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It's My momment. Be careful, I slipped my comment in error within the news instead of separating to put the top of the page. I work with a translator and I was too fast in my maneuver. Sorry for the confusion.
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Comment.
I think Abitibi wants greater security and that old news confirms that if they did their duty to restructure. The government would be willing to invest. Their contribution could be 1 billion.
Abi want all she can to make themselves secure, in fact I have nothing against. Cpendant she keeps intact our shares, that's all we ask.
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Quebec could invest in AbitibiBowater
Philippe the Chevrotière
Silver - Posted November 3, 2009 at 11:16
The newsprint mill from AbitibiBowater Amos.
The Quebec government is considering becoming a shareholder of the logging company AbitibiBowater to assist it in its restructuring and refinancing.
The participation of Quebec in the forest is however conditional on an agreement to reduce production costs of the company between it and its unions. AbitibiBowater is under the protection of bankruptcy laws in Canada and the United States since last April to settle its debt problems.
According to Clement Gignac, Minister of Development Economics in Quebec, the government has formed a group that includes unions and representatives of all the paper industry to find ways to reduce raw material costs and lower wages in the different Quebec plants.
In Abitibi-Témiscamingue, AbitibiBowater has plants in Amos, Senneterre and Lebel-sur-Quevillon. Currently, the newsprint mill and sawmill Amos Senneterre are open, but Quevillon sawmill is closed temporarily.
I think Abitibi wants greater security and that old news confirms that if they did their duty to restructure. The government would be willing to invest. Their contribution could be 1 billion.
Abi want all she can to make themselves secure, in fact I have nothing against. Cpendant she keeps intact our shares, that's all we ask.
A profitable business model
"Before the government becomes a shareholder of AbitibiBowater all partners must agree to make sacrifices that allow us to reduce production costs, said the minister. This means a cost reduction of fiber paper and labor. "
"Quebec will not invest in AbitibiBowater before the company has demonstrated it has a profitable business model," he added.
The company and its 31 subsidiaries have claimed the protection of the law against the creditors last April 16 because they refused the restructuring project Abitibi they had presented earlier.
The forest at that time had assets valued at $ 9.9 billion and debt of $ 8.78 billion as of September 30, 2008.
http://lafrontiere.canoe.ca/webapp/sitepages/content.asp?contentid=116493&id=246&classif=En%20manchettes&catname=
Yes I second this proposal. We need someone in whom we can rely on to defend our interests and solidify the company while restoring its credibility and dignity to the public. Without this solidarity and goodwill of knowledge, yhe prosperity of Abi has a bitter taste without such leaders as Henry and Liz.
It is imminent, the next step is the logical continuation of the previous announcement on the affirmative vote of the last union to this conclusion. The best is yet to come. Abi will make her face now his Shareholders who have built this company and not disowned. Our time is near. We will have our turn for sure.
With this regulation, below, the next step could be the regulation of pension funds.
June 24, 2010 | 9:59
Sawmills AbitibiBowater: the Convention was ratified.
http://argent.canoe.ca/archives/lca/affaires/quebec/2010/06/20100624-095900.html
It took two votes for the mill workers AbitibiBowater (ABH) in Saguenay-Lac-St-Jean accept the tentative agreement negotiated by their union to renew the collective agreement.
The draft regulation model has been ratified by 64%, said Wednesday evening of the Communications, Energy, and Paperworkers (CEP-FTQ).
In a first vote held in late May, he had been rejected by a margin of 53%.
The Union explained that the court which oversees the process of AbitibiBowater under the Arrangement Act with the Companies' Creditors (LACC) was granted permission to hold a new vote under an application filed by the company in sense.
"We had to heart to maintain pension plans and secure the jobs of our members, this agreement allows us to do," said Renaud Gagné, Vice President of CEP-Quebec.
"This contract is based directly on what was negotiated in the paper industry and once again, we must say that this is the least worst deals in the circumstances."
The new agreement covers over 500 sawmill workers Girardville, Dolbeau-Mistassini, The Gold and St. Thomas Didymus.
Like the agreement in the paper, it is a five-year contract providing for a wage freeze the first three years and increases of 1% of wage earners and 1.5% for the last two. A new pension plan will be implemented for workers of the mill in Dolbeau-Mistassini, while the other three plants will be retained without reduction.
In early June, the union had called this settlement model, which should be negotiated in other plants AbitibiBowater those located on the North Shore, in the Outaouais and Abitibi.
Moreover, CUPE will begin in early July of negotiations for the renewal of the collective agreement for workers in the forest
Right, Abi, must pushed NAFTA settlement and file an objections.
German firm wants Abitibi mill: N.L. minister
Last Updated: Thursday, June 24, 2010 | 4:36 PM NT Comments0Recommend0
CBC News
Germany-based Lott Paper hopes to take control of the former AbitibiBowater mill in Grand Falls-Windsor. Germany-based Lott Paper hopes to take control of the former AbitibiBowater mill in Grand Falls-Windsor. (CBC)
A German company is hoping of take control of the former AbitibiBowater paper mill in central Newfoundland, Natural Resources Minister Kathy Dunderdale revealed in the house of assembly Thursday afternoon.
Responding to questions in the legislature, Dunderdale said Lott Paper is working with the government in hopes of acquiring the Grand Falls-Windsor mill that closed in February 2009.
Dunderdale told the house she had received a formal business plan, but clarified to reporters afterward that the government had actually received a letter of intent with a fair level of detail. Dunderdale said she expects a business plan by Monday, but cautioned the proposal is far from a done deal.
"This is something that we are very cautious about," Dunderdale said.
"There are not many companies in the world today looking to get into the pulp and paper industry, and that is something that we are going to spend a lot of time analyzing."
No specifics about the negotiations were released, but Dunderdale said Lott's general plan is to buy the mill and use the local wood supply to feed its paper machines. The Ministry of Natural Resources, and the finance and business departments are all involved in the process, she said.
A delegation from the company visited the mill, which mainly produced newsprint, earlier this spring.
According to its website Lott Paper, mainly based in Germany and Austria, specializes in fine and hard cardboard, and has a staff of 100 employees.
Read more: http://www.cbc.ca/canada/newfoundland-labrador/story/2010/06/24/german-company-wants-nl-paper-mill-624.html#ixzz0rneTzH00
http://www.cbc.ca/canada/newfoundland-labrador/story/2010/06/24/german-company-wants-nl-paper-mill-624.html
German firm wants Abitibi mill: N.L. minister
Last Updated: Thursday, June 24, 2010 | 4:36 PM NT Comments0Recommend0
CBC News
Germany-based Lott Paper hopes to take control of the former AbitibiBowater mill in Grand Falls-Windsor. Germany-based Lott Paper hopes to take control of the former AbitibiBowater mill in Grand Falls-Windsor. (CBC)
A German company is hoping of take control of the former AbitibiBowater paper mill in central Newfoundland, Natural Resources Minister Kathy Dunderdale revealed in the house of assembly Thursday afternoon.
Responding to questions in the legislature, Dunderdale said Lott Paper is working with the government in hopes of acquiring the Grand Falls-Windsor mill that closed in February 2009.
Dunderdale told the house she had received a formal business plan, but clarified to reporters afterward that the government had actually received a letter of intent with a fair level of detail. Dunderdale said she expects a business plan by Monday, but cautioned the proposal is far from a done deal.
"This is something that we are very cautious about," Dunderdale said.
"There are not many companies in the world today looking to get into the pulp and paper industry, and that is something that we are going to spend a lot of time analyzing."
No specifics about the negotiations were released, but Dunderdale said Lott's general plan is to buy the mill and use the local wood supply to feed its paper machines. The Ministry of Natural Resources, and the finance and business departments are all involved in the process, she said.
A delegation from the company visited the mill, which mainly produced newsprint, earlier this spring.
According to its website Lott Paper, mainly based in Germany and Austria, specializes in fine and hard cardboard, and has a staff of 100 employees.
Read more: http://www.cbc.ca/canada/newfoundland-labrador/story/2010/06/24/german-company-wants-nl-paper-mill-624.html#ixzz0rneTzH00
http://www.cbc.ca/canada/newfoundland-labrador/story/2010/06/24/german-company-wants-nl-paper-mill-624.html
Yet nothing so ugly as that. Wah! Looks like it bothers some. I am just talking advertised in newspapers such case ........................
My last post has been delete also.
We can talk about it but do not say too strong. Because the bashers are trying to put us guilty as we feel bad to this reality. ,,,,,,,,,,,,,,,,,,,,,Wat great class,,,,,,,,,,,,,,,,,,,,,,,,,,,,, ,,,,,,
Cooperation agreement between the AMF, the SEC and the CVMO
Published June 14, 2010 at 12:28 | Updated at 12:31 PM
http://lapresseaffaires.cyberpresse.ca/economie/international/201006/14/01-4289857-accord-de-cooperation-entre-lamf-la-sec-et-la-cvmo.php
Canadian Press
Montreal
The Securities and Exchange Commission (SEC), the Autorité des marchés financiers du Québec (AMF) and the Securities Commission (CVMO) announced Monday a comprehensive agreement to facilitate the supervision of regulated entities that operate on both sides of the border.
The protocol provides the means for exchanging information on regulated entities such as brokers and advisers, who are active in the United States, Quebec and Ontario.
The SEC, the AMF and the CVMQ have long collaborated, particularly in enforcement of securities laws. Under this protocol, cooperation beyond law enforcement through the establishment of a framework for consultation, cooperation and exchange of information concerning the supervision and monitoring of current regulated entities.
The protocol was signed in Montreal June 10, 2010 after the close of the 35th Annual Conference of the International Organization of Securities Commissions (CVMQ).
It follows the report of the Working Group of the CVMQ on cooperation in supervision.
In response to the recent financial crisis, the working group and many other groups, including the G20, have recommended that regulators strengthened supervision of regulated entities which engage in international activities by collaborating with similar foreign agencies.
"Given the tight integration of our markets and the fallout from the recent financial crisis, this MOU is an important measure to ensure that our markets are safe and that investors are protected by the best possible cooperation between the SEC, Authority and the CVMQ, said president and CEO of the AMF, Jean St-Gelais, in a release. It is essential that cross-border entities are effectively regulated. But we could not succeed without the cooperation envisaged by this protocol. "
Thank you. Super.
I think more and more that it is shameful to see what happens with the BIG BOSS of finance, which govern the economy and governments. Their greed has transformed our social democratic capitalist system in SAVAGE CAPITALISM. The danger is that it destroys the economy in crushing small investors and by driving them by intrigue and technical circumvention of laws. By this malfeasance of economic destruction we self-destructed our beautiful cultural values and ethics that are based on a great people. We can not allow that CAPITALISM OF GREAT WAY to do everything it likes to control and destroy the fundamental bases of our economies. That will sink our nation. That Paterson and Faifax do like Obama, they use the Internet to get closer to the little people is their core, their identity, not a place to commit their best to destroy us with bashers. For nearly a decade our shares are in decline and in addition the last 3 years they have been SHORTNAKED to finish at $ 40.00 0.10 The height of all this. is almost as sacrifice, these sharks are not enough, it wants to remove his own shares without conpensation as if we were less than nothing. In addition, just at the dawn of the restruturation where the company will reap hundreds of millions of dollars if it does not jump the billion year.
Yes, Obama took his post with the little people, but our good management wants to destroy us. Politics is powerful and what you know they will succeed always a price to pay for your actions. If they are just your glory will be long, but contrary, if injustice, manipulation is your sole purpose, you'll drown in your pool of million of bonus. In addition, the ethics of fair recognition of what belongs to us is a fundamental right which must be respected. That they recognize us, that they come talk to us, we are not bandits but Shareholders.
Super Ergodoc. I think our dog is not dead yet. When Paterson will see his fangs, he will discover that we are serious. Lol ...
Thank you, KFC44, big post. I hope the SEC will also shed light on the case ABWTQ. In fact, have you heard about this investigation?
Three women face the excesses of Wall Street men.
Veronique Dupont
Agence France-Presse
New York
They called Mary Schapiro, Sheila Bair and Elizabeth Warren. These three Americans at the head of regulatory authorities and a committee represent the will of the American authorities to clean up Wall Street.
"Unlike many of the men they supervise, the new sheriff of Wall Street have never aspired to an eight-figure salary or a luxurious office," noted a few weeks ago Time magazine by offering coverage . "Bair, Schapiro and Warren were all conducted their careers away from Manhattan, taking responsibility even when they were pregnant and doing better than the men around them," he added.
All three are, however diversely appreciated.
Mary Schapiro, head of the SEC, the authority of U.S. markets, has been appointed by U.S. President Barack Obama in January 2009 with a mission to restore the reputation of the institution, accused of having seen the crisis coming or not Madoff scandal.
Under the leadership of Ms. Schapiro, the SEC has asked for more transparency in the awarding of stock options and called for restraint in pay traders.
It was especially shaken the world of finance in addressing the star investment bankers, Goldman Sachs, accusing them of misleading investors by selling them risky financial products backed by credit-risk real estate (CDOs).
She also decided this week to introduce cut-on platforms market to prevent a new "flash crash" as one of the May 6 New York Stock Exchange.
Ms. Schapiro is far from unanimous. Volokhine Gregori, an analyst firm's management Meeschaert New York, says she ran FINRA, sector regulator (NGO) contracts before being named to the SEC, and that there has not been very "energetic".
"Attacking Goldman Sachs, this is not reform the system," he says.
Sheila Bair heads the U.S. banking regulator, the FDIC, since 2006, following a career in financial regulation and higher education.
She is respected for being one of the few to anticipate the issue of CDOs, the source of the contamination of the crisis across the global financial system.
For Peter Morici, professor of economics at the University of Maryland, "the country would be in better shape if Obama had named treasury secretary in place of Tim Geithner.
More circumspect, Gregori Volokhine Judge Sheila Bair is a little "stalled" because she tried unsuccessfully to get more powers to the FDIC as part of financial reform in preparation for the Congress.
Elizabeth Warren, a lawyer and law professor at Harvard, was appointed in November 2008 President of the parliamentary committee overseeing implementation of government support in place after the crisis.
If Peter Morici appears skeptical about the project of consumer protection agency Discount Warren, Gregori Volokhine welcomes an "independent-minded activist" who "tries to make things happen."
To these women officially in charge of finance in addition fuss Blanche Lincoln, Senator cause of the most radical of the proposed financial reform.
The Arkansas Democrat elected advocates a separation of derivatives by banks, so that these opaque markets, lucrative and risky does not enjoy the guarantee of the Federal Reserve.
One measure of Wall Street feared, but could not be included in the final text.
http://lapresseaffaires.cyberpresse.ca/economie/201006/13/01-4289526-trois-femmes-face-aux-derives-des-hommes-de-wall-street.php?utm_categorieinterne=trafficdrivers&utm_contenuinterne=cyberpresse_BO4_la_2343_accueil_POS2
I think it is too easy to sit and have both feet on the desk and we deny us. These guys will die laughing if they get their plan. I am not a fanatic and a terroriste, so I do not want their evil on this earth. However, I will pray to god for they roast in hell for eternity. When I see the emphasis in their plan and their press release that persist in wanting to eliminate us, that is be drooling and arrogant to those who pay them and who have participate in building the company. Finally, I had to let off steam.
Me, I'm for the long term.
I will never sell my shares. I'm like a soldier, I am here to defend my principles and I fought until the last drop of blood, because I believe in justice. I am not a cheat and a thief, but an investor who believes in the future and a better world and especially the profitability of the company that belongs not only to management and Fairfax, but to us too. We deny is a steal
Exactemnt is that I think. To make a simple calculation, after restruturation, the company will be able to make profits façiile of $ 150.00 per ton to take sales to $ 600.00. If there is still a capaité production between 4 and 6 million tons, the billion profit is not far, without counting the timber. It's very frustrating to see working for a management shortchange its shareholders with a company of such high class. It is a shame for our two countries, which are economic leadears whom we believe. Our political elite must demonstrate a strong Justices cons of such evil. When it's time to send our boys to war in Afghanistan to defend our beautiful principles to the causes we believe in fair, they need the good people .. However, in this example, our management has had little need of people to build his empire AbitibiBowater who its Shareholders and now have to deny .. gr ... gr .. forever with the outrageous profits that are to come. I hope that justice and the American press has its eyes on this INFAMOUS cases of injustice and it will work for the people's interest as our world capiltaliste should not be a world free of thief, but FREEDOM and of JUSTICE.
AbitibiBowater projects net profit of about $273 million in 2011. The balance sheet overhaul is expected to trim its interest expense and, along with improving demand, it expects its net profit to rise to about $423 million by 2014
http://money.canoe.ca/money/business/canada/archives/2010/06/20100608-110651.html
AbitibiBowater sells paper mills for $42.6 million
June 8, 2010 | 11:06
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AbitibiBowater Inc. has completed the sale of several idle paper mills to two buyers for a total of $42.6 million — the latest in the Canadian pulp and paper giant’s restructuring efforts.
The deal sees four mills located in Beaupré, Que., Donnacona, Que., Dalhousie, N.B. and Thunder Bay, Ont. sold to the American Iron & Metal Company Inc. for $8.7 million.
In addition, AIM will pay AbitibiBowater $5 million on Sept. 6 for equipment inside the mills and has also agreed to pay 40% of the net proceeds from any sale of paper machines in the future.
In a separate transaction, Conifex has purchased AbitibiBowater assets located in Mackenzie, B.C. including a paper mill, two saw mills and timberland operations with a forestry licence covering 932,500 cubic metres of land.
The Montreal-based company filed for bankruptcy protection on both sides of the border last year to ward off debt problems stemming from its 2007 merger. AbitibiBowater’s heavy debt load was exacerbated by the steep decline in demand for newsprint during the recession. It was carrying roughly $6 billion in debt at the time it filed.
Hundreds of jobs have been lost as a result of the streamlining process that has seen AbitibiBowater shut down 3.4 million metric tons of paper capacity to focus on what it calls its “top performing” facilities.
Over the last three years, the company has raised more than $980 million selling assets.
The company expects to exit court protection this fall.
AbitibiBowater projects a loss for this year, followed by a net profit of about $273 million in 2011. The balance sheet overhaul is expected to trim its interest expense and, along with improving demand, it expects its net profit to rise to about $423 million by 2014.
Abitibi owns or operates 21 pulp and paper facilities and 24 wood products facilities located in the United States, Canada and South Korea.
Great post. Happy to see that opposition from noteholders.
As time passes, the more the economy repositions itself in our industry. Thus, time is pressing, because it seems to play against Paterson and his team?? Their plan is not in the interest of shareholders and some noteholders. Their first success is profitability and to guarantee it combines the powerful Fairfax. I have nothing against Fairfax, but it should be careful that plan seems indecent from our management and could be harmful to their business reputation. Money is important in business, but sometimes, ethics can also become higher. This plan is a real shame for our capitalist system there is a burglary of assets that destroyed investors of good faith.
Can not be report with the old post. However, I think it refers to the assets of Block Donohue (Quebec) and it seems to give a logical sequence to the nommination of Richard Garneau. Just a thought like that, which seems realistic, about a possible move of assets.
AbitibiBowater's creditors reserved the right to attack lender liens if they feel there is reason to remove some assets from the grip of the banks
.
http://blogs.wsj.com/bankruptcy/2010/02/05/the-daily-docket-citadel-files-exit-plan/
AbitibiBowater Plans To Exit Bankruptcy By Middle Of Year
Peg Brickley
| 04 February 2010
After nine months of cost-cutting under the protection of U.S. and Canadian courts, AbitibiBowater Inc. has stacked up the cash and is ramping up to exit bankruptcy
by the middle of the year, company spokesman Seth Kursman said Thursday.
The newsprint producer plans to file its Chapter 11 plan in the U.S. and scheme of arrangement in Canada "before the end of the first quarter," Kursman said in an interview.
Once the reorganization strategy is rolled out, AbitibiBowater has to line up creditor votes and win court approval to emerge from creditor protection. The company plans to spend the second quarter accomplishing those goals, Kursman said.
The Canadian company was $7 billion in debt and had only $56 million in cash in April 2009, when it launched its bid for survival in the recession. By the end of 2009, the cash level had risen to $466 million, court documents show.
"We believe that now the company has a viable liquidity position," Kursman said. AbitibiBowater will be looking for exit financing to fund its emergence, he said.
Sales of a stake in a power company, timberland and recycling
facility contributed to the cash improvement, as did layoffs and plant closures.
As it enters the final stretch, AbitibiBowater is in talks with unions about contracts and pension liabilities, while it negotiates with creditors over the shape its restructuring will take.
The official committee representing unsecured creditors on Wednesday staked a claim on a series of AbitibiBowater affiliates that pledged guarantees on a $400 million term loan.
In a filing with the U.S. Bankruptcy Court in Wilmington, Del., lawyers for unsecured creditors sought permission to formally challenge Wells Fargo & Co. as agent for the lenders over the validity of liens attached to the units, including Abitibi-Consolidated Corp. and Donohue Corp. As in most bankruptcy cases, AbitibiBowater's creditors reserved the right to attack lender liens if they feel there is reason to remove some assets from the grip of the banks.
Wednesday's filing claims the company's units were in no financial shape to be guaranteeing the AbitibiBowater's loans
, so the liens should be dissolved.
Creditors need court authority to initiate action against Wells Fargo. They will seek it at a hearing in March.
AbitibiBowater, of Montreal, is dealing with debt picked up in a 2007 merger.
Document DJFDBR0020100204e624000gp
In english.
Threesome to save AbitibiBowater
The survival of AbitibiBowater may be going by the Caisse de depot et placement du Quebec and the Solidarity Fund QFL and the CSN
Jonquiere - This is the hypothesis raised by the regional representative of the FTQ, Jean-Marc Crevier, at the meeting of the crisis with the Forest Industry Council Monday.
"When we see what the U.S. government has made investing in GM, it may not be crazy to do the same thing to save AbitibiBowater. I also asked Guy Chevrette and people of AbitibiBowater, "he told the Daily.
The chairman of the forestry industry, Guy Chevrette, found the idea very smart. "It's possible and plausible, SGF and Caisse de depot could buy equity, which would generate credit to our businesses that need cash. It is such an original idea that it takes us to get us out of torpor, "said Guy Chevrette.
The chairman of the forestry industry, Guy Chevrette, found the idea very smart. "It's possible and plausible, SGF and Caisse de depot could buy equity, which would generate credit to our businesses that need cash. It is such an original idea that it takes us to get out of torpor, "said Guy Chevrette.
The latter think the government should consider this hypothesis. The structure may be different than the Americans so that Quebec does not hold more than 50% of shares not to be the majority. "For an abnormal situation, it takes a specific project like that of Obama. This idea should be explored further because it is far from being crazy, "said the chairman of QFIC.
According to Jean-Marc Crevier, this idea would have been seen by the representatives attending the dAbitibiBowater crisis. "They told us they will do everything to save their skin and that all proposals will be analyzed," he said.
A statement that the Daily has not been able to ascertain from these people.
"They also asked us if the region was behind AbitibiBowater. Everybody was unanimous that we should support the company to save all the jobs and businesses that revolve around AbitibiBowater "says Crevier.
For the president of the SSC, Georges Simard, the idea is interesting. "This is not stupid at all. The future of AbitibiBowater may lie by the government. Our team will analyze the feasibility of such a proposal. We will then evaluate it at our next meeting to see if it could be part of that we will submit our recommendations to governments, "said President of the SSC.
"One thing is certain AbitibiBowater must not fail because the consequences are too important for our contractors forestry, transport companies and other businesses related to this industry," noted Simard.
While doing research, I found this old press release that talk a deal with the union, La caisse de dépôt et placement du Quebec and the government. So they negotiate with management and the old shares will probably not interest them. We must rely on ourselves, I think ..
http://www.saglac-chibougamauchapais.ftq.qc.ca/modules/nouvelles/nouvelle.php?id=111&langue=fr
Ménage à trois pour sauver AbitibiBowater
La survie d'AbitibiBowater passe peut-être par la Caisse de dépôt et placement du Québec et les Fonds de solidarité de la FTQ et de la CSN
Jonquière - C'est l'hypothèse qu'a soulevée le représentant régional de la FTQ, Jean-Marc Crevier, lors de la rencontre de la cellule de crise avec le conseil de l'industrie forestière, lundi.
«Quand on voit ce que le gouvernement américain a fait en investissant dans GM, il n'est peut-être pas fou de faire la même chose pour sauver AbitibiBowater. J'ai d'ailleurs posé la question à Guy Chevrette et aux gens d'AbitibiBowater», a-t-il indiqué au Quotidien.
Le président du conseil de l'industrie forestière, Guy Chevrette, trouve l'idée très intelligente. «C'est possible et plausible, la SGF et la Caisse de dépôt pourraient acheter du capital-actions, ce qui permettrait de générer du crédit à nos entreprises qui ont besoin de liquidités. C'est ce genre d'idée originale que ça nous prend pour nous sortir de la torpeur», a commenté Guy Chevrette.
Le président du conseil de l'industrie forestière, Guy Chevrette, trouve l'idée très intelligente. «C'est possible et plausible, la SGF et la Caisse de dépôt pourraient acheter du capital-actions, ce qui permettrait de générer du crédit à nos entreprises qui ont besoin de liquidités. C'est ce genre d'idée originale que ça nous prend pour nous sortir de la torpeur», a commenté Guy Chevrette.
Ce dernier pense que le gouvernement devrait envisager cette hypothèse. La structure pourrait être différente que celle des Américains de manière à ce que Québec ne détienne pas plus de 50% des actions pour ne pas être majoritaire. « Pour une situation anormale, ça prend un projet spécifique comme celui du président Obama. C’est une idée qui devrait être creusée davantage, car elle est loin d’être folle » affirme le président du CIFQ.
Selon Jean-Marc Crevier, cette idée aurait été bien vue par les représentants dAbitibiBowater siégeant à la cellule de crise. « Ils nous ont dit qu’ils vont tout faire pour sauver leur peau et que toutes les propositions seront analysées », a-t-il assuré.
Une affirmation que le Quotidien n’a pas été en mesure de vérifier auprès de ces personnes.
« Ils nous ont aussi demandé si la région était derrière AbitibiBowater. Toute le monde était unanime qu’il faut soutenir la compagnie pour sauver tous les emplois et les entreprises qui gravitent autour d’AbitibiBowater » mentionne Crevier.
Pour le président de la CRÉ, Georges Simard, l’idée est intéressante. « Ce n’est pas bête du tout. L’avenir d’AbitibiBowater passe peut-être par le gouvernement. Notre équipe va analyser la faisabilité d’une telle proposition. Nous allons ensuite l’évaluer lors de notre prochaine rencontre pour voir si ça pourrait faire partie de nos recommandations que nous soumettrons aux gouvernements » a indiqué le président de la CRÉ.
« Une chose certaine AbitibiBowater ne doit pas faire faillite, car les répercussions seraient trop importantes pour nos entrepreneurs forestier, compagnies de transports et autres entreprises liées à cette industrie » a signalé Simard.
Just a question of rights. If we hold 30% of shares, Fairfax would have 50% I think. To hold his 50% does Fairfax must exercise its options to be entitled to vote at a meeting? If yes, we are the majority. If not, it will overwrite any request from our part.
Nice chart regarding bankruptcy
proceedings.
http://www.bankruptcyvisuals.com/viewcharts.html
Who controls the company? Faifax has two guys on the board, we have almost 30% of the shares on the blog of Liz and Henry of small investors, I believe. If Fairfax does not exercise its options, how many shares he has? If it reject us it also reject the Rest of others 70% of holders. Can we make an alliance to take control with a bigger shareholders that fairfax. Is it that a DIP financement give all rights at Fairfax so invalid vote and shareholder. Who is the shortnaked in this company? The management has a responsibility if there was fraud. It has not not to work to reject its shareholders?
Very good post.
Here an other case. VSTNQ. Interesting to watch. Trustee Backs Visteon Shareholders' Call For Investigation
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=49810980
Abitibi, may also sell these assets. I do not know if this is still their plan, but good possibility of funding.
MONTREAL, Dec 22, 2008
AbitibiBowater announces signing of proposal for sale of Ontario hydro assets and reaffirms expectation of substantial improvement in fourth quarter financial results.
http://www.abitibibowater.com/media/latest-news.aspx?id=636&detail=true&reqid=1238421
May be this post can help you?
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=46472031
Thank you, L and H, Big work and verry good summary.
Inreresting blog.
http://reddragonleo.com/
May be on this site at research analyst ratings.
http://www.baystreet.ca/forums/login.cfm?return=/articles/analyst_ratings.aspx
The SEC shows his teeth.
SEC accuses Goldman Sachs of civil fraud
April 16, 2010 12:23 PM ET
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Associated PressAll Associated Press news
WASHINGTON (AP) - The government has accused Goldman Sachs & Co. of defrauding investors by failing to disclose conflicts of interest in mortgage investments it sold as the housing market was faltering.
The Securities and Exchange Commission said in a civil complaint Friday that Goldman failed to disclose that one of its clients helped create — and then bet against — subprime mortgage securities that Goldman sold to investors.
Investors in the mortgage securities lost more than $1 billion, the SEC said. The agency is seeking to recoup profits reaped on the deal.
Goldman Sachs denied the allegations. In a statement, it called the SEC's charges "completely unfounded in law and fact" and said it will contest them.
The charges come as lawmakers seek to crack down on Wall Street practices that helped cause the financial crisis. Among proposals Congress is weighing are tougher rules for complex investments like those involved in the alleged Goldman fraud.
The SEC shows his teeth.
The Goldman client implicated in the fraud is one of the world's largest hedge funds, Paulson & Co., which paid Goldman roughly $15 million for structuring the deals in 2007.
Goldman Sachs shares fell more than 13 percent after the SEC announcement, which also caused shares of other financial companies to sink. The Dow Jones industrial average fell more than 140 points in midday trading.
The civil lawsuit filed by the SEC in federal court in Manhattan was the government's most significant legal action related to the mortgage meltdown that ignited the financial crisis and helped plunge the country into recession. The SEC's enforcement chief said the agency is investigating a broad range of practices related to the crisis.
The agency also charged a Goldman vice president, Fabrice Tourre, 31, who it said was principally responsible for devising the deal and marketing the securities.
The SEC is seeking unspecified fines and restitution from Goldman Sachs and Tourre.
Asked why the SEC did not also pursue a case against Paulson, Enforcement Director Robert Khuzami said: "It was Goldman that made the representations to investors. Paulson did not."
Goldman told investors that a third party, ACA Management LLC, had selected the underlying mortgages in the investment. But, the SEC alleges, Goldman misled investors by failing to disclose that Paulson & Co. also played a role in selecting the mortgages and stood to profit from their decline in value.
"Goldman wrongly permitted a client that was betting against the mortgage market to heavily influence which mortgage securities to include in an investment portfolio, while telling other investors that the securities were selected by an independent, objective third party," Khuzami said in a statement.
The SEC charges come after Goldman Sachs denied last week it bet against clients by selling them mortgage-backed securities while reducing its own exposure to them.
In an annual letter to shareholders, Goldman said it began reducing its exposure to the U.S. mortgage market in late 2006. It said it did so by selling mortgage investments or buying credit default swaps. The swaps are a form of insurance that pays out if the value of the underlying asset declines.
Those hedges, also known as short positions, served Goldman well. As the housing market began cratering and losses piled up for other big banks, Goldman suffered less damage. That led to criticism that the bank benefited at the expense of clients who bought mortgage-backed securities that became toxic. Goldman denied that.
"Our short positions were not a 'bet against our clients,'" Goldman said in the letter. "Rather, they served to offset our long positions. Our goal was, and is, to be in a position to make markets for our clients while managing our risk within prescribed limits."
In the letter, Goldman also rejected claims that it profited from the mortgage market meltdown.
Copyright 2010 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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http://news.moneycentral.msn.com/provider/providerarticle.aspx?feed=AP&date=20100416&id=11419186
Just for information, Maybe this can help. The case investigation of Nortel, by the Médac.
http://www.medac.qc.ca//index.php?option=com_content&task=view&id=34&Itemid=6
http://www.nortelsecuritieslitigation.com/
The only body that can advise and offer suggestions for the protection of shareholders is the MÉDAC, they are very AGESSA. However, it is in french.
http://www.medac.qc.ca//index.php
On site, there was an interview talking about the merger of Abitibi in 2008. Nothing more on the subject.
http://www.radio-canada.ca/Medianet/2008/CBF/CestBienMeilleurLeMatin200802120710_2.asx
Some good articles.
http://www.medac.qc.ca//index.php?searchword=faillite+d%27Abitibi&option=com_search&Itemid=5
DUANE LETTER UPDATED
Super nice work. Thank you. I wish the best for all your efforts.
The direct link to scribd version is here.
http://www.stockwatch.com/oldsite/oldsite_quote.aspx
Fri 26 Mar 2010 21:56:35 EDT - Trade times are ET. News times are ET. Bid/ask/vol sizes in thousands.
Sym-X Bid - Ask Last Chg % Vol $Vol #tr Open-Hi-Lo Year Hi-Lo last trade News Delay
ABWTQ - Q not subscribed 0.22 -0.01 -4.3 1,226.5 256 118 0.23 0.24 0.20 0.77 0.09 16:09:02 Feb 25 15 min
Name Market EPS P/E Ratio Yield Annual Div Ex Div Date
ABITIBIBOWATER INC Nasdaq -42.389999 -0.01 n/a
Most Recent Trades
Time Price Change #Shares Buyer Seller
16:09:02 0.23 0.00 5,000 0 0
16:03:31 0.23 0.00 5,000 0 0
16:01:53 0.23 0.00 4,950 0 0
16:01:53 0.23 0.00 19,000 0 0
15:59:11 0.22 -0.01 2,000 0 0
15:56:28 0.22 -0.01 25,000 0 0
15:56:21 0.22 -0.01 25,000 0 0
15:56:13 0.22 -0.01 63,423 0 0
15:53:53 0.22 -0.01 5,000 0 0
15:50:42 0.22 -0.01 9,000 0 0
My letters will go out today.