Canwest bankruptcy watch

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Diogenes Diogenes's picture
Canwest bankruptcy watch

What is holding up the bankruptcy of [url=">http://en.wikipedia.org/wiki/Canwest]Canwest[/url][/u]? It's over boys, face it.  I am looking forward to this restructuring of the mainstream media.

Imagine the rebirth of 12 big city dailes - Calgary Herald - Regina Leader-Post - Vancouver Sun - Edmonton Journal - Saskatoon StarPhoenix - Victoria Times-Colonist - Montreal Gazette - Vancouver Courier - Windsor Star - Ottawa Citizen - Vancouver The Province

maybe not as newspapers but as news services that serve their communities and the local merchants. with content that is interesting, good old fashion journalism, and lots of different points of view.

Most of these publications were once fine newpapers.  Conrad Black and the Aspers changed all that.

remind remind's picture

It has implications for many small city newspapers and television stations too. Perhaps they might try to off load those first?

Diogenes Diogenes's picture

Barack Obama's request that Israel stop expansion of illegal settlements in the West Bank and Israel's PM Netanyahu's duplictious response has been the subject of many news stories in the last month.

So I did a [url=http://www.canada.com/search/search.html?q=illegal+settlements]search[/url] on Canwest's canada.com website for illegal settlements.  There was 1 hit, - and to quote ...

Quote:
...Jewish settlements considered illegal by the Palestinians and the United Nations.

There are other stories that appear under the Canada.com Network tab (57 in total) but the 'news' seems highly selective. One article, [url=http://www.canada.com/news/Israeli+settlers+hope/1241858/story.html]Israeli settlers see ray of hope[/url], has this passage...

Quote:
The settler movement, which has felt it has been on the margins politically since about 9,000 Jewish settlers were expelled from Gaza by former prime minister Ariel Sharon in August 2005, believe that the three-week conflict has made it much more difficult for Israeli or foreign peacemakers such as U.S. President Barack Obama's new Middle East envoy, George Mitchell to dislodge them from the homes that they continue to construct at a fast clip all over the West Bank.

 

The 'three-week conflict' they refer to was Operation Cast Lead (last January) that resulted in 1300 dead, 5000 wounded, and 5000 homes destroyed in Gaza. If this were considered a terrorist attack (and it should be) it would come in at 2nd place (after 9/11) in rankings.

Critical examination of Israel politics is almost absent from any Canwest publication. You can find much better (and more balanced) [url=">http://www.jpost.com/servlet/Satellite?cid=1244371064673&pagename=JPost%... in the Jerusalem Post.

Compare these results with searches for anti-semitism and anti-Israeli and take note the efforts to equate the two. This is pure bullshit but it seems to be working.  Just have a look at [url=http://sontag.ca/blogs/index.php/target=2009-06-18]I am not making this up[/url].

sway

I will be dancing a big jig the day they crumble to dust !!!!!!!!!

 

They deserve death as a company.

Yes Canwest die!!!!!!

Buddy Kat

I wouldn't put on the dancing shoes quite yet. It wouldn't surprise me if their conservative buddies figure out a way to give all the money they shiestered from the CBC to the pro conservative media empire. But I'm with you..I'm shining them up Laughing for a good jig.

Diogenes Diogenes's picture

Came across this article reading the wikipedia page on Canwest.

[url=http://www.nytimes.com/2004/09/20/business/media/20reuters.html?_r=2]Reu... Asks a Chain to Remove Its Bylines[/url]

Canwest claimed they were silly mistakes. Right.

 

Is Canwest too big to fail?

If you had to preside over the Canwest bankruptacy, what would you do?

ennir

Given that Izzy Asper supported the Zionist cause, I don't see it as any surprise that their reporting would be so biased.

Meanwhile, here in Winnipeg where the Museum for Human Rights, Izzy's dream, is being built they appear to have no respect for the people whose land it is being built on.

Bravo to Reuters.

 

 

 

 

toddsschneider

from the link above:

" ...

The policy has caused Mr. Anderson's paper to issue two corrections recently as the result of changes it made to articles provided by The Associated Press. On Thursday, The Citizen changed an A.P. dispatch to describe 6 of 10 Palestinians killed in the West Bank by Israeli troops as "terrorists," a description attributed to "Palestinian medical officials." The Associated Press had called those people "fugitives" ...

Late Friday, a spokesman for The Associated Press, Jack Stokes, issued a general statement about changes to its articles. "We understand that customers need to edit our stories from time to time," it said in part. "However, we do not endorse changes that make an A.P. story unbalanced, unfair or inaccurate" ...

Mr. Anderson said he did not know how CanWest would deal with the Reuters request. No one else at CanWest, The National Post or The Calgary Herald was available for comment ..."

[-30-]

No comment. Well, just one: Press Council complaint, anyone?


 

 


Lard Tunderin Jeezus Lard Tunderin Jeezus's picture

Diogenes wrote:

Came across this article reading the wikipedia page on Canwest.

[url=http://www.nytimes.com/2004/09/20/business/media/20reuters.html?_r=2]Reu... Asks a Chain to Remove Its Bylines[/url]

Canwest claimed they were silly mistakes. Right.

 

Is Canwest too big to fail?

If you had to preside over the Canwest bankruptacy, what would you do?

Sorry, I'm not clear on the topic here. Are we discussing their finances, or their moral bankruptcy?

Diogenes Diogenes's picture

Lard Tunderin Jeezus wrote:

Diogenes wrote:

Is Canwest too big to fail?

Sorry, I'm not clear on the topic here. Are we discussing their finances, or their moral bankruptcy?

There's not much to discuss on moral bankruptcy is there?  Or did I miss something?

Lard Tunderin Jeezus Lard Tunderin Jeezus's picture

More seriously - I'd break them up, into their component regional stations and papers, splitting the stock into as many units as required to do so.

Diogenes Diogenes's picture

Lard Tunderin Jeezus wrote:

More seriously - I'd break them up, into their component regional stations and papers, splitting the stock into as many units as required to do so.

I think a breakup is a good thing too.  Big city dailies each print their own edition. Each have a unique local customer base for subscribers and advertisers.  Economy of scale in the business are limited.

The Canwest dailies used to be pretty good community newspapers.  This is a chance to hit the reset button and start over.

CKUA was a Alberta government sponsored radio network that nearly went bankrupt in the early '90's after the gov't appointed bosses started paying themselves six figure salaries because they could.  Protests from across the province poured in when the government announced the network would be shut down.  It was thrown a temporary lifeline but told it must find a way to pay for its operating expenses.  This meant asking for donations.

CKUA survived and thrived. It's a great station now, run by people who love what they do, and with vigorous financial support from across the province.

I think this same dynamic could happen in Vancouver, Calgary, Edmonton, Regina, Ottawa, Windsor, etc.  Maybe even Toronto?

Klunker

Diogenes wrote:

What is holding up the bankruptcy of [url=">http://en.wikipedia.org/wiki/Canwest]Canwest[/url][/u]? It's over boys, face it.  I am looking forward to this restructuring of the mainstream media.

Canwest is like a vampire that won't stay dead. Let's hope the stake is soon driven through its heart and that the vampire's estate will return to the hands of Canadians.

K1200S

 

 

I'd be the happiest person in Canada if Canwest did a face plant then went belly up.  Time to punt the Zionist propaganda from our lives.  Pathological projection bias is what they suffer from.  It irks me to no end that this shit paper is free in every corporate office. 

If the CHRC commission had any balls, I mean real mandate, they'd be hauling the likes of the Aspers into court for the pure hatred that they spew about everything the Zionists don't like.   The disinformation, the omissions, and the outright lies.

Personally I'd like to paint a UN flag on the Asper's heads and their sycophantic columnists and send them all to Gaza.

Jaku

Yes those mean and nasty Zionists...

remind remind's picture

Apparently Canwest is divesting their Austrailia holdings too.

 

Buddy Kat

Yes mean nasty and SMART......What irks me is when the zionists sell their papers and stations who is going to buy them? When they were up for sale before ..Did the lefty buy them ? No...Did the honest center party supporters buy them? No...Who bought them. Who was smart enough to know that people are very gullible to media influemce and can be swayed and controlled.

 

You got to hand it to them...no one was interested in owning the media except them and it sure makes Canadians look stupid...damn zionistsYell....Maybe now Canadians will wake up and take control of their media...but don't hold your breath..more likely they are all sitting in front of a tv set crosseyed with there tongues hanging out waiting for there next zionist newscast.Laughing

NorthReport

 

These are not your little people where you would have been bankrupct a long time ago.

Usually rich people survive these financial situations - they design the laws to protect themselves.

CanWest will survive, just like GM, Air Canada, etc.

Michelle

Are you kidding?  There's no way Canwest is going bankrupt.  No way will the Conservative Party let their house organ collapse.

George Victor

 

A few of their organs may have to be sold, and National Post is costing them the most to hang on to.  They are selling off TV assets in Australia to try to appease creditors at this point. Not gettng much though.

Diogenes Diogenes's picture

Any theories on how Canwest is staying alive? 

I think a bankruptcy restructuring along community (read 12 big city dailies) boundaries would be a great remedy.

Surely, Canwest is not "Too Big To Fail"?

Slumberjack

Buddy Kat wrote:
....Maybe now Canadians will wake up and take control of their media...

In Canwest's case, Canadians are in fact controlling and owning those media outlets, although they harbour agendas and priorities that some of us do not share an interest in.

George Victor

 

Yes, if they were not  biased, slanted, one-dimensional organs for the Conservative Party of Canada and the conservative parties of their region, leaving their readership with biased, slanted, one-dimensional views of the world and Canada's place in it...   they would be native publications we could all "share an interest in" helping to survive.

Michelle

I tried to convince rabble's board to buy the National Post, but they haven't gotten back to me yet. :D

(Kidding, kidding!)

1weasel

Unfortunately, pensioners at the stations Canwest are disposing of are facing the brunt of the mismanagement as the company winds down their pension plans. Current employees (those lucky enough to be in units being sold) will lose their defined benefit plans and be switched to defined contribution plans under new owners. There are still no signs that Canwest will continue operating or sell stations in Red Deer and Victoria.  On  August 31st about 80 people will be left unemployed in those communities.

http://www.google.com/hostednews/canadianpress/article/ALeqM5gfrYtTH3522CP47AZFEvFEHaxGpQ
http://www.thespec.com/News/Local/article/608621

toddsschneider

Canwest denies newspaper sale deal

http://www.cbc.ca/arts/story/2009/10/02/canwest-newspapers-private-report.ht

Canwest Global Communications Corp. denied Friday a report that a deal is close to sell a number of its newspapers.


According to the Globe and Mail, National Post chief executive officer Paul Godfrey has lined up private equity funds to bid for a slew of newspapers owned by the debt-addled media conglomerate. The report cited unidentified sources. Canwest owes its lenders $3.9 billion.

But Canwest spokesman John Douglas said the papers are not for sale ...

ml

 


Diogenes Diogenes's picture

Technnically, Canwest is not bankrupt and only parts of it are under creditor protection.

Fortunately one of those parts is the National Post. Woo-hoo!

The bad news is that workers and their pensions are stiffed again, true to form for any Conrad Black enterprise.

Canwest Employees wonder what's next - Severance payments halted

Canwest operations squeezed

Quote:

Yesterday, the company said it won't be paying severance or benefits owed to laid-off workers. It also revealed that the bulk of the company's employee pension plans have a $13.3-million total shortfall.

Employees in the US, Britian and most of Europe are much better protected in Canada - see the Macleans article Hung out to dry

Diogenes Diogenes's picture

Embarassed Doh! double post!

Diogenes Diogenes's picture

Smile The universe is unfolding as it should.

My sympathies to those workers who are getting stiffed. Is this any surprise?

Only in Canada you say? Pity.

What has your politician done for you lately?

 

 

Diogenes Diogenes's picture

A comment posted by Mr. Dark to this G&M story. It's not perfect but it's pretty funny (in a dark kind of way)...

Quote:

(with deep apologies to Gordon L.)

The Wreck of the Canwest Fitxgerald

The legend lives on from Portage & Main on down
Of the Big Bankers they call Gonna Getcha
The Bankers, it is said, never give up their dead
When the skies of Repayment turn gloomy.

With a load of red paper - 4 billion dollars more
Than the Canwest Fitzgerald weighed empty
That mass media ship and true was a loan to be chewed
When the call of the Bankers came early

The ship was the pride of the Israel Canadian side
Coming back from some outpost in Winnipeg
As big media companies go it was bigger than most
With a crew and the Captain in over their head.

Concluding some terms with a couple of investment firms
When they left fully loaded for Australia
And later in time when the Bankers' bell rang
Could it be the Debt Wind they'd been feeling.

The wind in the newswires made a tattletale sound
And the wave of debt broke over the railing
And every man knew, as the Captain did, too,
T'was the witch of the Bankers come stealing.

The dawn came late and the repayments had to wait
When the gales of the Bankers came slashing
When afternoon came it was freezing accounts
In the face of a hurricane debt of wind

When bankruptcy came the youngest went on deck
Saying fellows it's too rough to pay ya
At 7PM the payroll caved in
He said fellas it's been good to know ya.

The Captain wired in he had red ink coming in
And the mass media ship and crew was in peril
And later that night when her websites went out of sight
Came the wreck of the Canwest Fitzgerald.

Does anyone know where the love of the Lord goes
When his words turn up minutes in court
The prosecutors all say he should have paid more
With easily fifteen years more in front of him.

They might have split up or they might have compromised
But they broke up soon and took what they could
Now all that remains is the faces and the names
Of small investor's wives and the sons and the daughters

Big Bankers roll, Superior things
They call in Israel's ice prairie mansion
Old Dreams steam from called in liens,
The streets of Bay & King are for moneymen.

And farther below Lake Profit
Takes in what Lake Debt can send her
And the red paper goes as the borrowers all know
Wherever the Big Banks want to send 'em

In an icy old hall in Winnipeg they prayed
On the Wall Street of New York
The death knell chimed, 'til it rang all the time
For every dollar lent to the Canwest Fitzgerald.

The legend lives on from Portage & Main on down
Of the Big Banks they call Gonna Getcha
Usury, they say, never gives up her dead
When the call of the Bankers come early.

 

Farmpunk

I wonder how this will affect CanWest:

http://www.lfpress.com/money/2009/10/07/11335276.html

 

 

Timebandit Timebandit's picture

It's something that will affect the entire tv industry, whether Global's in bankruptcy protection or not.  The world keeps on spinning.  There's a battle royal going on over fees for carriage, and that's a part of that can of worms.

Canwest is already so far in the hole, I don't think not paying their share of the 450 mil will help them much - bricks in the Grand Canyon. 

Farmpunk

I'm going to want more details from that LFPress\CP story.  Isn't this just another form of a bailout?  I wonder if the CBC is part of that package?  Considering the gov provides funding to the Ceeb, I suspect they don't also pay taxes on the money they recieve.  They would, I presume, be taxed on the ad revenue and other streams of money the CBC gathers.

Fee for carriage is a complete joke.  I'm not a big fan of the cable and satelite companies, but the carriage fee deal is a really disgustingly cynical move by CTV and Global.  Saving local tv... please.  It's an attempted cash grab, made out of pure frustration that the cable\sat companies are making money while the over the air stuff isn't as profitable as it once was.  Apparently control of the tv itself market isn't enough for CTV\Global... they also now need direct gov stimulus to keep their international companies afloat during these tough economic times.

 

Timebandit Timebandit's picture

It's actually more complicated than that, Farmpunk...  Can't expand on it now, though, writing to a deadline today.  I'll try to come back to it later.

Doug

http://www2.macleans.ca/2009/10/20/the-short-end-of-the-canwest-stick/

 

 

If you were to ask the general public how much of a bonus Canwest Global Communications executives deserve for steering the country's biggest media company into the ground, the answer would fall somewhere between squat and diddly. But according to their bankruptcy protection filing this month, the correct response is $9.8 million....

But the Canwest 20 are among the few winners in the company's failure. Stockholders, who have seen share value plummet from more than $20 a few years ago to less than 25 cents (trading was halted Oct. 6), are in line to receive just 2.3 per cent of the new entity. Suppliers whose goods and services are not "essential" to day-to-day operations (pretty much everything outside of TV shows and newsprint) will find themselves at the back of the long line of creditors. Canwest pensioners are losing their company-funded medical and dental coverage-a net savings of $400,000 a year according to the court filing. And some 60 employees across the country who were laid off earlier this fall will no longer be receiving their severance.

As sadly usual in business, those responsible for failure get rewarded.

M. Spector M. Spector's picture

Doug wrote:

Canwest pensioners are losing their company-funded medical and dental coverage-a net savings of $400,000 a year according to the court filing.

That is so evil.

$400K is chump change in the TV business - less than a single day's ad revenue on Global.

 

Diogenes Diogenes's picture

Also from this same article...

Quote:

However, recent history suggests the federal Conservatives, who were considering a bailout of Canwest earlier this year...

Is this really true?  I suspected the same, but never came across any news items that stated that.

So Canwest now joins Nortel for a spot in the Canadian Corporate Hall of Shame.  Employees and retirees go to the back of the line, please. 

Severance and vacation pay? Hahahahaha - good one! Failed executives will get retention bonuses, approved by the same gullible bankers who lent these guys the money in the first place, to ensure that they, the bankers, get first pick at the spoils remaining.

And it's all legal.  Only in Canada you say?  Pity.

And what is our government going to do about this? Hahahahaha!

Rexdale_Punjabi Rexdale_Punjabi's picture

Diogenes wrote:

What is holding up the bankruptcy of [url=">http://en.wikipedia.org/wiki/Canwest]Canwest[/url][/u]? It's over boys, face it.  I am looking forward to this restructuring of the mainstream media.

Imagine the rebirth of 12 big city dailes - Calgary Herald - Regina Leader-Post - Vancouver Sun - Edmonton Journal - Saskatoon StarPhoenix - Victoria Times-Colonist - Montreal Gazette - Vancouver Courier - Windsor Star - Ottawa Citizen - Vancouver The Province

maybe not as newspapers but as news services that serve their communities and the local merchants. with content that is interesting, good old fashion journalism, and lots of different points of view.

Most of these publications were once fine newpapers.  Conrad Black and the Aspers changed all that.

Only dailies in the center of the universe matter or u never knew that Toronto = KKKanda everybody else is just copying Tongue out

NorthReport

Business scum.

 

If you were to ask the general public how much of a bonus Canwest Global Communications executives deserve for steering the country's biggest media company into the ground, the answer would fall somewhere between squat and diddly. But according to their bankruptcy protection filing this month, the correct response is $9.8 million.

The Key Employee Retention Plan (KERP) already approved by Canwest's creditors, and given an initial thumbs-up by the courts, was the subject of "extensive" negotiations from the very beginning of the company's efforts to extract itself from under its $4-billion debt load last December. Three directors, four top executives and 13 other senior members of management will receive two hefty cash payments-one at the end of this year, the other early next spring-in exchange for sticking around until the streamlined company emerges from the process. The details of just who is receiving the bonuses and how much have been sealed by the court at the company's request to protect "sensitive personal and financial information." But it's clear at least some of the "retentions" will be decidedly short-term as the agreement calls for the three unnamed directors to resign from the Canwest board once the restructuring period ends. Leonard, David and Gail Asper, the children of the late Canwest founder Izzy Asper, are all currently directors, but are expected to have a much reduced role, and ownership stake, in the new company.

The agreement, under the Company Creditors Arrangement Act (CCAA), will see three hedge funds exchange billions in debt for controlling equity in Canwest's national Global TV network, six cable channels, and the National Post newspaper. (The 13 specialty channels Canwest acquired when it took over Alliance Atlantis two years ago are not part of the deal.) A separate CCAA filing covering Canwest's 12 daily and 22 community newspapers and their $1.3-billion debt is expected in the coming weeks. It's not clear whether executives in that division are also in line to receive bonuses.

But the Canwest 20 are among the few winners in the company's failure. Stockholders, who have seen share value plummet from more than $20 a few years ago to less than 25 cents (trading was halted Oct. 6), are in line to receive just 2.3 per cent of the new entity. Suppliers whose goods and services are not "essential" to day-to-day operations (pretty much everything outside of TV shows and newsprint) will find themselves at the back of the long line of creditors. Canwest pensioners are losing their company-funded medical and dental coverage-a net savings of $400,000 a year according to the court filing. And some 60 employees across the country who were laid off earlier this fall will no longer be receiving their severance.

"I'm finding it hard to wrap my head around," says Pat Vanderburg, who has worked for CHBC TV in Kelowna, B.C., for the past 23 years. When he was given three months' notice in early September, the program coordinator was told he was entitled to just over $95,000 in compensation and vacation pay. On the day of the CCAA filing, a company HR representative told Vanderburg that the new amount will be $0. "I'm still coming to work every day," says the 45-year-old. "These management bonuses just add insult to injury." Kirk Mitchell, 55, who is losing his job as a senior VTR editor after more than 33 years at the station, stands to lose more than $50,000 in promised severance. "You shake your head and ask, what the hell are they thinking? They won't pay me what they owe me, but they're asking for $9.8 million to pay bonuses to the people who got them into this mess."

In a company-wide email last week, Leonard Asper wrote that "we sincerely regret the impact" the CCAA filing is having on laid-off employees and pensioners. In an interview, John Douglas, senior vice-president of public affairs for Canwest, said all efforts were made to limit the cutbacks and noted that the company will continue to pay all wages and benefits to its current employees, as well as any outstanding payments due to freelancers. The close to $10 million in retention bonuses are a necessary part of the restructuring process, says Douglas. "We're doing it for the same reason that every company in this situation has a KERP. It's straight business logic. It's required," he says. "These are people who are essential for driving the restructuring and  the operation of the business."

The union that represents many of the affected workers, the Communications, Energy & Paperworkers, is vowing to take up the battle. CEP vice-president Peter Murdoch calls the management bonuses "immoral" and questions why it is necessary to squeeze out such relatively small savings-$2 million to $3 million-in what is a gargantuan restructuring. The union is also concerned about Canwest's employee pension plans, which have a reported solvency deficit of $13.3 million, and is calling on Ottawa to step in and protect the rights of current and former employees. "I think the government has been asleep at the switch here," says Murdoch. "We need someone to back the workers up."

However, recent history suggests the federal Conservatives, who were considering a bailout of Canwest earlier this year, have little interest in involving themselves in such disputes. When Nortel Networks filed for bankruptcy protection last January, executives and senior managers divvied up more than $30 million in court-approved retention bonuses, despite the protests of 1,000 workers who were denied severance. In a nod to an anti-bonus backlash south of the border, Jim Flaherty, the finance minister, has since warned Canada's banking sector to change the way it structures executive compensation. But Industry Minister Tony Clement, who oversees CCAA agreements, has not followed suit. In an email to Maclean's his spokesperson refused to comment on the Canwest bonuses as the matter is before the courts, but pointed to new amendments to the process to increase "transparency and fairness." Among the changes that came into effect last month, workers are now guaranteed up to $2,000 in back wages and $3,250 in lost severance.

 

 

http://www2.macleans.ca/2009/10/20/the-short-end-of-the-canwest-stick/

 

 

 

Farmpunk

Incredible.  Thanks for the links.

Slightly off topic...  CBC managers took at 50% bonus cut in the spring, which must have been a little disconcerting to laid-off employees and fans of shows that were cut or mangled.

Diogenes Diogenes's picture

From far and wide...

Protest on Parliament Hill

Yesterday there was a protest on Parliament Hill by former Nortel employees about bankruptcy laws, pensions, severence payments, Long Term Disability. and employee rights in bankruptcy proceedings. 

Canwest is also bankrupt and has applied for "restructuring" under the CCRA.  Canwest has a $13 million pension liability. 

Quote:

To cope with its dire financial situation, CanWest cut more than 500 jobs over the past year, or about 5 per cent of it work force, and slashed operating costs by $61-million. Yesterday, the company said it won't be paying severance or benefits owed to laid-off workers. It also revealed that the bulk of the company's employee pension plans have a $13.3-million total shortfall.

source: Canwest operations squeezed

 

This is how it works for the top brass

Under the restructuring plan approved by the first line creditors, a Key Employee Retention Plan (KERP) allocates bonuses of $9.8 million to 20 executives in Canwest (including Leonard, David and Gail Asper) as an incentive to remain at Canwest throughout the bankruptcy proceedings.

source: The short end of the Canwest stick

 

And this is how it works for everyone else

The underfunded pension find liability?  Get to the back of the line, pal.

Retirement Lost

Quote:

Steve Lambert: Hello Simon, I am one of dedicated group of CanWest retirees who when our CHTV station was sold were informed that our pension plan was to be wound down, with no questions asked.. We have come to discover that our plan may have a 9 million dollar shortfall that the company is binded by contract language to fill , they are planning to walk away from this obligation...What steps can we and our government regulators take to counter this atrocity?

Simon Archer: Well, the first step is start asking questions. In most jurisdictions except the federal jurisdiction, employers are required to fully fund a pension plan when they terminate it. Canada -- the federal jurisdiction -- stands out as the main exception, and it is a real problem. It may be possible to force the company to fully fund the plan as a matter of contract law or the terms of the plan itself, or at least to negotiate a solution. Retirees in other similar circumstances -- I'm thinking of Bell retirees -- have grouped together and negotiated with employers to get the right result. So I would also consider getting organized with other retirees and exploring some of your options.

 

Goodbye National Post

In an ironic twist worthy of a greek tragedy, employees of the National Post, the invention of convicted felon Conrad Black and arguably the most right-wing newspaper in Canada, now find themselves at the mercy of the very same ideology they so staunchly defended and shamelessly promoted over the years. Of course, most were pressured to do this.

As much as I hated the National Post, they had some good writers and good journalists. They will be missed, but only for a while. And they may have a different point of view when we hear from them next.

"Freedoms just another word for nothing left to lose".

Now you can start writing about important stuff. Good luck to you all.

M. Spector M. Spector's picture

Diogenes wrote:

As much as I hated the National Post, they had some good writers and good journalists.

The good writers and journalists all left the Post years ago.

The ones still there can rot in hell for all I care.

Diogenes Diogenes's picture

A good article today from the Guardian in the UK

Conrad Black's shadow hangs over the collapse of a media empire

Quote:

If Canwest breaks up, not everyone will shed tears. Marc Edge, author of Asper Nation: Canada's most dangerous media company, said Canadians will be better off without a company that, at one point, tried to get all its city newspapers to publish centrally written editorials produced at its Winnipeg headquarters, advocating "neo-liberal economics, deregulation, privatisation and ardent Zionism".

Such was the discontent among journalists about the Aspers's editorial line that staff at the Montreal Gazette went on a byline strike in 2001, refusing to put their names to articles or pictures.

"The worst thing about the Aspers was that they politicised, to a great extent, Canadian journalism," says Edge. "There seems to have been a concerted movement to take Canada's press to the right by people like Conrad Black and the Aspers. That's unhealthy for political discourse."

Diogenes Diogenes's picture

More breaking news.  From this thread

National Post may close after Friday

and

National Post must move assets or close, Joe Schneider, Bloomberg

 

and a great op-ed piece by Gary Engler published here on Rabble and here on Dissident Voice

Tigana Tigana's picture

Michelle wrote:

I tried to convince rabble's board to buy the National Post, but they haven't gotten back to me yet. :D

(Kidding, kidding!)

LOL

Buddy Kat might put this great thought into one of his brill videos!

Tommy_Paine

Published for eleven years, and never made nickle one.  

Makes you wonder about their business reporters and pundits abilties, don't it?

 

Fidel

Tigana: In case you didn't know, I tried replying to you by PM, but you have incoming messages turned off.  I just wanted to say that I appreciate your comments here and hope you become a frequent babbler.

janfromthebruce

The one way to fight back is for a progressive conglomorate buy the national post - like the CLC, rabble, Canadian Centre of Policy Alternatives, and who knows who else - I'm quite serious. How about the teacher's pension fund backup? Why don't workers use their "clout" in stored pension funds to save their asses so to speak.

Pension funds of workers are used "to act against their interests" with the corporate loving press. It would be "money well invested" even if this newspaper just broke "even" on a yearly bases. And even is to play in relation to the field of corporate dominated media day in and day out.

IMV

Tigana Tigana's picture

Brilliant idea, Jan. 

Diogenes Diogenes's picture

Rolling my eyes, suppressing the gag reflex...

National Post editorial board: The rumours of our demise...

Quote:

Yesterday, the courts gave it their blessing and there was final signoff from each side. The Post is now firmly positioned as the national property in Canada's largest newspaper chain.

Tigana Tigana's picture

Diogenes wrote:

Rolling my eyes, suppressing the gag reflex...

National Post editorial board: The rumours of our demise...

Quote:

Yesterday, the courts gave it their blessing and there was final signoff from each side. The Post is now firmly positioned as the national property in Canada's largest newspaper chain.

And on the same page, to the right, a dark blue ad says "The early signs of a gambling addiction aren't always easy to see..." Smile

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