Shore salvaged $10.2 million from the ABCP fiasco. That is why they were not forced to do a PP last year.
Change in fair value of investments
At March 31, 2011 the Company held long-term investments (“Notes”) with a total par
value of $14.3 million (2010 – $14.3 million). These Notes were received during January
2009 in exchange for the Company’s Canadian third party asset-backed commercial
paper (“ABCP”) upon the successful implementation of the ABCP restructuring plan. All
of the Company’s Notes were subsequently sold in early April of 2011 for $10.2 million,
therefore the fair value recorded by the Company at March 31, 2011 was $10.2 million
(2010 – $8.4 million). As a result, for the quarter ended March 31, 2011 the change in
the fair value of the Company’s Notes recorded was an increase of $1.3 million (2010 –
Harvey Bay should have been fired over losing all those millions. Instead, he was rewarded with options, consulting fees and bonuses.