Tuesday, March 8, 2011

Liberal wealthcare working well

McInnes, Brown, Campbell
Plutonic Power Corporation announced this morning it had agreed to merge with Magma Energy Corp.

The exchange ratio represents a premium to Plutonic shareholders of 32% over Plutonic's 20 day weighted average share price on the Toronto Stock Exchange.

Today's premium is worth about $50 million, an excellent return on Plutonic's many contributions to the BC Liberal Party.

Read Will McMartin's report in The Tyee, linked above. It includes this gem:
Donald McInness, Plutonic's vice-chair and CEO, also has made numerous personal financial donations to B.C.'s governing party.

(McInness, appearing on CKNW's Bill Good Show in April 2009, stoutly denied that his company had made financial donations to the BC Liberals. Questioned later by The Tyee's Colleen Kimmett as to why Elections BC records showed otherwise, the Plutonic boss offered: "I don't consider that to be donations, that's buying a seat at a table.")
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  1. Exactly. Buying a seat at a table. Where is my seat at the table?

  2. Bizarre. Usually we're the ones saying they're buying influence, and they're the ones saying it's just a donation.

    How's that for role reversal?

  3. Since 2006, Plutonic has donated over $120,000.00 to the BC Liberal Party. That has to account for a nice seat. Maybe even leather.

    Guy in Victoria

  4. Does anyone suppose that BC Hydro gets the best possible deal when it buys private power? Apparently not if the sellers are flipping for tens of millions in profits even before they come into production.

  5. you are so right Norm



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