Friday, February 17, 2006

Paying Peter not Paul

ACE agrees to pay $266-million to investors
Globe and Mail - 10 hours ago
The parent company of Air Canada is rewarding its shareholders with a controversial $266-million payout, barely 17 months after exiting bankruptcy protection. It means ACE's largest shareholder, New York-based hedge fund Cerberus Capital Management LP, stands to collect almost $30-million in cash.

And not a penny to the workers who made the biggest investment of all with wage and benefit cuts.
Without which Robert Milton would not have his cozy well paid job and the shareholders would have been shit out of luck. Air Canada Profits From Bankruptcy

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