RE: Tax case as expected.While it is a shame that the company will have to pay some taxes. My impressions are they are the cost of us being in this business.
The judge in the ruling gives a good history lesson on the company start. He believes the 2 families got together to try and save some taxes. Delcor and the very valuable Rona sites came later.
The witnesses, being the founders were described in unflattering terms said liquidity etc, but the judge said tax was the driver of a public co.
The co said Madison and Vanac were independent, the judge declined to see it that way.
I think the way to look at this is to acknowledge the company hired top tax people to structure a transaction that would shelter income as much as possible.
Times have changed and so has the interpretation of law.
Nothing to be fussed about, it's a bill that the company can pay.
For us minor shareholders, it created the company with hugely valuable industrial real estate and a massive land bank in the midst of a housing crisis.
I'm happy they went public 25 years ago.