Selling and moving the same gas twice, TransCanada

Canadian governments' royalities on natural gas based on price level can be manipulated to reduce the royalities paid. Selling natural gas at low levels filling up former gas fields. As such the British Columbia government is gearing natural gas production on and off switch to the natural gas price. Ironics, gas reservers are actually gas storage, and are accessed using price levels, like the sale of natural gas from gas storage.




http://www.petroleumnews.com/newsbulletin/906715024.html

10 million shares for a million and half bucks, great deal for nearly eight percent of CanWest

Congratulations CanWest shares recover

With a refinancing of all debt at 5 percent and a share hand out to debt holders of half of CanWest stock. A large Canadian pension fund would get a good deal to buy such a block of shares from CanWest treasury, and increase CanWest reserves by that amount, adds stability to industry.

Big issue in BC is the blue bridge and the waste of over 120 plus million proposed bridge project (interest added in, doubles cost from 63 million.) Favour

City needs to buy these two properties next to the bridge

Has water rights, and promise of heritage grants
http://www.icx.ca/PropertyDetails.aspx?vd=&SearchURL=%3fPage%3d14%26vs%3dVELand_3%26ret%3d303%26ptgid%3d2%26VeCenter%3d48.48111471624847%252c%2b-123.40702056884767%26VeZoomLevel%3d11%26longMin%3d-123.55979919433595%26longMax%3d-123.25424194335937%26latMin%3d48.3763211259802%26latMax%3d48.58569225688664%26curPage%3dmap.aspx%26showToggle%3d1%26minp%3d0%26maxp%3d0%26trt%3d2%26of%3d1%26o%3dA%26ld%3d0&Mode=&PropertyID=8090863



Janion building [Also for sale, listing expired with pemberton
http://www.victoria.ca/contentmanager/minutes/min090709_cnc.pdf

TransCanada using sun heated hot water for sterling engine generators

Increases electricty output per volume of natural gas
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
Key economic variable why this very basic, simply technology efficiency not happening: Easy to increase the flow from a tap, then to build new infrastruture. Requires a capital investment. No infrastructure needed if only used more natural gas to heat same amount of water.

Have to build warm water solar colectors, covers large land mass. Cost of area the prohibator, and why this simply advancement slow.

Combine algae into warm water and have C02 use, synergy.

Increasing the amount of North American electricty, from the same amount of fossil fuels used.



Simple Technology can increase size of power industry. [Much smaller scale, then the below power plant. And, several, several turbines at plant.]
Qutoe below, shows water turned to steam used to make electricity electricity can be several layers. The machine can be made better. Using solar heated hot water reservers first to heat water to above 50 -70 degrees, reduces cost of C02 to make that much electricity. Key innovation in North American Energy Strategy.

NEW YORK, Sept 15 (Reuters) - Ontario Power Generation/TransCanada Corp's (TRP.TO) 550-megawatt Portlands natural gas-fired power plant in Ontario shut by early Tuesday, the Independent Electricity System Operator said in a report.

The Portlands combined cycle plant, which entered commercial service in 2009, is located in Toronto. It consists of two 175 MW combustion turbines and one 200 MW steam turbine.
Combined-cycle technology uses natural gas to turn combustion turbines to generate electricity and then uses the hot gas leaving the combustion turbines to heat water to produce steam to power a steam turbine and generate more power.

OPG and TransCanada started building the plant in 2006. The combustion turbines operated during the summer of 2008 before shutting for several months in September 2008 to allow workers to hook up the combined-cycle part of the plant.

One MW powers about 1,000 homes in Ontario.

Stop raising the bridge for boat traffic?

Blue Horses only an earthquake problem when up
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
Mayor Fortin is congratulated for getting the brainstorming process about a decision on the Blue Bridge going. Wish the City had consulted before chopping down the Apple Tree.

Host of issues. Point Hope Shipyards relocating, and wants to unload very expensive condos, and benefits/needs a luxury yachts marine then. Budget Steel Car Shredder also moving. [Docksite Green maintains Point Hope Shipyards is history; Hence the name Dock Side.] Dockside Green/and Greater Victoria benefit with the road improvement of Bridge side Esquimalt Rd bridge side to Tyee rd of a flat straight road, zero grade road to gas station, time pressures. as Dockside Green site next to road, soon built to the existing road grade.

Better economics to save the Blue Bridge, and fund the Victoria Train Station. The importance of keeping the rail line final point in downtown is of economic necessity to Victorians and merchants. Fits in perfectly with keeping the Blue Bridge and no longer raising it.

Besides, behind the Blue Bridge are two more bridges that don't raise to boats, so is the harbour/pond past the Blue Bridge really that vital? Strategically of no importance, as Esquimalt has the main harbour. "Es-whoy-malth" meaning "place of gradually shoaling water." Better management of the Victoria harbour's resources would have the power boats moor beyond the Blue Bridge, and sail boats get the Empress.

Until Point Hope Shipyards closes, the Blue Bridge is fine to be raised for their business only, especially on their rare special big orders. The gravel/ cement business can use tugs with smaller antennas to tug their gravel.

Post remove from Goolge CanWest message board: Canadian National Security Issue this story is told

Google and Yahoo readers, deserve the truth that the Ad Hoc committee of 8% note holders are really 12.125% note holders

[This post concerns Canadian National Security. Please do not delete this post.]

Belittles Canada and CGS shareholders, to report that the debt they've been servicing is only 8%. Imagine if the interest rate was a fair interest rate, the debt would mostly be retired! CanWest paid nearly 200 million to turn it's 12.125% bonds into 8% bonds.

CANWEST CONSOLIDATED FINANCIAL STATEMENTS FOR THE THREE MONTHS ENDED NOVEMBER 30, 2004(UNAUDITED)
http://www.canwestmediaworks.com/investors/investor_documents/F05/CMIQ1financialstatementswit.pdf
5. LONG TERM DEBT (page.12)On November 18, 2004, the Company completed an exchange offer to exchange a new series of 8% Senior Subordinated notes due 2012 for the outstanding 12 1/8% Senior notes due 2010 issued by the Hollinger Participation Trust. In the exchange offer, the holders of the trust notes received US$1,240 principal amount of new notes in exchange for each US$1,000 of trustnotes. In addition, the Company completed a concurrent offer of notes, proceeds of which were used to retire the 12 1/8% junior subordinated notes held by Hollinger, which had not been participated to the Hollinger Participation Trust. The effect of these transactions replaced the Company’s existing $903.6 million 12 1/8% junior subordinated notes (including accrued interest to November 18, 2004) with new $908.1 million (US$761.1 million) 8% senior subordinated notes. [Junk to Senior.]

The issuance of the new notes was recorded at their fair value at November 18, 2004 of $944 million. The difference between the fair value of the new notes and the book value of the junior subordinated notes together with certain other costs of settling the debt totaling $44 million, was charged to earnings as a loss on debt extinguishment.

The Company has entered into a US$761.1 million cross-currency interest rate swap resulting in floating interest rates on its senior subordinated notes at interest rates based on CDOR plus a margin and a fixed currency exchange rate of US$1:$1.1932 until September 2012. Under it senior Secured Credit facility the Company is required to maintain a fair value of its interest rate swaps and foreign currency and interest rate swaps above a prescribed minimum liability.
[Bond yield is fixed, not floating, not sure how swaps then reduce the fixed interest rate.]

There are also prescribed minimum liabilities with individual counterparties, which have two-way recouponing provisions. The Company was required to make recouponing payments of $137.0 million in the three months ended November 30, 2004 (2003 – $11.2 million), $44.1 million of this recouponing payment related to overhanging swaps and accordingly was reflected in cash flows from operating activities. Further strengthening of the Canadian currency and/or declining interest rates may result in further payments to counterparties.

[A Canadian company, Hollinger, sells Canada's newspapers to another Canadian company, CanWest, and provides vendor financing, that has the sale proceeds and interest exported out of the country -- and also demands the buyer of Canada's newspapers put the Canadian dollar. Scam against Canada; 8% note holders are liable for this.]

CanWest Recapitalization Plan

Would like to thank the many Investors that bought CanWest Stock to liberate Canada's newspapers, these CanWest shareholders deserve respect, and should not have their shares taken away
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
[Canada owes a debt of graditude to CanWest shareholders that bought CanWest shares to protect Canada. Not fair to take away their shares, and leave newspapers in the hands of currupt news reporting. Make or break moment for Canada.]


Keys: all debts converted to a 5% interest rate. For this half of the shares of CanWest will be distriputed amoung the debters. All debts in foreign currencies turned into Canadian dollars, no longer. No more multi voting shares.

Bank line of credit not affected, banks will provide line of credit if agreement meet.


Must include the 13.5% loan issued in 08 and first interest payment due ?2012. If this loan stands at 13.5% bodes bad for the new company and bad for Canada. If Chapter 11 then 13.5% loan is unsecure and will walk with dimes on the dollar, therefore good deal.




Fractal shareholder, bondholder recapitalization
[Changing how Chapter 11 public companies are disbanded.]
Economic concept. Types of recapitalizations on handling debt. Long time shareholders and bondholders could have used a better recapitalization structure, preserving an ownership percentage to the old shareholders, so shares never just stop. Increases intrisic value of stock market as a whole to do this.

Better for bondholders too, for example junk bonds and unsecure bonds with some shares and a better leverage position for the company can get their capital back and earn some return.

What is not wanted is a recapitalized CanWest, were the shareholders end up with nothing. The new shareholders that own it all are only a small group of CanWest debtors. The rest of the debt stands, so CanWest continues to be high interest debt ridden.



Making a better newspaper
~~~~~~~~~~~~~~~~~~~~~~~~
Use online comments to provide a balanced approach to story telling. Misses issues cited on the web go into paper. Stop the new story censorship kickbacks. Costing Canada trillions. Baises political reporting got to stop. Increases Companies position on the web, and strengthens newspapers.

CanWest shareholders question the Senior Lender's associated hedging agreements

Subjecting Canada's newspapers to an era of high borrowing interest rates, and questionable hedging agreements, has underminded the Canadian economy and political process. If CanWest borrowing interest rates were normal, like 6%, Canada's newspapers would not be in financial peril.

This shaddy deal is an attack on Canadian Soverienty. Therefore when GOOGLE and Yahoo cite the senior lender, it is inappropriate to refer to them as the 8% Ad Hoc Committee, when in fact they are the bondholders getting 12.125%. It is only recorded at 8%, because CanWest paid 200 million to make the notes 8%. Censoring this fact.




Can the Senior Lenders be forced to refund the costs of CanWest's hedging program to CanWest shareholders?
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
Hollinger's sale of Canada's newspapers to CanWest, passing control of Canada's headlines, and news reporting-security, political infrastructure to CanWest, is the orgin of this senior debt; hard to believe, that a sale condition to CanWest of Canada's Communication Hub, was to put the Canadian dollar. Canadian dollars then around 65 cents US.

The hedging program was a transfer/theft from CanWest Shareholders of hundreds of millions, as these puts would be worthless, as the Canadian dollar would rise. The recent shareholder quarterly report, had interest rate and foreign currency swap losses of $182.5 million. This amount of hedging changed the business of CanWest in that a good percentage of its profits/losses then were dettermined from the hedging business, not the newspaper business. Unfair to Canada.


News Release Quote from forbearance agreement with Senior Lenders
"Under the terms of the forbearance agreement, the senior lenders have agreed not to enforce their rights under the senior credit facility arising from the Limited Partnership’s previously announced defaults prior to October 31, 2009. The Limited Partnership has agreed to pay all outstanding interest and fees due under the senior credit facility and the associated hedging agreements and to resume paying interest and fees due and payable under such agreements during the forbearance period."





CANWEST GLOBAL COMMUNICATIONS CORP.
INTERIM CONSOLIDATED FINANCIAL STATEMENTS
FOR THE THREE AND NINE MONTHS ENDED MAY 31, 2009 AND 2008
(UNAUDITED)

"Hedging Derivative InstrumentsIn March 2009, Canwest Media Inc. agreed with its swap counterparties to settle the fair value hedging derivative instrument related to its senior subordinated notes and received cash proceedsof $105 million."

"On May 29, 2009, as a result of the failure to pay amounts due under the hedging derivativeinstruments, the Canwest Limited Partnership was in default of the terms of the hedging derivative instruments and the counterparties terminated the hedging arrangements and demanded paymentof the Canwest Limited Partnership’s net obligations under those arrangements in the aggregateamount of $68.9 million. The Limited Partnership has not satisfied the demand for payment andhas recorded this obligation at its amortized cost in accounts payable and accrued liabilitiesaccruing interest at the counterparty’s cost of funds plus a margin. The liability is secured bysubstantially all the assets of the Canwest Limited Partnership."

"As a result of the termination of the hedging derivative instruments the Company recorded interestrate and foreign currency swap losses of $182.5 million and a foreign exchange gain on the relatedlong term-debt of $296.2 in the three and nine months ended May 31, 2009."





Canada deserves the acknowledgement that the Ad Hoc 8% bond committee, are really 12.125% bonds.

Google and Yahoo readers of CanWest news releases, deserve the truth that the Ad Hoc committee 8% noteholders, are really 12.125% bonds.

Belittles Canada and CGS shareholders, to report that the debt they've been servicing is only 8%. Imagine if the interest rate was a fair interest rate, the debt would mostly be retired! CanWest paid nearly 200 million to turn it's 12.125% bonds into 8% bonds.




CANWEST CONSOLIDATED FINANCIAL STATEMENTS
FOR THE THREE MONTHS ENDED NOVEMBER 30, 2004 and 2003
(UNAUDITED)

http://www.canwestmediaworks.com/investors/investor_documents/F05/CMIQ1financialstatementswit.pdf

5. LONG TERM DEBT (page.12)
On November 18, 2004, the Company completed an exchange offer to exchange a new series of 8% Senior Subordinated notes due 2012 for the outstanding 12 1/8% Senior notes due 2010 issued by the Hollinger Participation Trust. In the exchange offer, the holders of the trust notes received US$1,240 principal amount of new notes in exchange for each US$1,000 of trustnotes. In addition, the Company completed a concurrent offer of notes, proceeds of which wereused to retire the 12 1/8% junior subordinated notes held by Hollinger, which had not been participated to the Hollinger Participation Trust. The effect of these transactions replaced the Company’s existing $903.6 million 12 1/8% junior subordinated notes (including accrued interest to November 18, 2004) with new $908.1 million (US$761.1 million) 8% senior subordinated notes.

The issuance of the new notes was recorded at their fair value at November 18, 2004 of $944 million. The difference between the fair value of the new notes and the book value of the junior subordinated notes together with certain other costs of settling the debt totaling $44 million, was charged to earnings as a loss on debt extinguishment.

The Company has entered into a US$761.1 million cross-currency interest rate swap resulting in floating interest rates on its senior subordinated notes at interest rates based on CDOR plus a margin and a fixed currency exchange rate of US$1:$1.1932 until September 2012. Under it senior Secured Credit facility the Company is required to maintain a fair value of its interest rate swaps and foreign currency and interest rate swaps above a prescribed minimum liability.

[Hedging program with individual counter parties. Inotherwords swaps not independent and bought on open market. Swaps individual agreements between seller and buyer. Transfer. Lacks arms length transaction.]
two way recouponing payments!?


There are also prescribed minimum liabilities with individual counterparties, which have two-way recouponing provisions. The Company was required to make recouponing payments of $137.0 million in the three months ended November 30, 2004 (2003 – $11.2 million), $44.1 million of this recouponing payment related to overhanging swaps and accordingly was reflected in cash flows from operating activities. Further strengthening of the Canadian currency and/or declining interest rates may result in further payments to counterparties.


Question: If the Canadian dollar tanks, does the bondholders forgo interest payments, to settle the put?

Making energy from CO2, TransCanada well suited to expand into CO2 pipelines and algae farms

C02 is food for algae
~~~~~~~~~~~~~~~~~
TransCanada has the size to go big into the algae business. Huge revenue growth sector and necessary environmental infrastructure, adding extra value to TransCanada shares.

A valuable aspect of TransCanada's pipeline corridors, is they can supply CO2 to far away algae bio diesel farms. Natural advantage. Sixty Minutes TV show recently did a story on the growing energy algae industry.


http://www.ecosherpa.com/news/algae-co2-biofuel/ algae+co2=bio fuel
http://www.futurepundit.com/archives/006471.html advanced algae CO2 bio fuel break through

CanWest refuses to disclose what CHEK TV Victoria was sold for

CGS shareholders demand the sale price be disclosed to shareholders
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
Reason for CanWest selling many TV stations has to do with the foul Goldman Altanis TV deal, that has all CanWest's Canadian TV stations being transferred (sold) at their rate of return, and not their asset value. A station like CHEK, operating at a loss, would be sold for zero, yet the land is worth several million, as a condo site. CanWest to avoid selling TV stations to Goldman for free, is unloading stations. Makes one wonder how the CRTC and CanWest Board representing shareholders best interests, approved such a Canadian TV sale transfer formula.

The Times Colonist Sat, Sept 5,09 headlines that "Local investors, staff buy CHEK" "CanWest said the undisclosed purchase price was "nominal"." The story stated that "the CHEK's Kings Road building was given a favourable lease." CanWest kept the land, at least. [Note, CHEK TV building was an example of neglect by CanWest management, in that the dish on top of the CHEK building, was covered in moss and grim, what could have been cleaning easily, was not. Derelict. Expect new owners to clean dirty dish on top of building, ASAP.]

The newstory concludes that the Conservative MP from Salts Spring "Gary Lunn flew to Winnipeg last month to speak with Leonard Asper in person and continued to lobby for the station [and other things][.]"

CanWest equity contribution for multi voting shares not citied in recent CanWest Annual Reports

Does not GAAP obligate public company financial reporting to differentiate the equity contributions of its various share types. It is deceptive accounting that CanWest equity contributions from its milti voting shares is not cited in recent CanWest Annual Reports.

CanWest's Annual Report 1999, on Sedar, lists the equity contribution for the 78 million multi voting shares at $3.2 million. The equity contribution of one vote shares is listed at $378 million in 1999.

The financial documents state that the multi voting shares are convertable into one vote shares at any time at the holders discrestion.

Irony, final receivership agreement multi voting shares will be converted into one vote shares as last act as multi voting shares, to receive same equity rights. Multi voiting shares used to control Canada's media.

Note equity rights not the same. Common shares have intrinic extra rights over multi voting shares.