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November 13, 2005
Reader mail on Stelco, Sun., Nov. 13, 2005, 9:32 PM
Hello Bill Cara,
I found your website through a google search.
I do have shares of Stelco, and did get the letter from Stelco dated October 28, 2005, but which came to me in the mail last Tuesday, November 8, 2005.
It seems that Stelco shares will be worthless soon, or will they? On Friday, Nov. 11th, share price moved UP from $0.15/share to $0225/share by the end of the trading day. What's going on? Who's buying shares which will be dead shortly? The executives of Stelco? ~OR~ The company itself? Will the shares really be worthless, or will they be converted to the New Stelco shares?
Should I dump my remaining shares or gamble? What do you think?
I've bookmarked your interesting blog website.
Thanks. /P"
P: Stelco shares started to move mid-day on Thursday. There could be another bidder coming in at the 12th hour. Maybe that's wishful thinking.
If only Russia's Severstal steel company could bid a fair price, conditional on the Ontario Government adopting the same policy on unfunded pension fund liability for Stelco that they have for Inco/Falconbridge, etc, that would be the best deal for all concerned. All except for the rogue Stelco management and board of directors, who would be immediately turfed, and the Bay Street Boys who are trying to steal this great steel company, who would gladly accept their multi-million dollar break fee rather than having their names on the front pages of Big Media and blogs everywhere.
Yes your old shares will have zero value. Just like these same bandits stole the whole of Algoma Steel from the shareholders about three years ago, they have returned to steal yours in Stelco.
The Stelco shares will be struck from the share register. Only creditors, bondholders, management, the Government of Ontario and the government-friendly Bay Street financiers will receive new shares. I'm sure you are aware that the cost of defending your rights would be a hundred times what you could possibly gain, given that the Ontario Securities Commission has elected to side with their dinner guests rather than the distraught owners of capital in this Province.
Sorry. /Bill
I have a long memory. And blogging covers a big territory.
Mr. P found me today by googling Stelco. He's going to find me there a lot, because I'll be damned if these thieves are going to be allowed to slip away silently in the night.
The irony of course is that those people probably don't even understand what a blog is. Isn't that like not seeing something before it hits you between the eyes?
I can assure you that people at Severstal understand blogging, judging by the Moscow IP addresses that show up in my server logs whenever I write about Stelco.
Posted by Posted by Bill Cara on November 13, 2005 09:32:05 PM | Category: China