ABC District’s CCAA (bankruptcy protection) is nearing its end. On January 5, 2015 ABC District declare itself in a “sufficient cash flow shortage.” That particular baffle-gab (re: bullshit) was the first volley in a series of misses and misdirections from Distrct and Synod leadership when the insolvency was announced. Of course it only took a couple of weeks for District and Synod to put a clamp on communications and rig for silent running.
There are no casual observers in the ABC District’s ongoing CEF/DIL debacle. In spite of what’s obviously been a rough three years for depositors, last year there was some hope when the value of the money ABC District lost was transferred into ownership of Prince of Peace Village near Calgary. Depositors became shareholders. I worked for SAGE for just a month or so, and during that time the most-often asked question was “how do I sell my shares?”
Had shares gone on sale at that point, it’s very likely shareholders would have taken a bath. The whole ABC District mayhem was complicated and messy enough without adding a wild west stampede of sellers – share values would have tanked and the only winners would be the buyers.
A year later, and SAGE Properties – the holding company owned by former depositors – has a new website which it says is cost-effective and user-friendly (in my books cost-effective IS user friendly, but I get what they’re saying).
The website is www.sagedatabase.ca
The official email from SAGE Board Chair Sandra Jory says the site will, “…provide a listing of shareholders who are interested in selling their shares. It will also provide a listing of those individuals who are interested in purchasing shares.”
If you want to use the service, you’ll have to set up an account.
SAGE seems to understand its shareholders: there’s a downloadable guide which takes you step-by-step through the process (which is brilliant). The guide is available at the SAGE Properties website.
Finally, they also know that a lot of depositors don’t have meaningful Internet access. Anyone who is offline for whatever reason can call SAGE Properties at 403-478-9661 and ask for Laura.
As a working journalist and producer, writing meaningful and understandable pieces is important. I love talking about issues. I love that issues can have two, four, six, twelve sides or more. I love that writing and talking can actually persuade people and effect change. Journalists are trained to be fair (“balance” is a popular word these days, but it’s not the journalists job to “balance” anything, it’s their job to report it).
I don’t have a lot of spare time these days, and I’m always happy to expose my lassitude by cross-posting interesting stuff. The article yesterday is a good example.
Today’s effort comes from LCC observer and CEF/Synod message forum pundit ANO. His “Lutheran Watch” blog quietly chronicles the technical details of Synod’s various issues. The latest installment is entitled “Sweating the Restructuring Details.”
If the fact that elections during the Synod Convention weren’t completed weren’t enough (nope, they weren’t – several elected positions will be appointed, which usually goes so well in our Synod), then you’ll love the fact that Synod is making it up as it goes along, again.