Money and the mainstream media

Here’s a story I haven’t seen in the Sun or Province: Canwest shares now ‘worthless’.  What happened?  How have the mighty fallen so far and so quickly?  Where they too reliant on real estate advertising for income or is this a larger problem?

Last week, Canwest posted a net loss of C$1.44 billion for the three months ended February 28. This included a C$1.19 billion writedown related mostly to its publishing operations.

“We see no compelling reason to own, let alone buy Canwest shares, which we would continue to avoid,” National Bank Financial analyst Adam Shine wrote in a note.

Analysts have previously said that Canwest could file for bankruptcy protection, but the company thus far has continued to negotiate with creditors rather than involve the courts.

“We continue to believe there is significant risk Canwest is forced into bankruptcy protection or to sell assets at unfavorable prices or a massive debt restructuring,” GMP Securities analyst Jason Jacobson wrote to clients.

“Either way, we believe Canwest equity value is very limited.” His target price on the shares is zero.

A Canwest spokesman had no comment on the status of the creditor talks on Monday.

Read the full article here.

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realpaul
realpaul
11 years ago

eat me:

Realtards are lice they deserve the misery thats being thrust upon them, and about time too. The whoreing media is getting thier comeuppance, can you spell " do you want fries with that". Karmic justice. They're all assholes who are getting the kick in the nuts they collectivley deserve.

Anyone who supports that pestilential mob is a brain dead idiot. I guess 'eat me ' was a freudian slip exposing your oral fixation.

eat me
eat me
11 years ago

RuPaul, do you ever think for yourself or do you just repeat whatever you set your eyes on? That quote from your favorite failed politician, repeatedly off-the-mark writer (anybody remember The Strategy? Had you followed it you'd have been bankrupted 7 years ago in the tech wreck, never mind the housing bubble), and door-stop author was so far off base it's laughable. Brokerage employees and CEOs go on TV and radio all the time to urge people to buy stocks. Often urging people to buy stocks in companies that are, well, kaput. How many of them do you see in jail? Instead of spending all week trolling for places to complain about realtors, why not go do something constructive with your life, like enrolling in an extension course on Taking Responsibility Like An Adult. As for Chilled, what is so… Read more »

Boombust
Boombust
11 years ago

Serves them right. Creeps.

realpaul
realpaul
11 years ago

blueskies:

Just a quick Q. Do these figures published by the uber real whore Cameron Muir represent actual price averages or just the median average?

I think the real whores are fudging the information as always to 'suggest' a greater decrease in 'averages' as reduced prices than actual price reductions represent.

I think they have decided that using this tactic may encourage math challenged buyers to get out and shop for deals which are not really there.

The big price reductions are yet to come.

blueskies
blueskies
11 years ago

from the Vancouver Sun:

http://tinyurl.com/cmuuh6

The average home price in B.C. hit $424,122 in March, down just over 12 per cent from $483,291 in the same month a year ago.

The Okanagan Mainline region, which includes Kelowna and Vernon, and South Okanagan, which includes Penticton and Osoyoos, saw the steepest price declines in the 17-per-cent range.

In the Kelowna—Vernon corridor, the March average price was $344,845. In the South Okanagan, the average price was $296,023.

In Greater Vancouver, the average price of $616,496, down almost 14 per cent from a year ago. Sales in region were down 24 per cent at 2,310 units.

squidly77
squidly77
11 years ago
squidly77
squidly77
11 years ago

this second wave of mortgage re-sets will take a lot of US banks down..
http://www.irvinehousingblog.com/wp-content/uploa

realpaul
realpaul
11 years ago

that article I posted seemes to have triple posted itself, so sorry for the use of space.

patriotz
11 years ago

VanBanker:

BTW just wanted to note that the very reason no-recourse laws were passed in the US was to prevent RE from being sold at inflated prices by making it impossible for the lender to recover more than the true value of the property.

Worked pretty well until they invented securitization.

realpaul
realpaul
11 years ago

Canwest Global has officially missed thier debt payments,announced thia AM on BNN. It looks like Izzy Aspers kids were not the sharpest tools on the bench. Had the Liberal party still been in power I may have sniffed a bail-out, but the Aspers were rabidly anti-Conservative Party during the heady Liberal days and that could be the final nail in thier coffin. Choosing the wrong side in politics has never been a good move. The local rags should take this lesson from history when lining up with the real estate whores, the bullshit propaganda campaign will come back to haunt them. FYI. The spin douchebags are touting a '7%' increase in real estate sales in March, what a joke, look into the stats and see that the market is still declining. What the spin whores want you to look at… Read more »

VanBanker
VanBanker
11 years ago

"patriotz Says: April 15th, 2009 at 8:03 am VanBanker: The more lender-friendly the laws a place has, the more predatory lenders there will be. That’s only true if the lender has to hold on to the loan. US states with no-recourse laws are far more borrower-friendly (i.e. less lender-friendly) than Canada is, but the lenders didn’t care because they were able to pass the bag to someone else. And who holds the bag on high-ratio mortgages in Canada?" Very true, I was thinking the same thing after I made my post. Borrower-friendly laws only help if the companies have to take full responsiblity: no government insurance or bailouts. Unfortunately the major banks around the world are good at scaring govts into helping them: "If you don't bail us out, there will be a systemic failure." Which is complete untrue btw;… Read more »

Anonymous
Anonymous
11 years ago

Overheard someone who works for the WestEnder yesterday talking about how depressing things are over there since all their advertisers are going out of buisness. I really like that local little rag so hope it doesn't go…

patriotz
11 years ago

VanBanker:

The more lender-friendly the laws a place has, the more predatory lenders there will be.

That's only true if the lender has to hold on to the loan. US states with no-recourse laws are far more borrower-friendly (i.e. less lender-friendly) than Canada is, but the lenders didn't care because they were able to pass the bag to someone else.

And who holds the bag on high-ratio mortgages in Canada?

read on
read on
11 years ago

sure you did rob. now piss off and troll somewhere else.

Rob A.
Rob A.
11 years ago

snark: I also changed my mind and sold my condo at the peak and made off with lots of cash. I get my kicks from being a winner in real life not from making sanrky comments on a blog.

VanBanker
VanBanker
11 years ago

"squidly77 Says:

April 14th, 2009 at 9:36 pm

stories like this piss me off

Perched high on a hill overlooking the Vancouver harbour, the shining glass castle features five bedrooms, an indoor pool and a six-car garage sheltering a Lamborghini, Ferrari and Mercedes-Benz."

That guy sounds like a serious deadbeat, but I have to say it's good we have such borrower-friendly laws in BC. The more lender-friendly the laws a place has, the more predatory lenders there will be.

squidly77
squidly77
11 years ago

stories like this piss me off

Perched high on a hill overlooking the Vancouver harbour, the shining glass castle features five bedrooms, an indoor pool and a six-car garage sheltering a Lamborghini, Ferrari and Mercedes-Benz.

Between 2005 and 2007, the Vancouver stock promoter added a series of modern conveniences: five mortgages. The loans carry interest rates ranging between 10 and 15 per cent, but court documents show that most of the owed interest and principal payments have not been paid since 2006

He said he would have made the payments earlier but his family has suffered "devastating losses" from stock market investments.
http://www.theglobeandmail.com/servlet/story/LAC….

while hard working people cram into over priced sub standard apartments pieces of shit like this guy hide behind the law

not paranoid
11 years ago

Canwest/Global bankruptcy may be the only way to get Tony Parsons to retire,may he can start again as a real estate salesman.

Vansanity
Vansanity
11 years ago

ralph: I'm no economist but when I see Q1 losses of $1.44B and a gov't bailout of $150M being discussed, to me this $150M equates to a drop in the bucket.

Consider it the "pat on the back" for those campaign contributions.

I think the gov't is continually being pressed to save some of these shit companies because of the pensions that have invested so heavily in them. Look for the shit to hit the fan with some of these major pension funds sooner than later, IMO.

Chilled
Chilled
11 years ago

I can't help but wonder how many unemployed reporters will be taking that correspondence course to become a licensed "real estate professional."

Bawwwhawwwhawww

read on
read on
11 years ago

uslterman, indeed

Hence my sunday tends to be with the NYT or one of the British papers, if I happen to be in a place where I can get one. One of the few things I miss about the UK are the Sunday papers.

Ulsterman
11 years ago

I think a society get the newspapers it deserves. If the local population isn't up to reading a quality newpaper on a Sunday then they won't publish one. Vancouver has the Province. Zzzzzzzz.

Anonymous
Anonymous
11 years ago

Kinda unrelated to the post, but I have a question:

A friend of mine's interested in buying a condo, he's told me some vague information, 1 of which is the years that the 2 he's thinking about 'trying' to get.

Is there a way that I can search for 'year built' on MLS or some other real estate database I don't know about? It would narrow the search a lot and save me time from manually clicking on each one to see it.

Thanks

snark
snark
11 years ago

Rob A.: Is this ironic considering you where saying downtown Vancouver was where the action was last spring and recommending people buy condos that are now down thousands and thousands of dollars?