It's certainly a theory that got some traction yesterday, as EnCana Corp. made the stunning admission that it wanted to convert about 40% of itself -- worth $20-billion -- into an income trust.
What lent credence to it is that Mr. Morgan, the founding chief executive of EnCana -- and the company's heart, mind and soul until he resigned abruptly exactly a year ago -- publicly criticized the trust model as bad for Canada even as his proud creation was on the verge of doing the deed.
Plus, there were these head-scratchers: His resignation as CEO happened two months after EnCana put in motion the trust plan, hiring legal, tax and financial advisors and seeking a tax ruling from the Canada Revenue Agency.
And despite his 30-year history with EnCana and its predecessor, Alberta Energy Co., two weeks ago Mr. Morgan stepped down from the company's board, just days before the federal government announced it would put an end to trusts in Canada.
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