Friday, May 01, 2009

Writing Off CanWest

Fairfax Financial Holdings has a problem on its hands, an outfit called CanWest Global Communications Corp.

In 2007, Fairfax picked up an 11% interest in CanWest when the shares were trading at $6. The investment firm subsequently doubled that stake.

Now with CanWest shares trading at 28-cents and the future of the company in serious doubt, Fairfax has simply written off its stake in the Winnipeg-based communications company. It sounds like Fairfax isn't holding its breath waiting for Lenny Asper to salvage CanWest.


foottothefire said...

Wait for it... Steve's on his way to the rescue; he can't resist a ponzi scheme.

The Mound of Sound said...

I don't think Steve's going to make it in time. When Fairfax threw in the towel they must've known it was over. Now word is that National Toast won't be publishing on Mondays - cost saving measures. That sure sounds like a death knell. Good thing Izzy didn't live long enough to see his kids screw it all up.