RE:RE:A part of recent historyYou are very rough with them. I'm not that much.
I'm not sure that Caisse was happy to intervene with its 1,5 B$ help to back Bombardier. It was a company in deep trouble with a doubtfull near future, even with that 1,5B$. The question is not so much what they ask for their investment than who else would have done that.
The structure of the deal with Alstom and the very bad condition of the train franchise (losses and struggle with some contracts) suggest that Alstom would have not give more cash for the transaction; Caisse had to take shares as payment.
For the Cseries deal, Bombardier was in a death spiral, sales were jammed. Aircraft sales need that buyers have confidence that they could have parts and services for the next 25 years, a condition that Bombardier had not. The last 6 years show that the program bought was largely cash negative at the deal and in its future years. An uncomplete commercial jet development program (even after 6 B$ investment of which 4 B$ are overruns) is not a very valuable asset.
And, all joint venture works the way the Cseries one works. The goal is to avoid a dead end, or an investor who blocks a project. If you don't want to pay, your choice, but we have to go ahead and you will be diluted. It is rough but that works.
It's all the bombardier's fault.