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

RE:RE:RE:RE:RE:Shareholder Approval of Deal

[Calgaryrider]

Let's be clear, the deal that Doug and management got is a terrible deal for shareholders, the majority of which surely have a very high average cost basis - many of them institutions.

I believe the institutions will vote yes and just simply write-off their losses with this pig, and retail investors will be meaningless in the overall scheme of things....they always are.

With that said, as bad as the deal is (due to piss poor management the company is that bad), the prospects of voting NO (the deal folding) are even worse.  There are no better competing offers coming.  There never were....just like with NATO.   Remember, I said this a long time ago when I shot down any mention of North Van being worth what several analysts said it was.  The price was always absurd.

That's how bad the situation is:  It's a bad deal, but shareholders can't afford to vote NO.