That's just what Goldman Sachs did, the wall street investment bank is calling moving around of CanWest asset faudulent and abusive

CanWest shareholder and debt holders, counter sue Goldman Saches; Goldman Sachs part of fraud in CanWest bankruptcy
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[Article on Goldman Sachs saying that giving away CanWest Ten is abusive and fraud. Thanks for supporting CanWest shareholders, and Canada are being ripped off ]


globe and mail article, quotes
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"A little-known numbered company inside CanWest Global Communications Corp. is now at the heart of a major legal battle between Goldman Sachs Group Inc. and the powerful bondholders controlling the media company. " "Goldman is attacking the distressed funds that control Canada's largest media company and asking the courts to rebuild barriers that separate CanWest's profitable specialty television from its parent."

"The Wall Street investment bank is attempting to undo what it calls a “fraudulent” and “abusive” move to rework the internal operation of CanWest in the days before it filed for creditor protection. According to court filings Monday, the distressed debt funds shut down a numbered company within CanWest that was set up three years ago, at Goldman's request, to separate the Winnipeg-based parent from its stable of 13 lucrative specialty channels – which include Showcase and History Television."

"CanWest creditors, led by a trio of U.S. and Canadian distressed debt funds, dissolved the numbered company as part of a larger drive to gain control of the specialty TV unit, known as CW Media Holdings and widely viewed as the most prized CanWest asset. This division is not part of CanWest's court-supervised restructuring, and turned in a $129-million profit over the past nine months. Goldman Sachs owns 36 per cent of the votes in CW Media, and 65 per cent of the equity."

"This battle could take an ugly turn for bondholders: As part of its latest court filing, Goldman claimed CanWest's creditors should be forced to repay $426-million of cash they took out of the company in September, after CanWest sold its stake in Australia's Ten Network Holdings Ltd. for $634-million. The company filed for creditor protection two weeks later."

"Despite the rash of court filings – Goldman's latest batch of legal documents runs to 246 pages – the two sides are expected to sit down and hammer out a new ownership structure for the firm. The move to shut down the numbered company was part of a tough negotiating stance on the creditors part, sources say, with one individual explaining that bondholders wanted to show Goldman a “worst-case scenario.”

CanWest is reviewing the affidavit, said CanWest spokesman John Douglas. “We believe the claims are without merit.” “Neither party here wants to leave this issue to the judge. There will be negotiations,” said a source close to the distressed debt funds. “We recognize that the best interests of the company lie with both sides working together, and no one wants to pursue a path of mutually assured destruction.”

[Goldman Sachs gets a chunk of Canada's TV discloosure network, and CanWest's Canadian TV stations; and the sellers of CanWest newspapers to CanWest, are getting their papers back. Bankrupcy ponzi scheme where CanWest shareholders, and other debtholders, and Canadians are ripped off. Canadian National Security breach. Sec Canada and United States Securities Commision stand side by side, and order Goldman Sachs to respect and give CanWest shareholders more than 2 and half percent of new CanWest public company.]