Thursday, November 26, 2009

CKNW and Christy Clark--Amatuers exposed

Update to the Christy Clark Saga....

Well my friends,after being ignored by all the head honcho`s at CKNW and ignored by Christy Clark I got my retraction, but, it was a pathetic retraction,vague and deceptive, obviously Christy Clark and cknw adhere to the BC Liberal motto.."When we can`t win we cheat"

At about 12.57 pm on cknw , a retraction(sort of) took place, and of course nobody from CKNW informed me that this retraction was coming, my friend bitter Brian alerted me to this two-bit retraction ....Here is what Christy Clark said today at 12.57 pm.

"On november 10...I noted that ferries delivered 1/2 a billion $dollars in profit to the province,that`s not accurate it to call it profit,that`s not the way they book it,but according to Debra Marshall 489,809,000, was returned to the province"

You can hear Christy Clark`s pathetic,vague,deceptive retraction here,cue up november 26/2009/ forward to about 12.57 ish

Of course I was very upset and called CKNW and gave a little rant, I asked Christy Clark through the fellow who answered the phone at cknw to send me this data,to which I was told by this fellow that I already had it!...Well I didn`t have that information,I didn`t know where the information was, so as I fumed and huffed and hung the phone up,I took a deep breath,relaxed and......... I started thinking outside the box, Christy Clark said...During her low brow retraction that according to Debra Marshall......And I got thinking,if Christy Clark got something from Debra marshall maybe I can get the same data from Debra Marshall(BC Ferries spokeswoman)...Well I didn`t expect to get anything,considering BC Ferries is a Quasi private corporation and not subject to FOI (freedom of information) requests....Well, you know my motto, persistent digging and never say never.

So I called Debra Marshall,left a message on her voice mail, I was expecting to be ignored but lo and behold a short while later Debra marshall (BC ferries spokeswoman) called me back, she was very nice,friendly and professional and she gave me a short verbal explanation and....Drum roll please....She sent me the data

Here is the complete letter from Debra Marshall at BC Ferries to me.

" The government used to own the controlling interest in BC Ferries, which had a book value of $503,178,000.

On April 2,2003, the government issued BC Ferries a debenture for $427,701,000, which BC Ferries promised to pay in cash.

In addition,at that time,the government was issued 75,477 non-voting preferred shares in BC Ferries,valued at $1000 per share.

On may 27,2004, BC Ferries paid the debenture of $427,701,000 to the government.BC Ferries had also paid the government interest on the debenture of $25,879,191.49.

For the government`s preferred shares, BC Ferries pays an 8% dividend per year of $6,038,160. We`ve paid that annually for six years for a total of $36,228,960.

In summary,BC Ferries has paid the province $489,809,000."


Well isn`t that interesting, first off,I not sure it`s even legal to do what Gordon Campbell did with BC Ferries.

  1. The government sold BC Ferries to someone---Who? Ourselves
  2. How can Gordon Campbell give our crown corporation away to ourselves and have BC Ferries BORROW money and give the money to the province in Cash.
  3. Did Gordon Campbell put this money into general revenue?
  4. BC Ferries said it gave the province 75,477 non-voting shares,how many shares were actually produced, and...Who owns BC Ferries? Who owns the voting shares?I don`t think that even if we wanted to bring BC Ferries back into government as a crown corporation that we can!
  5. How can the government give away something we own, then get paid back by ourselves,was this just a ploy to raise nearly 1/2 a billion $dollars for the government books?
  6. How is it possible,BC Ferries has been getting subsidies from Ottawa and the province of BC..In fact this years subsidy to BC Ferries from the government of BC is going to be 171 $ million dollars!
  7. If we were to bring BC Ferries back into government control would we have to pay 1 $ billion dollars plus? Would we have to buy all the debt and bonds
  8. Pay special attention to the first paragraph in the letter I received from Debra Marshall........."The government (used) to own the controlling interest in BC Ferries" SNIP.
  9. Which begs the question, if the Campbell government "Used to to own controlling interest in BC Ferries" Who the hell DOES OWN CONTROLLING INTEREST of BC Ferries?

This sounds like a ponzi scheme, Gordon Campbell gave away our crown corporation, then BC Ferries borrowed money(I believe from Germany) and paid that to Gordon Campbell.Don`t you see what`s going on here? Gordon Campbell GAVE AWAY bc ferries,removed their debt,which allowed BC Ferries to take the debenture that Gordon Campbell gave them and raise money for Gordon Campbell`s 2004/2005 budget, and,this NEW DEBT that BC Ferries acquired was off of Gordon Campbell`s provincial books! It`s a classic ponzi scheme.

This whole deal stinks....I have to unclutter my brain a little,if there are any accountants out there I would appreciate clarification.......I don`t even think the NDP are aware of this arrangement,it`s news to me.

Now as for Christy Clark and CKNW......They lost,bitter brian and I won, that`s why there was this pathetic,vague retraction, CKNW and Christy Clark acted rudely,unprofessional,shady....Just like the Campbell government, no class, just big bullies who are accountable to no one, I don`t believe that what Christy Clark said at 12.57 pm today was actually a retraction,it was dishonest in spirit. And this borrowed money (that Christy Clark is hinting was some form of profit) was returned in 2004,what a shameful display of dishonesty! Because this money returned to the province wasn`t PROFIT, it was money the new owners of BC Ferries raised from borrowing and bond issuances,and of course they were able to do that because Gordon Campbell gave BC Ferries a debenture(A debenture is a guarantee,usually from government that no matter what happens,the government will guarantee repayment to the lender), Christy can spin all she wants,BC ferries made after operating expenses and interest payments ....(2008--37 $million)-----(2009--9 $ million)

Here is a little more detail about this debenture, why would Gordon Campbell give BC Ferries a debenture? Because ultimately we,the taxpayer are on the hook for this money, and, BC ferries can`t borrow money as cheaply as the province of BC.....

So the only reason this was done is this.....Gordon Campbell`s 2004 government received $400 plus million from BC Ferries that was put into,I assume, general revenue and the bill is on BC Ferries books! .....Does that make any sense to you,it`s the only plausible explanation.....So again I ask, who owns BC Ferries? Because the owners of BC Ferries paid the province of BC this money for something.

But I am grateful that Christy Clark did what she did today, because if Christy Clark would have given a quick honest retraction I would never got my hands on this wild information!.....More to come.

The saga started here,I posted this first story here on november 10 And I provided more clarification here with this post

The Straight Goods

Cheers-Eyes Wide Open


Anonymous said...

Gordo economics. Have BC Ferries pay the government $500 million so the BC government can claim that it has balanced its books and has a surplus! Prolly why the Gordo claimed a smal surplus at the end of March, 2009.

BC Ferries must borrow that money at higher interest rates than the government. At the end of the day it's all a shell game and the taxpayer loses while Gordo makes himself look good.

Haha - At least you had an "impact" on Christy today!

Laila Yuile said...

Brava Grant,Brava! I hear getting Christy to back down, is like trying to put an ant back together after an elephant has plunked its ass down on it! Near impossible...

Next time I am passing through Powell River on my way to our secret island, I would love to buy you a beer, or two!

Grant G said...

Sorry anon 6.08....I think it`s much more serious than that.

I don`t think we can get BC Ferries back without paying off all it`s debt and bond issuances,even if we pay it back we still may not be able to get it back.

No wonder BC Ferries is un FOI able.

A debenture is like a bond of value...Campbell gave BC Ferries a debenture so they could borrow money,raise money,which they did,they gave the money to the province,in other words...BC Ferries has been sold, and the owners of BC ferries have paid for the ferry corporation.
Like I said,I`m still trying to wrap my head around this!


Grant G said...

Thanks Laila...I might need three!

But...I am going to make a secret visit on Saturday at the NDP convention at the Bayshore.

Bill T is supposed to be there saturday morning,for all those wondering...

I`ll be the one wearing a big fat grin!


Laila Yuile said...

Hey, I'm going Saturday morning as well! Since you know what I look like, don't be so secret and come over to say hi. I certainly would like to shake your hand!

Anonymous said...

Grant, a heads up to this news story I found this morning, nothing locally as far as I can see.
Spread the word,and this link because it is time to pressure your local MP.

Anonymous said...

Anonymous said...

Same thing happened to me on the NW morning show some years ago.

Charlie Smith and the Straight ran a story on Goods feeble retraction.

Evil Eye

RossK said...

For Anon-At-The-Top-Of-The-Thread--

Did you, by chance, mean to say 'GooDoo Economics'?

Kudos for a job well done Grant....Given the inability to FOI this 'Corporation, it is critical that this kind of stuff be written into the public record - thanks


Anonymous said...

The retraction should take as long as the original airing of the lies and misinformation about BC Ferries. Christy, come on, spend 30 mins on the truth about BC Ferries finances. They are in a mess....

Grant, please remember there is a great resource on BC Ferries over at Excellent articles have been penned by Patrick Brown over the years and are worth your time to peruse them.

Grant G said...

Thanks Anon 2.21 pm.....

I have written extensively on this topic...My post..."Will someone please send BC Ferries a lifeline"

However...This letter I obtained from Debra Marshall is new information....I am not aware that anyone has said anything or written about a Debenture..Controlling shares...Or the ponzi scheme in having the (new)owners of BC Ferries pay the province 400$ million plus in 2004.

I will check island tides a little later...I`m on my way to the big city...And..unfortunately means I have to catch a ferry.

I have watched the legislature for about 8 years...this information is new to me..I would also like to know...How much of BC Ferries 1.4 billion debt has gone into general revenue for the province...I suspect at least half of it.


lynn said...

Thanks. Great investigative journalism, Grant G.

This is a big story that contains really important information that the public should know....and one that has wide implications in regard to the rampant privatization of BC's public resources and assets under King Gordo and company.

It explains their constant need to create murky waters.

Let us know how you make out at the convention.

Anonymous said...

Grant, that wasn't an apology at all, it was merely rephrasing, as the inference is still BC Ferries delivered a profit to the government.

Christie Clark, as a Liberal, will always accommodate the truth to support the Liberal cause. Perverting the truth is second nature to all Liberals. They are no better than the NAZI party.

Evil Eye

Grant G said...

Hey evil Eye....I am aware that it was a cheesy retraction,but a retraction it was...

I am still waiting for cknw to send the written response to me, I haven`t decided whether or not I should pursue the complaint further with the CBSC....

I will have to ponder my decision,I have the Debra Marshall letter and.....

"Revenge is a dish best served cold"

Cheers-Ears Wide Open

John's Aghast said...

Well, what's the upshot of all this. Ayear has passed and not a peep. Like I said, I'm off to Alberta.