http://www.globeinvestor.com/servlet/ArticleNews/story/RTGAM/20050409/webrnewton0409
Hollinger Inc looted, but not by Lord Black
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[Also am a shareholder of halted chapter 11 company Hollinger Canada, when a penny stock. Hollinger Canada chapter 11 final transaction was it transferring around two hundred million to Hollinger International, and still Hollinger International broke.]
Issues with cerrtain Hollinger shareholders developed investments going to Catalyst and not Hollinger shareholders. For ex. the change in the Hollinger bonds from 12.125 to 8 percent, and Canwest selling other bonds, and given the proceeds to the Hollinger bonds to make them senior; United States Securities Commission and Sec Canada have joint jurisdiction.]
Clear insider trading, racketeering, and irregularities in the Canada US Hollinger Chapter 11; and sale of Canwest bonds and derivative agreements, as Canwest derivative loses should have went to Hollinger. Catalyst founded in 2002 by Glassman and became a major player in the winding down of Hollinger Inc.
Quote, "Catalyst is already a substantial owner of Canwest's bonds and the group said its proposal has the support of Goldman Sachs" [Goldman Sachs also disqualified from offering financing.]
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http://www.660news.com/news/local/article/28617--ontario-court-approves-shaw-communications-bid-for-canwest-global-tv-assets
The Catalyst Group proposal treats all the company's unsecured creditors equally and the continuance of a publicly listed Canwest provides creditors and other stakeholders with an immediate path to liquidity," Glassman said in a statement. Catalyst is already a substantial owner of Canwest's bonds and the group said its proposal has the support of Goldman Sachs. Catalyst was founded in 2002 by Glassman and became a major player in the winding down of Hollinger Inc. when it filed motions to remove Conrad Black from the company's board, cancel his move to take the company private and investigate Hollinger's finances.
Catalyst Capital Group announced an 11th-hour bid for Canwest's broadcasting assets, with the support of the Aspers, and two former executives of Rogers Communications - including John Tory, former leader of Ontario's Progressive Conservative party
[Note, Shaw offer increase from 64 to 95 million.]
Under Catalyst's plan, Canwest CEO Leonard Asper would have become non-executive chairman of the company founded by his father and the role of chief executive would go to Rael Merson, a former president and CEO of Rogers Broadcasting. Catalyst's offer was valued at nearly twice Shaw's - $120 million - and would give the investment group a 32 per cent equity interest in Canwest and voting control of the company
A lawyer for Shaw made it clear at a hearing that the cable operator wasn't willing to extend its bid past a Friday deadline and risk heading into an auction for the assets. "Shaw participated within the parameters of this restructuring process," lawyer Robin Schwill said. "We're only willing to play that game if we're not going to be... a stalking horse." Winnipeg-based Canwest, which owes billions of dollars to its creditors, has been operating under court supervision since last year
