Royal Bank down graded: corruption at RBC Capital Markets

RBC Capital Markets make a penny, but in the big picture lose Royal Bank shareholders a dolllar
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"FTI Consulting Canada Inc., the Court-appointed monitor in the Companies’ Creditors Arrangement Act (Canada)(the “CCAA”) proceedings (the “Monitor”), in consultation with the RBC Capital Markets, in its capacity as financial advisor to the LP Entities (the “Financial Advisor”) and the LP Entities’ Chief Restructuring Advisor, determined that the bid by members of AHC (“AHC Bid”) constituted a Superior Cash Offer, as defined in the Sale and Investor Solicitation Process (the “SISP”). The Monitor accordingly recommended to the special committee of Canwest’s board of directors (the “Special Committee”) that the AHC Bid be accepted and a definitive agreement be negotiated and settled to carry out the transactions contemplated by the AHC Bid. The Special Committee accepted the Monitor’s recommendation in accordance with the SISP and Canwest is advancing it for Court approval on May 17, 2010."