They seduced me with things like part ownership of the company," says Stephen

Invested in Stelco, and watched stock drop from 6 bucks down, steel bookvalues, and watched the pension plan that had majority equity, have their steel mills dismantled, shipped over seas;
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http://www.google.ca/search?hl=en&rls=com.microsoft%3Aen-us&q=hap%7Estelco&meta=&aq=f&oq

http://www.billcara.com/archives/2006/01/hap_stephen_ste_1.html


"They seduced me with things like part ownership of the company," says Stephen. An initial public offering soon followed, raising $166 million, which quickly proved to be too little to keep the retailer going. "The lesson I learned was you don’t win a discount price war with someone who is six times bigger," referring to HBC’s Bay chain. The two embarked on a bitter and lengthy price war, with Sears Canada Inc. involved to a lesser degree.



Canadian contingent, CMI loan paid back with TEN funds, yet still getting ownership, with 25 million loan, approved by court monitor.