressourcesappalaches.com
Jean-Claude Morel
Executive Vice-President & COO
418-724-0901
info@ressourcesappalaches.com
Post says Appalaches Resources set to receive gold loan
2013-11-28 09:14 ET - In the News
The Financial Post reports in its Thursday edition the stage has been set for the rebirth of the gold mining industry in Nova Scotia. The Post's Barry Critchley, writing in Off the Record, says five years after outlaying $4-million purchasing the Dufferin gold mine in Nova Scotia, Appalaches Resources has now been issued with the final permit. As a result, the company can now move from being a gold explorer to a gold producer. "It's very exciting," said Alain Hupe, chief executive officer. On Friday the company will explain its plans to investors at a ceremony. More importantly the provincial government permit means that the company will receive the final installment of a $10-million gold loan from New York's Lascaux Resource Capital Partners, LLC (all figures U.S.). The first instalment of $2.5-million was received when the agreement was signed last May. Receiving the $7.5 million will allow the company to refurbish the Dufferin mine that has been largely shut for more than a decade and advance the project to gold production. Before production gets under way, the company will hire additional employees. Mr. Hupe said that by the middle of next year, 300 tons of ore is expected to be put through the mill.
Appalaches Resources receives final permit for Dufferin
2013-11-27 12:13 ET - News Release
Mr. Alain Hupe reports
RESSOURCES APPALACHES FULLY PERMITTED FOR GOLD PRODUCTION
Appalaches Resources Inc. is fully permitted to proceed with gold production at its 100-per-cent-owned Dufferin mine project in Nova Scotia. Today the company received the final permit, the industrial approval, from the provincial authorities.
Alain Hupe, president and chief executive officer of Appalaches Resources, reports: "The issuance of the industrial approval has an enormous importance, allowing Appalaches Resources to go from an exploration company to a gold producer company in a short period of time."
The receipt of the industrial approval along with the technical due diligence completes the most substantial conditions precedent for the funding of $7.5-million (U.S.) under Appalaches Resources' current gold prepay facility. The lender's technical team reported last month that it was satisfied with Appalaches Resources' Dufferin mine gold mine plan documents (mine report, mine plan, surface and underground electrical installation plan, ground control procedures, and ventilation plan), economic model, operating cost estimates and capital cost estimates (see press release of Oct. 30, 2013).
Funding conditions precedent are nearing completion
The company is working to complete all legal conditions precedent required to be satisfied in order for the remaining $7.5-million (U.S.) to be released to Appalaches Resources. The $7.5-million (U.S.) advance is expected to provide the required funds to complete the refurbishment and relaunch gold production at the Dufferin mine (see press release of May 8, 2013).
The signing of the loan documents and advance of funds is expected to occur shortly. Start of commissioning is projected four months after the receipt of funds, with another four months required for initial mining and milling ramp-up of operations to steady state production.
Final recruitment process
Over the course of the past few weeks the company has commenced the final selection and hiring process for the remaining approximately 54 positions to be filled in order to resume gold production at its Dufferin mine. To date, the company has received more than 950 applications for the following positions:
Mine technicians/junior mining;
Mill superintendent engineers;
Underground boss;
Millwrights/trades mechanics;
Senior assayer;
Process boss and process operators;
Underground miners;
Assay lab staff;
Electricians;
Underground mechanic;
Site services technicians;
Security personnel;
Administrative assistants;
Finance clerks.
The sizable number of applicants will enable the company to continue its very competitive selection process. This progression will increase the opportunities of hiring the most qualified applicants to join the Dufferin mine team.
Webcast
The company will host a conference call and webcast on Friday, Nov. 29, 2013, at 11 a.m. Eastern Time to discuss the details concerning the industrial approval permitting, the second tranche of the loan and provide a development update.
Webcast and call-in details are as indicated.
The audio feed call-in details for people who cannot attend the on-line webcast is as follows:
Canada: 1-647-497-9409; code 746-338-121
United States: 1-516-453-0014; code 746-338-121
Germany: 49-0-811-8899-6999; code 746-338-121
United Kingdom: 44-20-7151-1848; code 746-338-121
A replay of the webcast will be available on the company website from Nov. 29, 2013, until Dec. 15, 2013.
Tracking the company's progress
The company's website is being updated actively with all of its news and project updates.
The company's Twitter account is being used to update any and all subscribers. Subscribe now to get your 140-character updates as the company progresses.
The contents of this press release were prepared and reviewed by Alain Hupe, Eng, a qualified person as defined in National Instrument 43-101.
We seek Safe Harbor.
http://www.stockwatch.com/News/Item.aspx?bid=Z-C:APP-2126459&symbol=APP&news_region=C
© 2013 Canjex Publishing Ltd. All rights reserved.
My last post on this topic.
To close and understand all this bankruptcy. It is interesting to read the work of the University of Montreal in the case of bankruptcy AbitibiBowater.
The report of L'UQAM said that the merger, bankruptcy and restructuring are an indivisible whole to meet the financialization of the company by a transfer of risk to workers and communities while allowing redefine greater wealth for a new class of speculative investors (Between us, it means that everything was arranged (Financialization = CDS)). And in his, finding, they say, well, that bankruptcy has been endorsed by a State policy, the Québec government to restructure its forest sector
http://interventionseconomiques.revues.org/1594?lang=en#article-1594
APP.V Seems interesting. $10-million (U.S.) loan financing
www.ressourcesappalachestv.com
2013-05-08 09:07 ET - News Release
Mr. Alain Hupe reports
RESSOURCES APPALACHES INC.: US $10 M LOAN FINANCING SECURED FOR GOLD PRODUCTION AT DUFFERIN MINE
Appalaches Resources Inc. has closed its previously announced loan financing of $10-million (U.S.) provided by New York-based Lascaux Resource Capital Partners LLC. A first tranche ("Tranche A") of US $2.5 M, less fees and expenses, was advanced to the Company at Closing and the second tranche ("Tranche B") of US $7.5 M will be advanced upon certain specific conditions being satisfied, namely an updated technical report of the Dufferin Mine including the detailed mine plan and obtaining the remaining production approval with respect thereto within the next 9 months.
Path to Production
The loan financing of US $10 M will provide sufficient funds to complete the refurbishment of the Dufferin Mine and advance the project to gold production. Start of commissioning is projected for 4 months after the funding of Tranche B, with another 4 months of mining & milling ramp-up operations.
The targeted first stage of production stands at 300 tonnes per day (TPD). This targeted output was reviewed by MineTech International as part of the financing due diligence process and is subject to the finalization of the mine plan. A NI 43-101 compliant feasibility study has not been completed and there is no certainty the proposed operation will be economically viable.
Financing Details
The financing of US $10 M, is being made through an Ontario limited partnership (the "Ontario LP"). The financing will bear interest at a rate of 8% per annum starting the 9th month after Tranche B is advanced and is payable in cash. The financing is amortized by the delivery of a total of 10,125 ounces of gold over a period of 27 months starting the 9th month following the advance of Tranche B. Prepaid interest of US $800,000 and structuring fees of US $300,000 are also payable upon the advance of Tranche B.
In consideration for the financing, the Company issued 1,000,000 shares to the Ontario LP at Closing and will issue an additional 3,500,000 shares to the Ontario LP upon the advance of Tranche B.
The financing, which is secured by the Company's assets, will be used to resume gold production at the Dufferin Mine project in Nova Scotia (see press releases of November 28, 2012 and March 4, 2013).
The Company has entered into an off-take agreement with the Ontario LP for all production from the Dufferin Mine on market based pricing. The Company will have the option to buy back the off-take for US $2 M one year after the fulfillment of the 10,125 ounces of gold deliveries.
Axiom Capital Management Inc. a broker-dealer based in New York, is receiving a finder's fee consisting of 2,000,000 shares of the Company at closing, 3,000,000 shares upon the advance of Tranche B and cash equal to 5% of the amount advanced under the Loan.
May be this one is watching?
Ressources Appalaches Receives the Draft Loan Agreement of US $10 Million to Advance its Dufferin Mine Project to Production
http://tmx.quotemedia.com/article.php?newsid=58464110&qm_symbol=APP
This must mean that Due Diligence is all done...
Next big news should be that the money is in the bank..
Hold on tight, ride is going to be exciting
Read more at http://www.stockhouse.com/bullboards/messagedetail.aspx?p=0&m=32266439&l=0&r=0&s=APP&t=LIST#qRvLqdtDJ7tzuyKP.99
Watch this one. CXT.V Creso drills 36.5 m of 5.13 g/t Au at Shining Tree.
2013-01-24 14:48 ET - News Release
Mr. Pierre Gauthier reports
CRESO ANNOUNCES DRILLING RESULTS ON THE MINTO PROPERTY
Creso Exploration Inc. has released results from its latest drill program completed on the Minto gold property located in the Shining Tree area of northeastern Ontario.
Highlights include 5.13 grams per tonne gold over 36.5 metres, 2.53 g/t Au over 35.7 m, 1.94 g/t Au over 20.55 m, 17.5 g/t over 1.4 m and 18.4 g/t over 0.70 m.
A total of six diamond drill holes, totalling 1,076 metres, were completed in December of 2012. The company has mandated Roscoe Postle Associates Inc. to complete a review of the drilling and a letter report on the Minto property.
GOLD ASSAY RESULTS HIGHLIGHTS FROM DRILL HOLES CM12-01 TO CM12-06
Hole ID From To Interval (i) Au
(m) (m) (m) g/t
CM12-01 140.5 141.2 0.7 18.4
CM12-02 24.9 61.4 36.5 5.13
CM12-03 24.6 60.3 35.7 2.53
66 67.4 1.4 17.5
CM12-04 40.2 60.75 20.55 1.94
66.1 66.95 0.85 4.43
CM12-05 No significant results
CM12-06 No significant results
(i) Intervals represent core lengths and not true width.
The Minto gold-rich breccia lies in a north-south deformation corridor intersected by east-west structures. Holes CM12-01 to CM12-04 tested the southern portion of the property in an area where a recent compilation had indicated strong similarities with the northern portion of the Minto property, which previously returned 18.2 g/t over 65.7 m in the upper body and 13.3 g/t Au over 82.5 m in the lower body (see press release of Aug. 9, 2010). Holes CM12-05 and CM12-06 tested the eastern portion of the property and are considered as exploratory drill holes.
On the Duggan property, a five-drill-hole, 1,117-metre drilling program which aimed at extending the mineralized body along the 370-metre north-trending zone was recently completed, and results are pending. The gold mineralization at Duggan is developed along a broad north-trending zone of subparallel shears where drilling has intersected in the past 1.52 g/t Au over 75.5 m (see press release of June 8, 2011).
Creso Exploration's quality assurance/quality control procedures follow standard industry practices. Sealed core boxes are transported once daily from the drill rig to the core logging facility by qualified drill contractor personnel. Core is logged and prepared for sampling in a secure building. Sample intervals are selected according to geologic contacts, visible mineralization and alteration. Drill core is cut along a centre line using a typical rock saw designed for core cutting. Sampled core is placed into sample bags, sealed and shipped to an assay lab that follows ISO 9000 series of quality management standards. All samples were analyzed for gold and other trace elements at AGAT Laboratories by standard industry procedures. These procedures include gold by fire assay-ICP-OES finish (202062) and silver by aqua regia digest-AAS finish (201025). Multielement analysis is done by a lithium borate fusion with XRF finish (201676).
Blank and certified standard samples are routinely submitted with all sample batches sent to the lab for assay. In addition, replicates, duplicates and field duplicates are routinely included in sample batches. Samples with visible gold are analyzed with procedures designed to reduce the variability of the sample results. Finally, samples are routinely sent to other labs for additional checks.
This press release has been reviewed and approved by Michael White, MSc, PGeo, the qualified person under National Instrument 43-101.
We seek Safe Harbor.
http://www.stockwatch.com/News/Item.aspx?bid=Z-C:CXT-2034340&symbol=CXT&news_region=C
An other case Shareholders For Justice.
http://jimymac.blogs.com/shareholdersforjustice/
Legislation on the case, AbitibiBowater, at Parliament of Quebec. Mr. Rebello keeps his word.
At the Adoption of the Law 7 Parliament of Quebec. The case of AbitibiBowater has been cited as an example. Here is an excerpt below. Maybe this can help you. Also was present, the AMF, I believe, is the equivalent of the SEC in Canada. Both SEC and AMF authorities, speak every week. I can not believe that the investigation be completed on this fraud. When one mentions such an anomaly in a parliament and that we pass legislation to prevent such fraud, It's that the former shareholders of AbitibiBowater are the victim of this planning by management.
Important question? 1) Have you received your notice of hearing?
2) Do we have still time for a class action?
-----------------------------------------------------------------
http://www.assnat.qc.ca/fr/travaux-parlementaires/commissions/cfp-39-2/journal-debats/CFP-111121.html
The second proposal we do is in section 43 of Bill 7, the bottom is to ensure that frames ... that's compared to the conflict of interest, the first point I have brought you to the beginning of the session today, the importance of framing the conflict of interest in the detention of products.
Basically, what we propose is to specify that a person can not hold securities, derivatives in an amount sufficient to come to place a conflict of interest with respect to its power restructuring in the company. We had taken as an example. AbitibiBowater, which bondholders who had a say in the restructuring could also hold "credit default swap" that were betting on the collapse of the company in an amount sufficient to influence their future votes on restructuring . That's what prompted doubts about the decision that was made in restructuring Abitibitibibowater. But in the media, it was noted that a significant portion of bondholders could hold also in large quantities of "credit default swap." So we propose to add a fourth item of Article 43, right, which states, (it looks like: By inserting at the end of paragraph 11, the following: "It must limit the holding of derivatives risk of default, "credit default swap" on the company to a person who also has securities with a restructuring of the power company as creditors, shareholders holding more than 1% of the company and a fund or another company in connection with an administrator in order to prevent there being more interest in the failure of the company.) So that's the proposal we made, just to clarify in the bottom Article 43 the principle we want to prevent the owner of "credit default swap" is a conflict of interest in the company. So, it submits that the Second Amendment to the minister and hope he will be able to watch it with his team and then come back with an opinion on it. With that, I will ask the President if it were possible to take a short break to go to the bathroom.
Mr. Rebello: ... to ensure that these people are in conflict of interest in the restructuring of a company. It seems appropriate that it be done. Because right now it is not clear who should do it. In fact, there is no one who looks at it right now. Then the only actor who could really do it, the AMF <T>. Ensure that, when there is transaction ... For example, suppose that there is a transaction of a significant amount of "credit default swaps" based on ... that focus on the fall of any business. Well, the two actors who make this transaction there, one who sells and who buys that product have necessarily a situation of interest versus the company. It should be ensured that there is nobody in there is a conflict of interest, that is to say that his interest in relation to its "credit default swaps" that holds would the ... as opposed to its interests as a shareholder or creditor. That's right, that is the objective. I think the minister will also .
This is one question that is on the agenda in the U.S. right now. The SEC consult on legislation called Dodd-Frank. Then one component in this regulation is precisely to know is do we have to limit ... we must frame the famous CDS, credit-default swaps. We in Quebec, I think we had better ask the question too. Of course, we can not do it alone, then these regulations. We must act together with others. But I think to follow that debate is very timely, especially in the context where we, we have large companies such as Abitibibowater, which are very important business here, which ... with thousands of jobs, and who find themselves victims sometimes a little of the reality of financial markets. That is to say that the company executives can not just act in the direction to produce the best product at the best price and then sell it. They must also act in the interests of their board of directors and shareholders who are represented. So it's important to look at these issues not to be just one of the victims of this.
Here You Go: It's Over. We're done folks.
Posted 2011-11-21 11:14
by Karl Denninger
in Editorial
Here You Go: It's Over
http://market-ticker.org/akcs-www?singlepost=2790911
We're done folks.
CNBC is reporting that there are now clients running out of the markets entirely because they do not believe their customer funds are safe.
That's the end of it. The belief that there are more MF Globals has now taken hold. The thieves have pushed it too far and now we've got the start of a global liquidity run, and with good reason.
The authorities both in the regulatory side and on the prosecutorial side have refused to put a stop to the thievery and now the risk factors have turned into realized risk.
The market is done folks. You can be right but if you make your bet in the markets, are right, and then get screwed anyway when someone steals the money and nobody goes to jail there comes a time when people begin to understand that it can happen to them and will unless they depart the market.
We're there folks.
Oh sure, there will be rallies and there will be selloffs. But there is no longer a market, there is no longer a thing to trade, and there is no longer a reason to believe that superior analysis will lead to profit or even safety.
This isn't just about speculators - it is also about farmers, shippers, airlines, manufacturing concerns, everyone in business who has a need to hedge.
More than four years ago I said that the government had to step in and demand that both off-balance sheet games be ended permanently and in all forms and that all derivatives had to be put on an exchange, without exception, and that every dollar of underwater position had to be backed by an actual dollar of capital in real money, held and known to be safe.
The regulators refused and now it appears that what was put up on a regulated exchange was effectively stolen.
Well folks, then none of your investment accounts -- not your IRA, 401k, not even your bank account -- is safe.
Diversification is a strategy but the risk remains. It is up to you to decide how much you're willing to risk losing to a crook. If the answer is "none" or you cannot reduce the at-risk portion of your assets to what you're willing to lose to fraud then you can no longer participate in the market at all, in any form, nor even do business with a bank.
That sucks, but it is what it is and if this meme spreads -- and it will until it's stopped -- we run the risk of a "sudden stop" economic event.
I hope you're ready for it -- I am to the best of my ability, and you ought to be.
Governments must stop the abuse.
Thank you, best case, where our governments are deadlocked at the abuse of a dying capitalism.
They should punish the abusers who use a law that is made to help companies in difficulty and not for it serves to defraud honest people who believe in justice and a capitalist, industrial standard, and healthy environment for the enrichment of our country.
The problem is that capitalism is sick by his philosophical transformation of INDUSTRIAL capitalism to that of FINANCIER which this latter is no longer focused on the healthy development of industry and wealth sharing, but rather, that of financial speculation, which feeds on the destruction of the economy and fraud authenticated by its power.
That's it, that it must be understood in the case of AbitibiBowater, speculation by CDS caused the bankruptcy of AbitibiBowater, because it was more profitable for creditors to take this path rather that to save the company. Mr. Rebello has denounced, Soros and Buffet too. This is what, we call conflict of interest from the management of the company and issues of governance and transparency.
Thus, the management was rewarded for this destruction because the system only plays the game with a mechanical restructuring of management and protection regulated by law 11 and whose possibility of verification seems almost nil.
However, by the abuse of this system, both by CDS speculation and illegal trading Shornaked, and before the complaints pile up, the judges will be tougher to deal with complaints. And even more, as there is now a mass denunciation of this system, the courts of appeal is now under pressure. Thus it must do justice to counter it abuse.
Thus, the panels of judges who will rule on such cases as AbitibiBowater will be infinitely cautious to finally to give justice for all those who have been swindled by such financial scams. The people waiting for the real verdict, because Obama is now susceptible for all, what is happening, and has promised reforms. They have all in the hands at this case, of Abitibibowater, to replace it on the good road.
It is not by changing its name that can fix everything. At least that it be really RESOLU?
Everyone knows the truth and governments must act.
Bankruptcy of AbitibiBowater, under the law 11, is legalized fraud. The question that arises is: Why management has opted for this option to solve the problems of financing of the company? Because it allowed them to have the same rewards, that in normal times, and in addition, to get rid of the old shareholders. So, bonus rewards, options and shares given in the emergence, plus bonuses retirement and all this without any penalty for mismanagement of management, who said all along that the restructuring that the company was worthless. What Mr. Rebello denounced Parliament of the Québec government.
So the LACC and the law 11 bankruptcy no longer have the credibility to judge a such cause as it encourages fraud legalized by legislation that protects and promotes the rewards of a mismanagement of Management
Thus, if only a living wage would be allowed in bankruptcy under the application of this law, and no bonus, option, distribution shares, or retirement incentive would be allowed during the restructuring, AbitibiBowater would not have gone bankrupt. This is what the government should understand. and that's the truth.
Consequently, Justice Canada and the U.S. government must act, because everybody knows it. This is for the survival of our world capitalism, which needs to be reformed. The CCAA and Chapter 11, are outdated because it can not prevent such scams. George Soros, Warren Buffet, the outraged Occupy Wall Street and lawmakers denounce it, too. So for a better capitalism, you must act in this case. We can not give rewards to a management that has not won ...........................
Message for Cyber-Investigators.
The U.S. government must cancel bonuses of 200 million that the management of AbitibiBowater they are paid during the restructuring, it is a shame. Like Fannie Mae, this is the indecency and the U.S. Senate must also act in this matter.
http://www.foxnews.com/politics/2011/11/01/republican-senator-calls-on-obama-to-cancel-fannie-mae-freddie-mac-bonuses/
In Canada, the bonus were disconcerting in commission parlementaire of the Quebec government. This failure has also been denounced by George Soros as a manipulation from placement CDS. http://www.francoisrebello.com/?p=1938
This was also denounced by MP François Rebello to Occupy Wallstreet in Montreal. http://www.cyberpresse.ca/debats/opinions/201110/17/01-4458120-de-lindignation-a-la-legislation.php
Mr. Garneau has set an example by giving up 1.7 million bonus while the company was in recovery. He leads by example and this is a big step for justice and balance of sound management.
Thus, the bonus during the restructuring are the indecency and must be seized and given to former shareholders of the company.
While this issue must be resolved for the morality of justice and a healthy development of world capitalism.
Bill C-21. BIG LAW.
Depending on the strength of this law, as I understand, if the shareholders of Alabama is successful on an accounting fraud on the part of management repair of all those shareholders who have been harmed would be automatically compensated.
The case is certainly not complete. The SEC, GRC and the AMF are exchanged communications on cases of fraud. May be Abitibibowater IS Resolute to repair.
New law taking effect Nov. 1 in Canada. BIG LAW.
http://www.justice.gc.ca/eng/news-nouv/nr-cp/2011/doc_32663.html
Backgrounder: White Collar Crime
Bill C-21 Standing Up for Victims of White-Collar Crime Act
The offence of fraud can include securities-related frauds such as Ponzi schemes and accounting frauds that overstate the value of securities. It also includes mass marketing fraud, mortgage and real estate fraud, and many other deceptive practices. There are always two elements that characterize fraud – deception or some other form of dishonest conduct, and depriving another person of their property or putting their property at risk.
Fraud can have a devastating impact on the lives of its victims, including loss of life savings and feelings of humiliation for having been deceived into voluntarily handing over their property. Bill C-21 the Standing Up for Victims of White-Collar Crime Act, amends the fraud provisions of the Criminal Code by providing tougher sentences for those who victimize citizens. Bill C-21 came into force on November 1, 2011.
Sentencing
This legislation will better ensure that sentencing for fraud, and in particular large-scale fraud, reflects the serious nature of the crime. These measures shape the sentence that can be imposed on the offender and include:
mandatory jail time of at least two years for fraud over $1 million regardless of the number of victims involved;
additional statutory aggravating factors that can be applied to sentencing in fraud cases such as:
if the offence had a significant impact on the victim, given the victim's particular circumstances, including his/her age, health and financial situation;
the offender concealing or destroying records relating to the fraud or the disbursement of proceeds of the fraud;
the offender failing to comply with applicable licensing rules or professional standards; and,
the magnitude, complexity, and duration of the fraud and the degree of planning that went into it.
allowing the court to impose a prohibition order to prevent the offender from having employment or working in a volunteer capacity that involves having authority over other people's money.
Restitution
Additional measures in the legislation improve the responsiveness of the justice system to meet the needs of victims of fraud through restitution and community impact statements. These amendments will increase the use of restitution orders in fraud cases by:
requiring judges to consider restitution from the offender in all cases of fraud involving an identified victim with ascertainable losses. Judges are now also required to provide reasons in cases where a victims has sought restitution but it has not been ordered;
requiring the Crown to advise the court if reasonable steps have been taken to provide victims with an opportunity to indicate whether they are seeking restitution for their readily ascertainable losses. This ensures that sentencing does not proceed without consideration of restitution or without an opportunity for victims to indicate to the Crown that they wish to seek restitution; and
providing victims with an optional form to indicate that they want the Crown to seek restitution from the offender and to set out their ascertainable losses.
Community Impact Statements
The Criminal Code currently provides that in determining the sentence to be imposed on an offender, judges must consider victim impact statements that have been submitted to the court. A victim impact statement is a written statement by a victim of crime that describes the harm done to them and, more generally, the effect or impact that the crime has had on his or her life.
In some fraud cases, the impact of the crime can extend to other persons and not only to those who have suffered direct financial losses. Therefore, a final measure under this Act explicitly allows courts to also consider Community Impact Statements. A Community Impact Statement may describe the losses suffered by the community, such as a neighbourhood association, business association or seniors group, as a result of the fraud.
-30-
Department of Justice Canada
November 2011
The time is now short. How long do we have?. Is that there are others who have managed to find a law firm. If so, can there be to inform us. Very important. Thank you, KFC44, It's always interesting of read you.
Movements Occupy Wall Street, in Montreal. Expose the bankruptcy of AbitibiBowater, and put into question the toxic investments CDS
Toxic financial products banned in Quebec? 14 octobre 2011 à 16h55
"The AMF should be the study of complex financial products and tell the SEC for example, in some cases, that product is not authorized for Quebec," he said.
Mr. Rebello has particularly against credit default swaps (credit default swaps or CDS), a product that allows investors to make money in business failures. He thinks that this product should be banned, but believes that the AMF should require a much greater transparency on the part of its holders.
In the case of bankruptcy of AbitibiBowater, there were $ 500 million and the directors of the company may have been able to hold, suggested by Mr. Rebello.
"In finance as in the sport, should not be allowed to bet against his team," he insists.
"When it came time to obtain the consent of the creditors of Bowater for the liquidity to avoid bankruptcy, almost half refused," he said, suggesting they may have an interest in bankruptcy occurs because they had CDS. No one could ever prove the veracity of this information.
http://tvanouvelles.ca/lcn/economie/archives/2011/10/20111014-165538.html
-----------------------------------------------------------------
Toxic financial products banned in Quebec?
While the movements Occupy Wall Street grows and spreads to Montreal and Toronto, a member of the Parti Québécois supports the Financial Markets Authority (AMF) should play a more proactive role in the supervision of financial products complex for sale by large financial New York and London.
In a letter of support for Quebec outrage against the financial system, the founder of Responsible Investment Group and member of La Prairie, François Rebello, says that the policeman Quebec market to assert its prerogatives and refusing, in some cases The marketing of a product when it is misunderstood or considered dangerous.
Contrary to popular belief, Mr. Rebello says that Quebec has the power to act on trade in securities.
"We have reciprocal agreements with other regulatory agencies. But we must ensure that their standards match ours, "he said.
"The AMF should be the study of complex financial products and tell the SEC for example, in some cases, that product is not authorized for Quebec," he said.
Mr. Rebello has particularly against credit default swaps (credit default swaps or CDS), a product that allows investors to make money in business failures. He thinks that this product should be banned, but believes that the AMF should require a much greater transparency on the part of its holders.
In the case of bankruptcy of AbitibiBowater, there were $ 500 million and the directors of the company may have been able to hold, suggested by Mr. Rebello.
"In finance as in the sport, should not be allowed to bet against his team," he insists.
"When it came time to obtain the consent of the creditors of Bowater for the liquidity to avoid bankruptcy, almost half refused," he said, suggesting they may have an interest in Bankruptcy occurs because they had CDS. No one could ever prove the veracity of this information.
Mr Rebello said that the commercial paper, which was so bad at the Caisse de depot et placement du Quebec, could be blocked by the AMF because it was too complex and poorly understood.
Joined by Silver, Sylvain Théberge, spokesman of the AMF, said that Quebec was one of the first states to adopt legislation governing derivatives, in February 2009. "We recognized it was a bit before the jungle, but the legal parameters governing derivatives have since been strengthened," he said.
Mr. Théberge has acknowledged that the MFA had never "blocked" the introduction of a derivative. To his knowledge, the AMF had never occurred either to ask the issuers of derivatives to make changes to their products before selling them in Quebec.
The Montreal Exchange is a mecca of derivative transactions in the world.
Name change. When you change your name, this is not you proud of your past. It is also a real shame for justice. The AMF and the SEC have not been hard on this issue. wallstreet protesters are right to denounce the financial capitalism. They have no morals, for anyone. The scam is the new standard. I hope that Peter has won. The problem is that this issue is political and disturb the government.
--------------------------------------------------------------
The AMF torpedo the MEDAC | Michel Girard | Girard Michael
Despite its limited financial resources, the MEDAC conducted titanic struggle against the exploitation of investors in the world of finance. That the monks of publicly traded companies are a dim view of the work of MEDAC, it is fair. But the AMF (AMF) decided to cut dramatically the food at MEDAC, there is a very bad omen for the protection of small investors.
No sooner does he come to replace Jean St-Gelais at the head of the Financial Markets Authority (AMF) that even the new president, Mario Albert, finds himself struggling with, I think, a very bad financial decision that may MEDAC kill.
http://lapresseaffaires.cyberpresse.ca/economie/energie-et-ressources/201110/11/01-4456059-abitibibowater-tourne-le-dos-a-son-lourd-passe.php?utm_categorieinterne=trafficdrivers&utm_contenuinterne=lapresseaffaires_LA5_nouvelles_98718_accueil_POS25
-------------------------------------------------------------
Mr. Béland, three other directors to tender their resignation: Monique Charland, Normand Caron and Louise Champoux-Paillé.
All these departures occur when the MEDAC must find new sources of funding. Last December, the Financial Markets Authority (AMF)
MÉDAC was an organization that could save us in class, but curiously, he cut subsidies. Finally may be a coincidence, but key is bizare
-------------------------------------------------------------
(Montreal) This is called the end of an era. AbitibiBowater (ABH T.), a company as old as the pulp and paper itself, decided to get rid of his name and the difficult history behind it.
The company will rename Forest Products Determined with the acute accent, and Resolute Forest Products in English, from November 7. At about the same time, it will leave its headquarters building of the venerable Sun Life, in downtown and moved to 111 Duke Street in the City of multimedia.
"The idea is to turn the page, said the spokesman for Abitibi, Pierre Choquette. The company is very different from the company she was a year ago. "
Long financial restructuring
AbitibiBowater has just emerged from a long financial restructuring that has avoided bankruptcy. With fewer employees and less debt, the company expects to be able to survive in the difficult market for newsprint and lumber.
Crises, Abitibi has crossed some since it was founded in Ontario in 1912. The company has even been under the protection of the bankruptcy law for 14 years, from 1932 to 1946, a record in the history of businesses in Canada.
Over time, mergers and acquisitions, it bore the names of Abitibi-Price (1974), Abitibi-Consolidated (1997) and AbitibiBowater (2007).
Employee Involvement
The name of Resolute Forest Products was selected following an invitation by management to all employees. It was suggested by two of them working in factories far away from each other, either in Ontario and Tennessee. Some 1400 suggestions of names were collected from employees.
"It's clearly a name longer than for an English audience for French," said Jean-François Ouellette, a professor of marketing communications at HEC Montreal. In English, the word evokes the resolute determination as solved reminds resigned, he said. "It resolves to something you can not stop," he illustrates.
But if he gets into the skin of an English speaker, Professor likes the new name of Abitibi. "It's a beautiful name," says Jean-François Ouellette.
Frederic Metz, an expert in image and retired professor at UQAM, is not the same thing. "It looks a little desperate company," said he.
The two experts also differ in opinions on how AbitibiBowater proceeded to find a name. According to Jean-François Ouellette, the company has shown innovation by appealing to its employees. According to Frederic Metz, is the worst thing to do than to suggest to employees that they are better than specialized firms to find a new identity to a company.
http://lapresseaffaires.cyberpresse.ca/economie/energie-et-ressources/201110/11/01-4456059-abitibibowater-tourne-le-dos-a-son-lourd-passe.php?utm_categorieinterne=trafficdrivers&utm_contenuinterne=lapresseaffaires_LA5_nouvelles_98718_accueil_POS25
Thank you, your comments are always appreciated.
About it, Class action, a response is expected shortly.
In terms of pension funds is theft on a large scale by a capitalist system whose greed is destroying the middle class shareholders and by stealing their savings by irresponsible management. See this article below. The worst is to come. There is no political courage on the part of our country to stop this scourge. All are on their knees before the monopolies which are driven to ruin the world economy. I hope the translation is OK.
----------------------------------------------------------------
http://www.hda-info.com/rubrique,fonds-de-pension,585038.html
Pension Fund Endangered * (January 19, 2011) - January 20, 2011
François Marginean **
The scenario was simple: work for forty years to reach the end of the path to retirement. Question of ensuring a minimum income in old age, most workers had to contribute for their entire lives to a pension fund. So far, so good. The problem, however, is that workers who would normally retire may do so empty-handed. Pension funds are disappearing faster than snow in the sun while hordes of new retirees arrive at the checkout to claim their due. From 1 January 2011, more than 10,000 Baby Boomers will reach the day of retirement age of 65 (1). This will continue to occur every day for 19 years.
When the new retirees realize that they have worked all their lives to see that no more money in their pension funds, should be wondering how they will respond. Here in Quebec, when the Fund deposits and investments lost about $ 40 billion of the nest egg of Quebec workers, they rose up, the Quebec government had to resign, given the size of the scandal and the heads the Fund took the road to prison. True? Wrong! In fact, the government remained in power without interference, the directors of the Fund have received bonuses and best-paying jobs elsewhere in the private sector and in the clan Desmarais Power Corporation. The people continued their merry way without too much flinching, cut by $ 40 billion in its pension fund group. Fantastic. It seems that the Icelanders, Greeks, French and Tunisians have more spines than us. But the game is not over and it is just beginning.
How to respond our southern neighbors, the ones who will apparently be most affected by the disappearance of pension funds? It remains to be seen. One thing is certain, this will be a dominant theme in 2011.
The ten major U.S. cities that fail to pay their money for pension funds:
# 1 Philadelphia, unfunded liability of $ 9 billion, the equivalent of $ 16 696 per household, only four years before the retirement account is empty
# 2 Chicago-unfunded liability of $ 44.8 billion, $ 41 966 per household, there will be more money in 7 years
# 3 Boston unfunded liability of $ 7.5 billion, $ 30 901 per household, there will be more money in 7 years
# 4 Cincinnati-unfunded liability of $ 2 billion, $ 15 681 per household, there will be more money in 8 years
# 5 St Paul unfunded liability of $ 1.4 billion, $ 13 686 per household, there will be more money in 8 years
# 6 Jacksonville unfunded liability of $ 4 billion, $ 12 944 per household, there will be more money in 8 years
# 7 New York City-unfunded liability of $ 122 billion, $ 38 866 per household, there will be more money in 9 years
# 8 Baltimore-unfunded liability of $ 3.7 billion, $ 15 420 per household, there will be more money in 10 years
# 9 Detroit-unfunded liability of $ 6.4 billion, $ 18 643 per household, there will be more money in 11 years
# 10 Fort Worth-unfunded liability of $ 2 billion, $ 7 212 per household, there will be more money in 11 years
An independent analysis conducted by Stanford (2) of three major pension funds in California reported on hidden deficits of about $ 500 billion, a total is several times the amounts reported by these pension funds.
New York is $ 200 billion in health care costs for retirees (3), but there is no money. The New York State, with its cities and counties have pledged $ 200 billion in health care benefits to their retired employees, but no one knows where this money will come, according to a study by The Empire Center for New York State Policy.
The public pension funds of workers in New Jersey are stealing for 15 years by governors (4). The game started in 1995 with Christine Todd Whitman and fraud of public pension funds is still rampant in New Jersey. Over 50 billion in unfunded liabilities.
In short, after an analysis of 25 major U.S. pension funds by Orin Kramer (5), an influential figure in the Democratic Party and still a member of the Board of Investment, which oversees the pension fund of New Jersey, he is missing 2.5 trillion dollars in funds. A huge deficit caused by years of mismanagement, including a chronic under-funding of pension promises (6). This will force states and local governments to sell their assets, so privatization of the state, and make deep cuts in public spending. For example, the Detroit Public Schools could close half the schools (7) over the next two years and increase class sizes to 62 students in order to reduce their deficits.
The United States and Canada are not alone in having to face a major crisis in the financing of pension funds. In Europe, pension funds are beginning to be confiscated (8). The Christian Science Monitor published an alarming report (9): "The retirement savings of the people are a ready source of revenue for governments who do not want to cut spending and privatize ...." The article goes on appointing other pension plans that are seized in Bulgaria, Poland, France and Ireland. Obviously, this is a warning for America: fiscal austerity will also be offered as a quick fix by another government that has a habit of not caring as himself.
Meanwhile, the elderly face a prospect of retirement of the darkest (10), while living costs continue to rise and pension funds diminish or disappear. As noted by the host Contessa Brewer from MSNBC (11), people take their own lives when their pension plans that are failing. She said she heard horror stories of people who commit suicide when they made plans for their retirement years do not work.
The blood stains the hands of all the people on Wall Street and Washington DC who have benefited from the fraud mortgage-backed securities and the subsequent confiscation of storm homes (12) in order to cover the costs of compulsory redemption of the banks.
To massive job losses are added so the home foreclosures and the theft of pension funds (13). This is not to an improving economy as we move, but to the continuation of a major global economic depression, deteriorating day by day ...
(1): http://endoftheamericandream.com/archives/in-2011-the-baby-boomers-start-to-turn-65-16-statistics-about-the-coming-retirement-crisis-that-will- drop-your-jaw
(2): http://dailybail.com/headlines/stanford-study-finds-california-pension-system-underfunded-b.html
(3): http://www.activistpost.com/2011/01/new-york-owes-200-billion-in-retiree.html
(4): http://dailybail.com/home/new-jersey-public-pension-slugfest-omits-15-years-of-governo.html
(5): http://www.cnbc.com/id/41129099
(6): http://www.cnbc.com/id/40026538/
(7): http://poorrichards-blog.blogspot.com/2011/01/without-aid-dps-may-close-half-of-its.html
(8): # http://washingtonexaminer.com/blogs/beltway-confidential/2011/01/europe-starts-confiscating-private-pension-funds ixzz1A4Ux6Y8j
(9): http://www.csmonitor.com/Business/The-Adam-Smith-Institute-Blog/2011/0102/European-nations-begin-seizing-private-pensions
(10):
You are right. This company has any rights. No one dares to oppose its power. Only a government could do something, but we prefer to support them, even if afterwards, the company is blackmail. A beautiful example below, this article TML DAILY.
AbitibiBowater Will Not Stop Its Demands
Until the Government Upholds Its Social Responsibility to Defend the People and Nation
AbitibiBowater has used its dominant position to perpetrate a bankruptcy fraud to rob Quebec workers of their claims, wreck production facilities, steal pension funds and former stock equity and renege on its debt obligations. The Quebec government itself has facilitated this destruction of Quebec rights, part of which was the destruction of forestry workers" pension rights under Bill 11, which was yet another dictate of monopoly right arising out of AbitibiBowater"s fraudulent bankruptcy protection and anti-social anti-worker restructuring. The continuing anti-people actions of AbitibiBowater do not constitute chantage Minister Simard, these actions represent monopoly right running roughshod over public right with a Quebec government facilitating the rotten affair.
http://cpcml.ca/Tmld2011/D41103.htm#3
Why Abi filed this document, there are 18 days?
SEC Filings
You will find below the complete list of Securities and Exchange Commission (SEC) filings in keeping with applicable government requirements for AbitibiBowater Inc.
To review Company filings in Canada, please access our documents via SEDAR.
Table of Contents
•
ABCI is not permitted by law to redeem any exchangeable shares in connection with a retraction request, is insolvent or would be insolvent after the redemption.
Whenever an ABCI insolvency event occurs and while it continues, you will be entitled, subject to the provisions of the trust agreement, to instruct the voting and exchange trustee to exercise the exchange right as to any or all of your exchangeable shares. By giving this instruction, you will require us to purchase your exchangeable shares. As soon as practicable following an ABCI insolvency event or any event that may, with the passage of time or the giving of notice, become an ABCI insolvency event, we and ABCI will give written notice of the event to the voting and exchange trustee. As soon as practicable after receiving the notice, the voting and exchange trustee will notify you of the event or potential event and will advise you of your rights as to the exchange right.
Liquidation of AbitibiBowater
If an AbitibiBowater liquidation event occurs, we will be required to exchange each outstanding exchangeable share (other than exchangeable shares held by us or our affiliates) on the fifth business day before the effective date of an AbitibiBowater liquidation event for one share of our common stock.
An AbitibiBowater liquidation event will occur if:
•
our board of directors decides to institute voluntary liquidation, dissolution or winding-up proceedings for AbitibiBowater; or
•
our board of directors decides to effect any other distribution of our assets among our shareholders for the purpose of winding up our affairs; or
•
we receive notice of, or we otherwise become aware of, any threatened or instituted action to liquidate, dissolve or wind up AbitibiBowater’s business or to make any other distribution of our assets among our shareholders for the purpose of winding-up our affairs and we fail to contest in good faith the action within 30 days of becoming aware of it.
Following the fifth business day before an AbitibiBowater liquidation event, at your request and after you surrender your exchangeable share certificates, properly endorsed in blank and accompanied by any required instrument of transfer, we will deliver to you one share of AbitibiBowater common stock for each exchangeable share you hold.
Support Agreement
On the effective date of the combination, AbitibiBowater, Bowater Canadian Holdings, ABCI and Bowater will enter into an amended and restated support agreement (“the support agreement”) that will provide, among other things, that we will do everything needed for ABCI to exchange exchangeable shares for shares of AbitibiBowater common stock according to all laws that may apply. The form of support agreement is included as an exhibit to the registration statement of which this prospectus is a part, and we refer you to that exhibit for the full terms of the support agreement.
13
AbitibiBowater - SEC Filings
- [ Traduire cette page ]
Il y a 18 heures - If an AbitibiBowater liquidation event occurs, we will be required to ...
www.abitibibowater.com › Home › Investors › SEC Filings - En cache
Plus de résultats de abitibibowater.com
AbitibiBowater and transparency
The chronicle of Michael Van de Walle
Thursday, June 9, 2011 3:12 p.m.
It is unique, if not rare that a company decides to exclude the media from its shareholder meeting. In fact, in 25 years covering business and economics, I do not remember a single case in Quebec. But my memory may fail.
AbitibiBowater paper mill just done on Thursday, claiming it is a "private meeting". While searching a little in the law on securities and on those companies, we do not mark any provision requiring a management company to provide access to the media during his meeting. According to the spokesman of the AMF, Sylvain Théberge, it is the prerogative of the president to admit that he wants on this occasion. In fact, the only ones who have the right, it is of course the shareholders, directors and auditors.
Companies give access to the media at their meetings. They will generally see their immediate interest: it's free advertising.
It has frequently happened that we knew in advance that a meeting of shareholders would be rough. Shareholders may be unhappy with the financial results, in disagreement with management decisions or a militant group for whatever reason may have decided to intervene. And there are the organizations defending the rights of shareholders, as MÉDAC here, which regularly present proposals that do not like the direction and fueling debates sometimes hefty.
Cultivate secrecy
It has often attended meetings turbulent banks in which they decried such astronomical earnings patterns. Or certain companies doing business in countries where respect for democratic rights is the last concern, should face criticism. Bombardier, in particular, had to defend himself repeatedly agreeing a contract with the Chinese government for a rail link to Tibet, which provoked vigorous discussion at annual meetings.
But never, to my recollection, does one have prevented journalists from attending meetings with or without fighting. For, public relations and branding, everyone agrees that transparency is the best attitude to adopt.
AbitibiBowater decision runs completely counter to the usual practices. By preventing journalists from attending the meeting, it gives the impression of wanting to cultivate secrecy.
This is particularly inappropriate on his part that the company private as it is, largely obtained from state financial support and legal. Just this week, the National Assembly of Quebec passed a bill allowing the company to spread out over 15 years rather than five, the repayment of the deficit in its pension fund. The company has granted such an exemption because she was on the verge of bankruptcy and needed alleviate this financial burden. This accommodation has also caused a stir, particularly among retirees and the Parti Quebecois, which blamed management to pocket bonuses of $ 6 million and stock options of $ 200 million while the fund has a deficit $ 1.3 billion.
In addition, to save it from bankruptcy, the government of Quebec has granted the company a loan guarantee of U.S. $ 100 million 2 years ago. Difficult to be more public than that.
Moral obligation
AbitibiBowater has not only shareholders. She also still thousands of employees and factories everywhere, especially in Quebec. Its activities have a substantial impact in many areas. This company has a large number of suppliers and customers who are not necessarily shareholders and which may be legitimately interested in what happens to her.
We could expand the list of reasons for that management of AbitibiBowater gives access to the media at meetings of shareholders. This is perhaps not a legal obligation (it should be, by the way) but it's certainly a moral obligation. Especially when we had the assistance of all taxpayers to get out of the hole.
This decision by management to AbitbiBowater occurs more when it requires companies to adopt best practices in good governance. The time is transparency, not secrecy.
AbitibiBowater has clearly not understood that.
http://www.ruefrontenac.com/michelvandewalle/38284-abitibibowater
Silver
AbitibiBowater does something to hide?
Agency QMI
09/06/2011 24:41
Silver - AbitibiBowater has anything to hide?
© Agency QMI / Roger Gagnon
MONTREAL - The media were not welcome at the annual meeting of shareholders of the paper AbitibiBowater (ABH) on Thursday in Montreal. The Canada-US company has refused to members of the press attending the meeting.
The AbitibiBowater spokesman said the company is not the first to do so even if the public companies normally welcome the media during their meeting of shareholders.
"We made our checks and it is not a precedent. Legally, our annual meeting is a private meeting with shareholders. Participants must be present at the shareholders meeting, "said Pierre Choquette, AbitibiBowater.
The attitude of AbitibiBowater surprised the president of the Movement for education and defense of shareholders (MEDAC), Claude Béland. The former boss of Desjardins does not remember a public company in Quebec has already done something similar.
"Transparency is one of the most important principles on good governance. This is the first time I hear a story like this. AbitibiBowater (now a U.S. company) must comply with the rules of Quebec, "said Claude Beland, noting that the media can not rely solely on press releases from companies.
This kind of maneuvering occurs occasionally in the United States even though members of the press are almost always accepted at the annual meeting of shareholders.
In recent years, the retailer Target and the search engine Yahoo has refused to allow journalists to attend their annual meeting or they can ask members of their management. These events occurred in 2006 and 2001.
AbitibiBowater's management denies wanting to hide from the media and away from its annual meeting.
"Today, there is no activity planned with the media. That does not mean we give up speaking to members of the press. We did it about a month ago and we will arrange other media activities in the future to continue to inform you, "said Pierre Choquette, spokesman for the company.
The Financial Markets Authority (AMF) do not take offense at the gesture of the paper. According to Sylvain Theberge, a spokesman for AMF, AbitibiBowater has violated any rule, by removing the media.
"Theoretically, only the shareholders and auditors may attend the meeting of shareholders. It is a matter for the chairman of the meeting, "said Sylvain Théberge.
An uncertain future AbitibiBowater completed its financial restructuring in December 2010. The company recorded an operating loss of $ 152 million last year while its revenues reached $ 4.75 billion.
Despite these results, the former president and CEO of the paper, David J. Paterson, has more than doubled its earnings in fiscal 2010 to 2.38 million.
The future remains uncertain even though the company reported profits of $ 30 million in the first quarter of 2011.
"Market conditions remain extremely difficult. The demand for paper continues to decline in North America despite the openings abroad, Brazil, Asia and India. It also expects the recovery in housing starts in the U.S. to increase our timber sales, "said Pierre Choquette.
During its restructuring AbitibiBowater has closed several plants and eliminated 4,000 jobs, mostly in Quebec. The company's debt was reduced by 88%, from $ 6.8 billion to $ 850 million.
The National Assembly has already approved Wednesday a bill allowing AbitibiBowater to extend from five to 15 years the deadline for the bailout of pension fund deficit of its employees.
http://207.253.106.223/infos/quebeccanada/archives/2011/06/20110609-124109.html
Act for Abitibibowater: a sometimes violent clash of ideas
(Quebec) An examination of the law for AbitibiBowater spread over 15 years what it owes to the pension fund of its workers is done in an atmosphere of confrontation.
The Parti Quebecois (PQ), as well as groups representing tens of thousands of pensioners, denounced as "unacceptable" the draft legislation. He said he did carry on the shoulders of pensioners and future pensioners of the restructuring of the multinational. The Company and the Union of Communications, Energy and Paperworkers (CEP), the largest in the forestry sector, however, share the same reply. The law is not perfect, they say, but that's it or a bankruptcy that would have cost 5,000 jobs in Quebec and slashed benefits.
Yesterday, a parliamentary committee, the clash of ideas most violent occurred between PQ François Rebello and President and CEO of the company, Richard Garneau. The elected PQ railed against the fact that AbitibiBowater, which only pay
$ 50 million a year to replenish its pension fund rather than $ 160 million, awarded to its executives $ 6 million in bonuses and shares worth $ 200 million.
The member of La Prairie has claimed that bonuses and shares are placed in trust. He advocated that active, as the 22 dams owned by the company, suffered the same fate. If a bankruptcy before the 15-year period, it will go to pension funds, he said the CEO Garneau. "If things go well, as you say, you kosher your bonus and your actions. "They can buy their yacht, their cottage or car of the year, in 15 years, echoed Mr. Rebello. Meanwhile, the money will be guaranteed. "
François Rebello did not against the spread of payments, but against the lack of safeguards to protect the pensions of bankruptcy. He accused the government of neglecting, among others, the possibility to request shares in exchange for money needed by the company. These shares would be repurchased when things go well. The boss of AbitibiBowater would not answer if he would put premiums, shares and assets in a trust. "It's a false debate." But Richard Garneau said that without relief payments to pension funds, "the risk was very high" to see all the plants being liquidated. The agreement with Quebec may not be reviewed, he believes.
Mr. Garneau has insisted that annuitants have "100% of their pension" as AbitibiBowater mills turn. He stressed that the firm acknowledges that "a debt of $ 1.3 billion to our retirees.But creditors also pay dearly for Recovery, "a net loss of $ 6 billion" from them, he estimated.
Associations
Two of the most important groups of retirees have harshly criticized the legislation put forward by the government. For FADOQ - formerly the Federation of the Golden Age of Quebec - and the Federation of Pensioners' Associations of Quebec, "is a law that puts at risk the pension fund.
For the president of the Federation of Associations, Jacques Beaudoin, these are not alternatives that are missing it is "political will". One avenue would be to create an insurance plan. The law also has its supporters. The vice-president of CEP Renaud Gagné argued that "real debate" does not cover bonuses and stock to executives, as shocking as it is, but "on measures to save jobs and pensions."
CEP "does not contend that the agreement [with AbitibiBowater and the government] is a victory," but that in the difficult economic environment of market pulp and paper, so he had better get . In an interview, Mr. Gagne said it was too late to review the agreement that allowed the company to raise.
Included at the end of the day, Minister Julie Boulet (Employment and Solidarity) has wanted to close any doors. The law and the agreement with AbitibiBowater primary goal "to better preserve the pensions and jobs." Trust for premiums or assets, the shares the government retirement insurance, "we'll look all that. You have to see the impacts. I do not have enough elements to decide "
http://www.cyberpresse.ca/le-soleil/affaires/actualite-economique/201105/24/01-4402461-loi-pour-abitibibowater-un-choc-didees-parfois-violent.php?utm_source=Bulletin%20CBP_Soleil&utm_medium=email
AbitibiBowater: the PQ and retirees require amendments to Bill 11
Updated Tuesday, May 24, 2011 to 22 h 14 EDT
Comment (3) "Share
Print
AbitibiBowater
Photo: The Canadian Press / Ryan Remiorz
Pensioners of AbitibiBowater and the Parti Quebecois asked on Tuesday, major changes to Bill 11 to ensure the solvency of pension plans for workers in the pulp and paper.
The revival of the AbitibiBowater paper is hotly debated in the National Assembly, where a parliamentary committee studying Bill 11.
Recall that the latter would allow the paper, including AbitibiBowater, to repay the deficit in their pension funds in 15 years rather than 5 years. There is one downside: if AbitibiBowater bankrupt by then, the pensions of retirees will be amputated.
The PQ member Francois Rebello requests that the bonuses paid to executives of the paper are placed as collateral.
At this moment there for 200 million shares and options that are given to leaders. They can buy their yachts and their cottage and car of the year in 15 years, but in the meantime, money will be guaranteed the pension fund.
- François Rebello, MP PQ
The idea launched by the Parti Quebecois MNA like Armand Desroches, who worked 35 years for AbitibiBowater in Donnacona. "Obviously, we demand it, they are guaranteed," he said.
The reaction is the same side of the President of the Federation of Pensioners of Quebec, Jacques Beaudoin. "This is a solution. I think the government should sit down with the retirees, "he says.
AbitibiBowater rejects the idea
The CEO of AbitibiBowater, Richard Garneau, categorically rejects the idea of ??placing the bonuses paid to executives in trust.
Mr. Garneau believes that the amount represents approximately $ 115 000 per frame. He wants Bill 11 be adopted without modification.
"It's a false debate! The other points, I do not even want to discuss it and I think we should just focus, focus on that agreement, "said Garneau.
Meanwhile, the Minister of Employment and Social Solidarity, Julie Boulet, could, at the end of the parliamentary committee, ask AbitibiBowater to do more to guarantee the pensions of retirees.
We have nothing to lose and the management had everything to gain by arranging with his old shareholder, as it has done for some of his personal staff. Now it's too late for that. Watch the share, it may be there is a Halt Trading for investigation. SEC closes the eyes, according to the journal Agora, when officials of a shornaked are orchestrated by a foreign company (by Marc Mayor). The rest will follow and maybe all is not lost. Nevertheless, the result might surprise us and I will not give up until that fraud will not be repaired.
Nicklatrick, know out, if you have taken steps to whether the company is interested in offering us a Class Action. If this can help you, I am ready to hand you a document that I must return to the court next week. Thus, the company will see that this is very serious. In addition, the document that will follow will be much more powerful. Certainly, the company would be well winner, to a settlement at friendly, with his former Shareholders. There is not much time for such a possibility. Finally, regardless of their decision, our actions are honest and we'll proceed shortly. If Yes, Only you, the company and Peter will have this document. Of course if one wants to give us a class of shares.
We do not understand your approach in the case. We expect nothing from the company. If you think we have a chance to recover by asking the company a certain class of shares, demands them therefore, and come back with their response. It would surprise me either affirmative, because we have always been rejected. At least, that you think have a better response with the new direction. Back us, if you have something new to the subject. For our part, our efforts are those of Peter is waiting for his call for justice. And other hand, there is a pending decision on an investigation and may be a committee investigation.
Peter possibly could have a motion of support for his call, but we expect comfirmation on the complexity of this dossier and could become politicized.
From our side we consider our shares lost, but, surely, that the company would benefit settle this matter fairly for their former Shareholders. Anyway time is short and there is no longer any illusions. There is nothing to do with the intransigence of this company.
Sorry, I confused with Third Avenue Management opposes the proposed Abitibi-Consolidated merger with Bowater Incorporated. Nonetheless, it's weird to see sell more than 3 million shares just before seeing profits
I am curious to know if Avenue Capital Management, was one of the most loyal shareholder with New York Times and the former group Donohue. I think it was one of the most fiercely opposed in the merger, Abitibi-Bowater. Thus, if Avenue sold its shares, may be a bad news, will descend on Abitibibowater. This is speculation, but the climate is unhealthy in plants since the BK. I hope the new leadership will restore the misdeeds of the previous administration. Finally, maybe that they will return in force, to reinvest massively and retake the control of the company. The game is may be not finished ... If this were the case, I want justice for all.
13D Filings)Avenue Capital Management reduced its holdings to zero by selling 3,774,059 shares on Jan. 12 for a total of $86 million, or approximately $22.79 each. Weird, It seems to me that this is not the time to sell?
I hope that the SEC is a serious organization. They have a job to do for justice and in the case of AbitibiBowater, I wonder, about why they did not investigate. Humm! I came across this link by chance! Finally, one can ask questions about their work on this issue for the CDS crisis.
.
http://abcnews.go.com/GMA/sec-pornography-employees-spent-hours-surfing-porn-sites/story?id=10452544
SEC Porn Problem: Officials Surfing Sites During Financial Crisis, Report Finds
SEC Employees Exposed Downloading, Uploading Pornography at Work
229 comments
By JONATHAN KARL
April 23, 2010
PrintRSS
Font Size:
Share:
EmailTwitterFacebook
More
FarkTechnoratiGoogleLiveMy SpaceNewsvineRedditDeliciousMixx
Yahoo
The Securities and Exchange Commission is the sheriff of the financial industry, looking for crimes such as Bernard Madoff's Ponzi scheme, but a new government report obtained by ABC News has concluded that some senior employees spent hours on the agency's computers looking at sites such as naughty.com, skankwire and youporn as the financial crisis was unfolding.
How big is the SEC's porn problem? Reports say that one SEC accountant tried to access porn sites 16,000 times in one month.
How Big Is the SEC's Porn Problem?
(AP Graphics Bank)
"These guys in the middle of a financial crisis are spending their time looking at prurient material on the Internet," said Peter Morici, a professor at the University of Maryland and former director of the Office of Economics at the U.S. International Trade Commission.
"It's reckless, and indicates a contempt for the taxpayer and the taxpayer's interest in monitoring financial markets," Morici said.
The investigation, which was conducted by the SEC's internal watchdog at the request of Sen. Chuck Grassley, R-Iowa, found 31 serious offenders during the past two and a half years. That's less than 1 percent of the agency's 3,500 employees but 17 of the alleged offenders were senior SEC officers whose salaries ranged from $100,000 to $222,000 per year.
The SEC would not comment on any specific cases, but said it takes inappropriate use of government resources seriously and deals with abuses on a case-by-case basis.
Some of the big offenders are still on the job, according to sources.
Eight Hours a Day Spent on Porn Sites
One senior attorney at SEC headquarters in Washington spent up to eight hours a day accessing Internet porn, according to the report, which has yet to be released. When he filled all the space on his government computer with pornographic images, he downloaded more to CDs and DVDs that accumulated in boxes in his offices.
An SEC accountant attempted to access porn websites 1,800 times in a two-week period and had 600 pornographic images on her computer hard drive.
Another SEC accountant used his SEC-issued computer to upload his own sexually explicit videos onto porn websites he joined.
And another SEC accountant attempted to access porn sites 16,000 times in a single month.
In one case, the report noted, an employee tried hundreds of times to access pornographic sites and was denied access. When he used a flash drive, he successfully bypassed the filter to visit a "significant number" of porn sites.
The employee also said he deliberately disabled a filter in Google to access inappropriate sites. After management informed him that he would lose his job, the employee resigned.
A similar SEC report for October 2008 to March 2009 said that a regional supervisor in Los Angeles accessed and attempted to access pornographic and sexually explicit Web sites up to twice a day from his SEC computer during work hours.