You see he's declared Stelco bankrupt, but the vulture Tricap fund waiting to take it over (in return for arranging an exorbitant rate bridge loan) now wants to split Stelco into nine parts.

But the poor judge has a problem: none of the parts is bankrupt! So the idiot judge appears to be able to count to nine, which means he's using almost all his fingers and thumbs. And when he adds up nine non-bankrupt parts, he's left wondering how he could have ruled that the nine together were bankrupt.

I guess the parts don't like one another.

Let's stop the charade. This was an engineered fraud from the get-go and this judge is a participant. Moreover, the world knows.

But stop the press; the judge now is telling us he knows capital markets. He's quoted in the Toronto Star today in this link telling us how Stelco the stock is going to trade.

Hahaha " I mean this stuff is downright funny.

I say go back to your African safari. Leave Stelco in bankruptcy. Let the stakeholders start suing the board and management for breach of trust, breach of fiduciary duty, and whatever else that class-action lawyers go for.

And after management quits, the replacements will arrange a better bank loan, the company will continue to make money in business, the union will be happier with new arrangements made to meet the pension funding obligations, the creditors will get paid, the shares will continue to trade, and we can start a government/judicial inquiry like the Gomery Commission to find out just what the heck happened here for 25, going on 26, months -- that wasted $150 million in shareholder equity, or money that could have paid down the pension liability.

And meanwhile, Tricap and partners, who bought all the debt for pennies on the dollar and were going to pay themselves off at 50 cents on the dollar " and had the balls to complain in court " will sue. So what!

That lawsuit will be years in court, and discoveries would be really interesting, I think.

The bottom line here has not changed: the judge cannot make a ruling because THERE IS NO PLAN OF ARRANGEMENT. I have been telling readers that for many weeks.

This charade is so stupid because these "private equity" jerks can't steal the company unless everybody decides to gift it to them. But people are smart. They realize that Stelco has to have "some" equity value if it is still making money, and Dofasco, the junior across town is worth enough to solicit a $6 billion cash bid (or whatever the number), plus debt.

So if these parties don't agree to the Plan, and the judge allows Tricap to re-organize under CCAA, that I suppose would be a judge who has deliberately facilitated fraudulent conveyance. And for that one, this judge will be standing in front of another judge!

You know, this one is a classic. If you're going to steal a billion dollars, it has to be the perfect crime because the world is watching. So what does the dancing judge do when he has no Plan of Arrangement to backstop his decision to let these vultures steal the company?

Well for one he pulls a comedy act, trying to buy time. His remarks about knowing how Stelco shares are going to trade just blow me away.

Somebody in Hollywood has to make a movie. But I said that a long time ago. I even had the actors picked out if you recall.

But nobody could have played Farley better than the late Chris Farley. That would have been a gem.

Seriously folks, the big players at this point are the Premier of Ontario (who is not my friend) and my friend Rolf Gerstenberger (he seemed friendly when we met in the courtroom -- he even said he's passed my blog articles around to his Local 1005 members).

The union can tell this judge that there is a broken contract with respect to the pension liability, and they will not buy into any Plan of Arrangement that keeps the company from being sold without their approval unless their pensions are protected. You see, they can do this because the company is not bankrupt -- it's a valuable going concern, as long as Local 1005 workers go to work. So these gentlemen have a lot of clout here, and having sat in the middle of their pack in court, and talking to them outside, I know they are pissed.

Rolf is doing a great job for them so far. Maybe there is an opportunity to start a Stelco shareholders union -- Local 1005A.

In the other corner is a Premier who like his Liberal friend in Ottawa is going to be in power let's say for a brief time. If he caves in to the Brascan Boys, and lets Stelco off the hook with respect to pension funding obligations, then the fraud is complete. It'll for sure cost him and most of his Party any hope of being re-elected because the taxpayers are fed to the teeth with government continuously spending their tax dollars paying for ridiculous things.

Ironically, the shareholders never caused this problem and Judge Farley won't let them solve it, which is contemptible. If Farley let the shareholders have an annual meeting, unless Brascan bought all the shares in recent weeks to covertly protect their position (and didn't report it to the OSC), the shareholders would have those rogue Directors and their appointed managers off the Stelco premises in a heartbeat.

So, going past the Farley-mandated 21-day Sanction/bar order today, do we call this overtime? Can Farley win or does he have to resign the bench? Can Hap Stephen collect his $2 million bonus? Do Courtney and Helen continue to put out glowing news releases on behalf of their former employer Brascan?

We're already into Stelco The Movie, Part Two.

And all 39 law firms plus Ernst & Young are wondering if they get to keep their $150 million for their leading roles in Part One.

---

Addendum

According to a prominent article today in the Toronto Star by legal affairs reporter Tracey Tyler, there is going to be a public hearing into the conduct of Ontario judges. The newspaper article, which quotes affidavits, adds to my bemusement.

If you think my referring to Mr. Justice James Farley as the "idiot judge" is a bad thing, then you ought to hear what these judges call themselves. In fact, I wouldn't dare stoop as low.

In classic name calling, these judges are in fact calling each other "jerk", "a pathetic piece of work", "whining wimp" or ""whimpering whiner". The panel hearing this matter is headed by Justice Eileen Gillese of the Appeals court, who has recently overruled Farley in two Stelco matters.

So there are people out here calling Farley an "idiot" and now I know she knows these judges are calling themselves worse. Hahaha.

I wonder what they are saying about the investment advice Farley is giving out? "A pathetic piece of work" might be ok except that it's already been used.

I'm chuckling now because this stuff is just adding to the movie script.