CANEXUS CORP 6.5 PCT DEBS T.CUS.DB.D

RE:RE:RE:RE:RE:RE:Quite a striking statement by Enbridge: Rail is here to say

[Kherson]

Nawaralsaadi wrote: Yes, I do believe the expansion and the budget is now under control now. The people who were in charge of the project have been fired (CEO and the NATO vice president). I don’t think there was fraud, but certainly incompetence, having said that this is not the first time major capex projects in Alberta go through cost overruns. However due to those cost overruns, any potential increase in the dividend due to the project is gone, once NATO is fully operational, CUS will go back to pre-NATO cash flow per share, which means this whole exercise has added no value to shareholders, and this is why I am glad the CEO was fired. The stock price on the other hand has swung way too much to the negative; I do see an upward adjustment as soon as CUS signs more capacity contracts and reports progress on the completion of the project.   

Regards,
Nawar

Nawar, looks to me like you have finally taken off your rose coloured glasses concerning Canexus? I firmly believe that more pain is coming down the pipeline for Canexus. Maybe more bad news for NATO, or even a restatement of earnings? Folks, we still don't have all the skeletons out of the CUS closet yet...
Kherson