Please wiki, run the fact that the 8% ad hoc bond series foreclosing on CanWest, are the same bond series created out of thin air by Lord Black: wiki scoop
Shame no newspaper in Canada will run the fact the 8% ad hoc group bonds origins are vending financing bonds Hollinger created, and CanWest agreed to in exchange for Canada's newspapers. It is of interest to Canada and is of fundamental importance to Canada's national security that the fact be published.
Details about 8% debt. The 8% Ad Hoc debt was not created by CanWest receiving funds, rather vendor financing giving to CanWest by Hollinger (Lord Black. This debt was not registered in Canada or the United States, for tax reasons. The debt was given the ability to demand total repayment on failure to pay an interest payment. And CanWest had to buy derivatives from debt. Interest rate was 12.125 percent. Debt was junior, no matter.
CanWest in Nov 2004 voluntarily changes the debt interest rate to 8 percent, the catch, the bondholders recieve proceeds from a new bond issue, to make up for the cut in interest rate, and gets the bonds moved from junior to the front of the line. Scam retaining control of Canada's newspaper flagships.