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"Hi Bill, Ok Thank you Canadian Capitalism. I love investing in Companies that can turn around and will wipe you out at the stroke of a "Kangaroo Court". Maybe I can take my 100,000 Stelco share certificates and use it to wipe my *** in my old age. At least I'll save some money buying toilet paper!

A "Fool Once" in believing in the system...but not again! I suppose there is nothing a lowly Stelco shareholder can do at this point except go stock up on "soup"!

I just discovered your "blog" at 5:00am this morning... now understanding that my self-directed RRSP will probably be wiped out, is there anything I can do at this point? Any comments would be appreciated.

/Gary"

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Gary, You can start by entering Stelco into the search window on the sidebar of my blog, and see how much I have written. I have included links to Affidavits etc.

Then you can contact Doug Pollitt at dougp@pollitt.com. His company is fighting the sanction order by the judge, next week I think. He might tell you how you might help. The Pollitt Company made a representation to the judge on Friday that your shares should be worth over $1 million. The judge is going to allow Stelco to send the equity value to zero. You can tell Pollitt that's theft and you are not going to put up for it. Pollitt is a stakeholder; I'm not. So tell him.

Then you can contact your securities commission, and your provincial (if Ontario) and federal rep as well, and tell them you are fed up for the lack of protection in this matter. You can ask the govt rep(s) how is it they can use taxpayer money to pay off pension plan liabilities of one private company and ignore even worse problems at other companies.

Then you can have your friends do the same, including writing to the newspapers. If there are few public complaints, the newspapers will do nothing. You might even write former Dep. Prime Minister Sheila Copps (Toronto Sun) to ask if she is going to take this matter to the RCMP again, like she did when the whole Paul Martin takeover of Hamilton started.

Then you can e-mail ROBTV and ask for so-called experts they have on their show to explain to shareholders what was done to protect them here.

Then you can ask your broker ("financial advisor") to put it in writing to show you how that firm acted as your fiduciary, to protect your interest in the securities they sold you. And by the way, ask them if they will make any IPO shares of the "New" Stelco available to you, and how much they would be making in commission to sell those shares to you. Then send the copy to the Investment Dealers Association to say you intend to sue the IDA's a*** for permitting the con where your "financial advisor" was allowed to deal against you, costing your RRSP account (the one you were paying them to administrate/manage in good faith), the sum of over $1 million.

Or you could just accept all this, and call yourself an idiot for trading Canadian capital markets.

The bottom line is that Severstal steel company from Russia or Mittal or Arcelor from Europe would easily have paid you $1 million for your shares if they were allowed by a Receiver to take over the company lock, stock and barrel, including paying down the under-funded pension plan liability over 10 years, and all the creditors and bondholders on time.

No creditor petitioned this company into bankruptcy. It was your management and Board's plan from the getgo -- the people who had a fiduciary obligation to you, and who failed you. The judge, at this point, knows you are pissed and doesn't want you to have the legal right to sue them or him, which is the purpose of the sanction order against you. That's how the legal system works in this democracy.

But, as a stakeholder you have the right to go with the shareholders' group to the courtroom and tell that idiot judge to his face that he is a disgrace, and has permitted over $1 million to be stolen from your RRSP. You have the right in this country to express whatever opinion you hold, and you will do that if it is so important to you " i.e., if $1 million is that important.

I suspect before all this charade has been brought to a close that the shareholders' group will bring to the court a hard letter of interest from a major international steel company offering to buy all the assets and liabilities of Stelco, for a residual value to shareholders that would put $1 million into your RRSP, if the judge removes the strings he has been pulling in this case.

But, I don't know that for sure because I am not a stakeholder and am in no way directly involved in the proceedings. But anybody can read news releases, Affidavits, financial summaries, and so forth, to see that you are being conned here. Other steel companies know what's going down.

I wish you the best of luck.

Cordially,

/Bill