Happy New Year to all.
Since the new year, I have spoken to many in the know on this one. Right from the start, it would appear that the judge had no interest in doing the right thing. Lots of GM type back-room negotiations going on -- hence the indemnification for Fairfax.
Also, I hear that the Canadian Gov't wanted to screw S/H in return for the Pension Reform and concessions.
That said, over time I think that Peter may be rewarded in terms of some sort of settlement. Maybe a return of of his legal fees, or something nominal, etc.
---------------------------
For me -- I have just wrtiten everything off. I have sold out of my hedge position on Tembec to be in a B/E scenerio of the two stocks (and now hold only TMB warrants -- if they come in prior to expiry -- next Feb. -- then the overall venture would be profitable).
---------------
FYI -- there are many traders that are suggesting the TMB and Abitibi will eventualy merge -- and that may have been the plan from the start.
Best wishes for a safe 2011.
