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March 4, 2005
Stelco on the move, Friday, March 4, 2005
Yesterday was a great day for Stelco shareholders, as I wrote.
But I have to agree with a reader who wrote to me as follows:
"Your link to McCarthy today will lead only the most investigative of your readers to the U.S. expert's (Michael Locker) 21-page Affidavit submitted March 1, 2004 (one year ago). The law firm's Stelco page is very difficult to navigate. I have attached a link that should take the reader directly to the Affidavit as filed in Superior Court.
This document tells it as it is, predicts the rapidly rising price of steel based on Asian demand. It clearly destroys the Stelco restructuring officer (Hap Stephen)'s case with respect to un-funded pension liabilities, asset valuation, labour costs, etc. Locker clearly put the responsibility for the Stelco crisis on past and current management and states that the problems are manageable and why this matter should never have been before CCAA. This is a document that any trader should read to be informed as to the realities of the Stelco situation.
If the link doesn't work go to: http://www.mccarthy.ca/en/ re Stelco Motion Materials; then -- Motion by USWA for Leave to Appeal Farley March 22, 2004; then -- USWA additional materials to recind order - Affidavit of Michael Locker, sworn March 1, 2004."
Meanwhile, all Canadian media, including the Toronto Star, is staying on top of the situation.
International investors can also go to www.robtv.com to review the past week's videotaped interviews by ROBTV (Canada's version of CNBC, and quite similar except, let's say, it's based on Canadian values).
In regard to Canadian values, I caught a CNBC (Dennis Miller) show a day ago because, when channel flipping, I happened to see a terrific Canadian actor, Kelly Rowan, be interviewed, and she told the old joke about someone stepping on the foot of a Canadian, but the Canadian saying, "Sorry." That, and NHL hockey, seems to sum it up.
Canadians have enjoyed considerable international success in many fields, including medicine, literature, music, media, sports and so forth, and that extends to the world of business and finance. But like any country, Canada has its losers, which has been clearly seen in the management of companies like Nortel and Stelco, unfortunately.
Posted by Posted by Bill Cara on March 4, 2005 05:54:48 AM | Category: Canada