Justice Pepall can not approve the expropriation of Canwest shares for zero compensation, until Canwest's consolidated balance sheet, is in compliance with GAAP 1601, 1602 & FAB 160; aka, Shaw's percentage of ownership in CW Media Holdings, must be disclosed on Canwest's consolidated balance sheet.
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Now that the newspaper debt is off the books, Canwest shareholders unfile the voluntary CCAA filing. The Canwest Treasury has over hundred million plus in cash, with a debt of over 400 million. (note Canwest gave 200 million plus to these debt holders, in Nov 04 to change the interest rate from 12% to 8% on this debt, right to these funds back.)
Canwest does not have to acknowledge Shaw's put (Goldman Sachs put) that Canwest buy Shaw's CW Media Holdings assets. Nor does Canwest have to sell its TV stations to a separate company, owned by Shaw and Canwest, CW Media Holdings. Hope for Canwest shares.
http://www.bloomberg.com/apps/news?pid=20601082&sid=aSskSDew.i2Y
Quote, "June 3 (Bloomberg) -- A group of Canwest Global Communications Inc. shareholders including the founding Asper family are asking an Ontario court to reject Shaw Communications Inc.’s purchase of Canwest’s television assets, the National Post reported."
