Mark to Market Who remembers Enron? Mark to market loss on purchase contracts - $228m in 3 months. Ouch! A quarter billion dollars. Their deficit is now $2 billion. This is a number to keep watching - for Enron it was pure balance sheet fraud. Everyone went to jail remember. Big institutional money in this company and I'm sure they know better than I do but GFL doesn't seem to be able to make money. Mark to Market valuations is a dangerous game of over estimating future profit, it will be interesting to see if GFL got rid of all the bad news in this quarter. A quarter billion dollar miscalculation! I highly doubt the value of their contracts changed by that much, it is much more likely that they massively exaggerated the value when it suited them to do so.