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 The CCAA and Chapter 11, are outdated because it can not prevent such scams.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 ...........................
