Posts made in December, 2009

Lump of coal

Posted by on Dec 27, 2021 in Brian's Blog | 1 comment

Why is the mainstream media not covering this story? Why have The Globe and Mail, CBC, National Post, Maclean’s et al seemingly missed out on the fact that Hollinger Publishing—Conrad Black’s former newspaper holdings company—has been forced into bankruptcy protection? Why have these national news organizations not reported that more than 3,000 retired newspaper workers—former employees of the Montreal Gazette, Vancouver Sun, Calgary Herald, Edmonton Journal, Ottawa Citizen and other papers now owned by Canwest—were advised by letter just before Christmas that their pension and benefit plans could be in jeopardy? There are many more questions that demand immediate answers: · What happened to the $3.5 billion that Hollinger received for the sale of its newspapers to Canwest in 2000? In a court filing (Hollinger Canadian Publishing Holdings Co., File No. 09-8503-00CL. Ontario Superior Court of Justice —Toronto), the company says it has no assets and about $24.5 CAD million in cash. We do know what may have happened to about $6.1 million of it (currently the subject of a US Supreme Court appeal) but what about the rest? · Why was not some of this money set aside to take care of Hollinger’s existing liabilities when the sale took place? · What happened to the money that the Southam and Hollinger retirees paid into the pension fund in good faith over a period of many years (in my case, 27)? We were told the money was being held in trust and would not be affected by any future financial problems of the employer. Was this a lie? · Why did Canwest not assume continuing responsibility for Hollinger’s pension obligations when it bought the company in 2000? · How did Hollinger expect to continue meeting its pension obligations when, as the letter to retirees now says, it had no “ongoing business activity” to bring new revenue into the company? · Why did Hollinger tell the retirees in 2007 that the “events” affecting the financial status of the company (i.e. the indictment of certain directors for defrauding shareholders) should not have any impact on the pension and benefit programs administered by the company? · Why did a Hollinger employee subsequently tell me that my pension plan was fully funded and protected when, in fact, it is “not insured or prefunded”? · Why is the Sun-Times Media Group, the parent company of Hollinger, not assuming responsibility for the debts of its subsidiary? Somebody knows the answers. The mainstream media has the resources —and surely as much interest as those of us who used to work for the Southam and Hollinger newspapers—to find out what they are. Canwest is also in what it euphemistically calls “creditor protection.” Could its retirees find themselves in the same situation a few years hence? It’s in their interest to start seeking answers...

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Consolation prize

Posted by on Dec 17, 2021 in Brian's Blog | 0 comments

OK, so I didn’t win the Nobel Prize for Literature, and I got shut out of the Pulitzers again. I didn’t even win the Bulmer-Lytton prize for the most wretched writing ever published. But, hey, I did get my name into the Guinness Book of World Records. I have moved in the foothills of immortality, don’t you know. You can see it right there in the 1981 American edition of the Guinness book, page 212 in the paperback version. Read more in my forthcoming memoir.

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