Thursday, September 18, 2008

Alberta Bedding failing Conservatives across the globe.

Alberta 3P builders sinking in Australia so they are giving a cost plus pure profit option in Alberta. These are the people hired by Alberta to build 6 new 3P schools in Alberta. Cut the funding to existing schools so they fail. Then, stick in your private club to save it. I am so very sick of Conservatives!

Quote locked article:
SYDNEY -- Embattled investment and advisory firm Babcock & Brown Ltd. said that Phil Green, its former chief executive, has resigned as a director of the company.
The move comes less than a month after Mr. Green relinquished the top job in a management reshuffle aimed at restoring investor confidence following write-downs, a last-minute profit warning and a share-price rout that forced the company into talks with its bankers earlier this year.
Shares in Babcock & Brown fell 17% Monday to a record low of 1.58 Australian dollars (US$1.30), leading financial-market weakness amid concerns about the future of Lehman Brothers and American International Group Inc.
Babcock & Brown Chairwoman Elizabeth Nosworthy said Mr. Green had decided that remaining a nonexecutive director was "not in the best interests of the company from a corporate-governance perspective or his own personal position."
Babcock & Brown announced a restructuring Aug. 24 as it reported a 30% profit fall and suspended dividends until it reduces its debt. The restructuring is effectively a partial liquidation involving asset sales, staff reductions and a winding back of many of the firm's businesses as it refocuses on infrastructure, real estate and operating leasing, areas it sees as its core competencies.
Babcock shares have slumped 94% since the start of the year amid worries about the sustainability of its model in the wake of the global credit crunch.
—Bill Lindsay and Susan Murdoch contributed to this article.
Write to Rebecca Thurlow at rebecca.thurlow@dowjones.com
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