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Friday October 27, 2017

October 26, 2017 by Graeme MacKay

Editorial Cartoon by Graeme MacKay, The Hamilton Spectator – Friday October 27, 2017

Sears Canada pensioners demand shortfall be paid off first

The law firm representing Sears Canada pensioners has issued a letter to the agency overseeing the liquidation and all other creditors, asking that the pension deficit be paid first and as soon as possible, as money from liquidation sales becomes available.

October 12, 2017
Canada, retail, employment, taxes, rvenue, CRA, Sears, layoff, bankruptcy, tax fairness

“Our clients . . . are entitled to first priority recover for those amounts,” according to the letter, from Koskie Minsky’s Andrew Hatnay, citing a prior Supreme Court of Canada decision.

The letter is addressed to the monitor assigned to the case, FTI Consulting, and to the service list, which includes lawyers representing every party to the insolvency.

If Hatnay’s position is accepted by the creditors lining up to be paid, the pension’s $270-million deficit would be paid first, although pensioners would not receive other benefits – dental benefits and life insurance benefits, which were discontinued at the end of September.

If the other creditors refuse to allow the pensioners to be paid first, the matter could end up before the court, according to Hatnay.

The legal letter was sent Thursday, a day after Innovation Minister Navdeep Bains said the federal government will consider legislation to protect employees’ pensions when a company goes bankrupt.

While there’s no plan for the government to introduce legislation at the moment, he said it will carefully examine two different private member’s bills on the subject, put forward by a New Democrat MP and a Bloc Quebecois MP. (Source: Toronto Star)


The Telegram, St. John’s Newfoundland

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Posted in: Business, Canada Tagged: bankruptcy, business, Canada, corporation, creditors, employee, executives, insolvency, management, Pensions, safe, Sears

Friday, December 13, 2013

December 13, 2013 by Graeme MacKay

Friday, December 13, 2013By Graeme MacKay, The Hamilton Spectator – Friday, December 13, 2013

It pays to be an Executive working for the Ontario Government

Ontarians have for too long been the victims of a culture of entitlement at Ontario Power Generation, says Premier Kathleen Wynne.

She was reacting Wednesday to a scathing report from the provincial auditor general that slammed the utility for its overly generous salaries, bonuses and pensions.

“I am deeply concerned about what seems to be the culture in that organization, which is why changes are being made. We are going to bring in legislation to actually allow us to have more ability to control those compensation packages,” Wynne told reporters at Queen’s Park.

Ironically, she had just spoken to members of CARP, a senior advocacy group, about enhancements to the Canada Pension Plan.

Auditor general Bonnie Lysyk said the “very generous” compensation for senior staff at OPG, which was created after Ontario Hydro was broken up, is being passed on to ratepayers, who face a 42-per-cent rise in their electricity bills over the next five year.

Within hours of the damning report being delivered, Energy Minister Bob Chiarelli announced that three highly paid senior OPG executives were canned.

The compensation controversy is just the latest to hit the minority Liberal government bedevilled by a litany of spending problems, including the gas plants debacle that could cost taxpayers up to $1.1 billion. (Source: Toronto Star)

The governing Liberals confirmed Wednesday that ousted Ornge CEO Chris Mazza collected $9.3-million over six years at the province’s publicly funded air ambulance service.

The figure, which was recently reported, “is accurate,” Health Minister Deb Matthews said Wednesday after testifying at a legislative committee.

That includes salary, bonuses, expenses and other fees, she said. A summary sheet outlining what Mazza collected will be provided to the committee to “make it all clear.”

A legislative committee looking into the Ornge spending scandal had previously heard that Mazza made $1.4-million in a single year, on top of hefty loans totalling $1.2-million. (Source: Toronto Star)

Posted in: Ontario Tagged: Buffet, Deb Matthews, Editorial Cartoon, entitlements, executives, gluttony, Kathleen Wynne, Ontario, OPG, Ornge, salaries, sunshine list

Please note…

This website contains satirical commentaries of current events going back several decades. Some readers may not share this sense of humour nor the opinions expressed by the artist. To understand editorial cartoons it is important to understand their effectiveness as a counterweight to power. It is presumed readers approach satire with a broad minded foundation and healthy knowledge of objective facts of the subjects depicted.

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