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November 24, 2005
Stelco shareholders are locked and loaded, Thurs., Nov. 24, 2005, 7:49 PM
This evening, I received a 61-page legal brief that was filed by a group of Stelco shareholders.
The Stelco shareholder filing (Nov-24-05) is at this link.
I recommend that any shareholder who wishes to support this action contact Pollitt & Company, in Toronto, which is noted as a plaintiff in this brief.
Pollitt & Co. Inc.
Commerce Court East
21 Melinda Street, Suite 805
Toronto ON M5L 1B9
(416) 365-3313
I also recommend any legal or metals analyst who wishes to study this material in depth, provide me your analysis, which I will forward to Doug Pollitt.
Pollitt has been a member of the Toronto Stock Exchange and Investment Dealers Association of Canada for many years, which you note in his Affidavit. Pollitt is a small firm with limited resources, but is using those resources to fight a war against incredible odds. They could use your help.
You and I don't have to have a stake in Stelco to help these shareholders. We can help on principle.
Sooner or later you will all get the message from me that capital markets have fallen under the control of organized groups". With respect to Stelco, you will see that Pollitt and AGF Funds and other major shareholders value Stelco in the billions. Unfortunately there are organized groups" who are attempting (and very close at that) to have the shareholders entirely struck from the share register, and new shares issued to themselves.
If we allow this travesty to continue to its apparent conclusion, then every shareholder can start saying to themselves, There but for the grace of God go I."
I believe we do not want to live in a Gulag in North America, so we have to fight for our rights when scoundrels want to take them from us.
The information in this brief contains detailed steel market analysis of the highest order by world-class analysts. If you happen to trade steel stocks or bonds, this information is valuable. I hope you read it, and pass your remarks through to me, and Doug Pollitt.
It was only a couple hours ago that Pollitt contacted me by e-mail. It read, simply:
I gather you care about Stelco. We are the folks fighting it on behalf of shareholders. Let's stay in touch today, ok?"
I do not know Doug Pollitt other than by reputation, but I wrote him back immediately at 12:28 pm:
Doug,
I'd love to. I have no stake in Stelco. I care about the capitalist system and the fairness of it. Using Stelco I want to drive home a point that "organized gangs" are destroying it, and the increasingly skeptical public will soon just throw out the baby with the bathwater.
2001-2003 was a reminder of 1973-74. You being in the business for a long time, and one who cares enough to make presentations to regulators, etc, know that without the confidence of the public, there is not much of a capital market to trade, and the good work you want to do is going to go for naught.
I am trying to bring the Stelco situation to an emotional tipping point, where owners of capital will have to say, "There but for the grace of God go I." Maybe enough of them will wake up and demand action.
Today Courtney Pratt said "All the stakeholders are on board." The ROBTV anchor repeated the point, "All the Stelco stakeholders are now on board." Are we in Canada now living in some Gulag?
I find it incredible that there is no independence or objectivity in media today.
Sure, I'll be here.
My blog is running 1 million hits/week, and growing about +8 pct week over week. Before the end of 2006, I'll have over 1 million hits per day. Why? Because I care about values, and people.
Cordially,
/Bill
Later this evening Doug sent me this pdf of his legal brief. I expect to receive others, and you will get copies. I hope you take an interest, because, as the owners of capital, we make the Stelco's of the world possible. They are the engines of the economy that in return provide for us, and our children and neighbors. This is a social contract. We have a duty to ensure that no organized groups" " criminals if you will " step between us.
Please help me on this; I cannot do it on my own. On the other side are the Prime Minister, the Premier, an idiot judge, and a rogue management and board that has zero support from shareholders - shareholders who were deceived into believing those people were acting in their fiduciary capacity to shareholders.
In addition, you should know that the bondholders and creditors' costs in this bankruptcy action are being paid for by Stelco money " shareholder money, with the irony of all ironies being that the judge has allowed Stelco to keep these monies from Pollitt and other shareholders who are running up considerable costs in trying to save their equity.
Please help me on this if you can. Big Media and the Ontario Securities Commission are clearly too frightened to stand up for you. Their mandate to serve and protect" is a fairy tale.
But the reality is that these Stelco shareholders are close to having 100 cents on the dollar stolen from them.
And that's not right.
Send me an e-mail, and I'll send the pdf (in confidence). I tried to upload it to the blog, but the file is almost 3.5 MB, and was too large.
Posted by Posted by Bill Cara on November 24, 2005 07:44:58 PM | Category: Canada