Friday, April 08, 2016
The Grim Story of Postmedia and the Millionaire's Club
Oh dear. I can only imagine what the mood at Postmedia headquarters must be like after the latest bit of bad news.
With writers like John Ivison and Andrew Coyne fighting over the last place in the lifeboat.
Or begging their boss Paul Godfrey to give them the last lifejacket, if they promise to attack Justin Trudeau like there was no tomorrow.
Because if Postmedia is the Titanic, I think we're just about at this stage in the story.
And there may well be no tomorrow.
Amid what Postmedia Network Canada Corp. CEO Paul Godfrey called "an unrelentingly challenging environment," the company said Thursday it has set up a special board committee to oversee a review of its strategic options.
The announcement came as Postmedia reported a second-quarter net loss of $225.1 million, mainly due to an $187-million impairment charge. In the same quarter of last year, the company had a loss of $58.2 million.
With Postmedia now leaking like a sieve, burdened down by a mountain of debt. And even the representative of the hedge fund that owns most of it, jumping overboard.
Postmedia also said Ted Lodge has resigned from its board of directors, effective immediately. Lodge is a partner at GoldenTree Asset Management LP, which owns 52 per cent of the outstanding variable voting shares, and some of its notes.
Like a rat leaving a sinking ship.
But then why should anybody be surprised? When they never could put business before their foul right-wing ideology.
Paul Godfrey could never could stop ordering his slavish stooges to attack Justin Trudeau...
Even though most Canadians supported Trudeau, so it wasn't the best way to boost sales.
And now Postmedia has become one of the only media chains in the world to defend the sordid practices of this millionaire's club.
Did you just feel the earth move? Maybe you’re not paying attention, because the “Panama Papers” have already been rated the bombshell of the decade.
Or perhaps you don’t remember LuxLeaks, which was the 2014 bombshell that was supposed to blow the lid off the sneaky ways the rich and powerful evade taxes. If not, don’t worry. Soon enough you probably won’t remember the Panama Papers either.
With another of Godfrey's faithful stooges claiming that the millionaire tax dodgers were doing nothing wrong.
And that the rest of us should stop trying to soak the rich, and just mind our own business.
When people and companies use legal means to minimize their tax bills, that’s not corrupt or greedy or unfair, it’s playing by the rules. If we want to keep cash here, it won’t happen by trying to lock it in but by keeping our taxes competitive and saving everyone the cost and trouble of resorting to Panamanian lawyers and Caribbean accountants. In the meantime, what legal things people do with their estate planning are entirely none of our business.
Which considering how most ordinary honest Canadian taxpayers feel about that Panama Papers' scandal, should make Postmedia even MORE unpopular. If that's possible.
Except of course in Panama...
While back in Canada, Andrew Coyne and John Ivison fight each other to the death for the last job.
But then as I've warned before, when Postmedia finally goes down, it's not going to be pretty.
It's going to be really ugly.
It will be a grim funeral....
And because in the end, it was just a shabby Con propaganda service.
There will be very few tears.
And only a handful of Canadians will miss it...
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