RE: PWC did not say BCE is solventNot that it will necessarily make a difference, but just because they were not hired to provide the solvency opinion does not mean they don't have one. As BCE said in their release, they believe PWC agrees with BCE. I htink it's safe to say that PWC thinks BCE would be solvent. That has come from numerous sources. PWC was hired by BCE to help convince KPMG that they should be looking at the numbers differently. You don't accept that job unless you agree with BCE. It would be silly to say that PWC doesn't support BCE's position, because if PWC agreed with KPMG's numbers - there'd be nothing to work on! Duh. They are making BCE's case.
But... BCE has made it very clear. Teachers chose KPMG and BCE accepted them. Thus, unless Teachers wanted this deal so badly that they tossed KPMG and installed PWC - which is NOT going to happen - we are stuck with KPMG. So here we have an 18 month long brutal trek that depends on KPMG's very subjective opinion which other accounting firms may or may not agree with. Wow - this makes it even more bitter. What a shame.
Oh well. Most pundits have been wrong numerous times on this deal. Conventional wisdom says that there's no way KPMG will modify their position. As unlikely as that may be - it is still possible. What were the odds of 5 Quebec Appeals Court justices voting unanimously for teh bondholders only to later be overturned unanimously by the Supreme Court of Canada? Strange sh*t has happened in this deal many times. Let's hope there's one more big surprise on Thursday (though of course I'm not expecting one).