Head news fraudster of CanWest newspapers stepping down; Canwest shareholders hope that Skulsky not be involved in restructuring process
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[Why aren't Canwest newpapers advertising that Canwest debt below 3 billion, and that Canwest and Goldman Sachs bought Atlantis for 1,183 million? Skulsky has altered Canwest news reporting to unfairly report Canwest shareholders finances. Again, why has Canwest newspapers not printed that Canwest debt is below 3 billion more than a few times; and why hasn't Canwest newspapers run that Atlantis was bought for 1183 milliion.]
http://www.thestar.com/business/article/779315--head-of-canwest-newspapers-stepping-down
Quote, "Skulsky will remain involved during the restructuring process, the company said.
Quote, "CanWest LP owes $1.5 billion, so a higher offer for the chain would mean CanWest's unsecured creditors could get paid, an observer noted."
[Unsecured creditors on newspaper sale not out of pocket. All Canwest debt unsecured or not, to be honoured. Canwest making a profit, and their interest payments reduced with the Ten sale.]
http://thetyee.ca/Blogs/TheHook/Media/2010/03/12/SkulskyLions/
When Skulsky was elevated to CEO of Canwest’s publishing operations in 2006, the company’s stock was selling at more than $15 dollars a share. But crushing debt, a recession and, some observers say, bad management decisions contributed to the downward spiral of Canwest’s fortunes, its stock slipping to well under a dollar a share before trading was halted and the company sought bankruptcy protection in October of 2009.
As the man in charge of Canwest’s print and online operations, Skulsky’s annual salary and bonuses reportedly topped a million dollars a year. Industry observers were keen to know if Skulsky might play a role in a bid for the Canwest newspapers, either teaming with Asper again or, perhaps, with the now approved bid headed up by Paul Godfrey, an executive at the Canwest-owned National Post.
Today’s press release says: “Mr. Skulsky will continue to lead Canwest LP’s newspaper and other publishing operations and actively participate in Canwest LP’s ongoing financial restructuring efforts until April 30, 2010” and that for four more months after that he remain as an advisor to the people running Canwest, assuring a “smooth transition of leadership”.
But according to a report today in the Globe that has Skulsky helming the Lions: “Sources said a row has arisen between Skulsky and [Canwest] over his pension, believed to be worth more than $1-million, which was not protected in the company’s bankruptcy filing in January.”
http://www.theprovince.com/entertainment/Newspaper+boss+stepping+down+April/2681513/story.html
Canwest news service the Province writes"Faced with a decline in advertising revenues because of the recession, Canwest LP filed for creditor-protection on Jan. 8 after tripping over interest payments on about $1.5 billion in debt." Lack of disclosure and advertising Canwest shareholders rights. No details.
