Saturday, July 11, 2009

CanWest and the Norwegian Blue

Izzy Asper built CanWest into a media empire with a book value of two billion dollars.

Izzy's gone, Lenny's at the helm and CanWest is now worth (optimistically) all of seven million dollars. When you're in hock to your creditors to the tune of four billion dollars, seven million book value isn't such a good thing.

CanWest has just announced a net loss of 110-million or 62 cents a share for the quarter ended May 31. showed Canwest shares opening yesterday at at 7 cents, hitting a low of 5.5 cents and closing at 11-cents.

Asper, reprising the role of Michael Palin in the pet shop, is struggling bravely to convince CanWest's creditors that the company is alive, unlike that Norwegian Blue parrot.

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