A Can of Worms
Well looks like reality is starting to bite. TCS Australia made some half hearted attempts to offload all or parts of the business before it went more pear shaped and nobody and I mean NOBODY was interested. Prediction is that the loan book will only be worth 10c in the dollar at best and only with a lot of hard work as the bulk of the business was made up of welfare customers.Interesting twist to this is that Tom Denovan is the son of Jon Denovan, a partner at Gadens Lawyers who happen to represent Assistive in Aus. Now someone didn't think that one through did they. So it looks like poor Tom and the other list of directors past and present are going to take a bullet for Gord as ASIC and the ATO are not going to let anyone walk away from a $40m+ burning wreck. Lucky you're back in Canada Ed, not so lucky for your poor buddy in Australia who should be enjoying his twilght years. There is a special date that will be considered the line in the sand by the authorities and just to keep some level of interest I'll tell you it is in 2009 but I won't give it all away. Oh and Slade LVMH thank you for your continued support during these uncertain times.