http://www.ic.gc.ca/eic/site/ic1.nsf/eng/home mobolization
http://www.ic.gc.ca/eic/site/bsf-osb.nsf/eng/br02294.html
http://www.cra-arc.gc.ca/E/pbg/tf/t2sch33/t2sch33-07e.pdf
This transaction is an attack on Canada's news disclosure infrastructure, to steal Canada's economic prosperity, and influence Canada's elections
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Canada's news monopoly, Canwest, agreeing to buy 481 million Goldman Sachs investment, for over 1.1 billion later, is theft from CanWest shareholders. Goldman Sachs making more than 2 times on its 481 million investment. Reason for increase in price, hypothetical earnings in the financial storm.
Trivia. Goldmans Sachs bought Alliance Atlantis, then sold off units of the corporation. Goldman Sachs saying Atantis unit earns a quarter billion a year in after tax earnings, though only selling unit for 1.18 billion. Goldman Sahcs has attached debt of 700 million, owed to Goldman Sachs.
Yet another Revenue Canada question, minor infraction. [Similar to selling a car, and registering a lower sale value, as seller also 2/3's the buyer. Asset disposition tax procedures. Did Goldman Sachs enter a lower sale price because they were selling it to themselves too, but if they decided to sell all of Atlantis, the put, then increased sale price. Did the sale price at 1.18 billion a fake sale price to avoid capital gains taxes? Atlantis assets sold/transferred to new/separate corporation. For example, if asset actual value 2.5 billion less debt, why sold for less on the books? Big deal is Canwest agreeing to buy 1.2 billion for 2.5 billion.
GAAP issues how Goldman Sachs entered this on the books of Canwest as a derivative put, actually a loan, with a loan shark interest rate.
Canwest has invested 262 million thus far, been no massive debt attached to Canwest yet, except the put, note Goldman Sachs investment mostly an international loan, avoiding Revenue Canada taxes on the interest.
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[No mention of Atlantis TV network purchase price details, in Canwest 2009 Annual Report, or that Goldman has only invested 481 milliion into Atlanits]
http://www.canwestglobal.com/investors/investor_documents/F08/CGCC_FS_Q4_2008.pdf
Canwest and Goldman Sachs' Atlanits purchase details
p.20 Quote, "As agreed between the Company and Goldman Sachs, the purchase price allocated to the broadcast business was $1,183 million, including transaction costs of $55 million. The Alliance Atlantis long term debt of $304 million was assumed by the Company and immediately repaid. The acquisition was financed through the Company’s investment of $262 million for its 35% equity interest, Goldman Sachs’ contribution of $481 million in exchange for its puttable interest and debt financing of $767 million, net of debt issuance costs of $23 million. CW Media, a wholly owned subsidiary of CW Investments, operates the acquired broadcast business which primarily consists of 18 specialty television channels in Canada. "
Goldman Sachs Atlantis TV investment is 481 million; therefore the sale agreement that the enterprise cannot have a value of less than 2.5 billion, is more than a gift
Quote, "For purposes of determining the pricing under the put and call rights, regardless of actual results, we and Goldman Sachs have agreed to certain minimum amounts of Combined Segment Operating Profits of $230 million, $250 million and $280 million in each of 2011, 2012 and 2013, respectively. This minimum will not apply for purposes of determining the value applicable on exercise of Goldman Sachs’ put rights, except that if the put is exercised in 2011, the value will be based upon an agreed total enterprise value of no less than $2.5 billion less the consolidated net indebtedness of CW Media as at March 31, 2011."
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