SHipPools/$85m/CWB ships now? Trading Halt?

[TOM4CWB]

23 Dec 2010 ... Investment Industry Regulatory Organization of Canada - Trading Halt - Western ... Time of Halt: 15:49 pm. Reason for Halt: Pending News ... Algoma Central Corp. to buy ships, assets from Upper Lakes Group for $85M - The ...
ca.finance.yahoo.com/.../Investment-Industry-cnw-3963239813.html?... - Cached

ALGOMA CENTRAL CORPORATION Announces Agreement to Acquire Upper Lakes Group Interests in Seaway Marine Transport

TORONTO, Feb. 25 /CNW/ - Algoma Central Corporation ("Algoma") announced today that it has entered into a definitive agreement to acquire from Upper Lakes Group Inc. ("ULG") its partnership interest in Seaway Marine Transport and related entities (collectively, "SMT") along with the vessels and assets owned by ULG and its affiliates and used by SMT in its Great Lakes - St. Lawrence Waterway dry-bulk freight business.

Investment Industry Regulatory Organization of Canada - Trading Halt - Algoma Central Corporation - ALCFriday, February 25, 2011 5:03 PM



/CNW/ – The following issues have been halted by
Investment Industry Regulatory Organization of Canada (IIROC):

Issuer Name: Algoma Central Corporation

TSX Ticker Symbol: ALC

Time of Halt: 16:38

Reason for Halt: Pending News

[TOM4CWB]

ALC Details
Algoma Central Corporation, through its subsidiaries, engages in marine transportation, ship repair, and real estate businesses in Canada and internationally. It operates in four segments: Domestic Dry-Bulk, Product Tankers, Ocean Shipping, and Real Estate. The Domestic Dry-Bulk segment operates dry-bulk vessels that carry various dry-bulk products, including grain, coal and coke, iron ore, salt, and aggregates within the Great Lakes, St. Lawrence Seaway, and Atlantic Canada. As of December 31, 2009, this segment operated 13 self-unloading and 5 bulk carriers. The Product Tankers segment operated seven Canadian flagged vessels within the Great Lakes, St. Lawrence Seaway, and Atlantic Canada; and one foreign flagged product tanker worldwide. The Ocean Shipping segment owned two ocean-going dry-bulk self-unloading vessels and three geared bulk carriers. This segment also holds interests in five self-unloaders that trade world-wide. The Real Estate segment involves in the development, rental, and management of a regional shopping centre, a hotel, two office buildings, and an apartment building in Sault Ste. Marie, St. Catharines, and Waterloo, Ontario. In addition, Algoma Central Corporation provides diversified ship repair, diesel engine repair services, and fabrication services to ship-owners and industrial customers. The company was formerly known as Algoma Central Railway and changed its name to Algoma Central Corporation in 1990. Algoma Central Corporation was founded in 1899 and is headquartered in Sault Ste. Marie, Canada
http://investing.businessweek.com/research/stocks/snapshot/snapshot.asp?ticker=ALC:CN

[TOM4CWB]

Algoma to take full control of Seaway Marine Transport
Posted 19 hours ago


Algoma Central Corp. plans to take over full control of Seaway Marine Transport through an $85-million deal with shipping partner Upper Lakes Group Inc.


St. Catharines-based Seaway Marine Transport currently manages and operates lake freighters for both companies.

Algoma, also heaquartered in St. Catharines, will acquire its partner's interest in Seaway Marine through the deal, as well as purchase Upper Lake's 11 bulk freighters.

The deal still requires regulatory approvals and is expected to close by the end of March.

http://www.stcatharinesstandard.ca/ArticleDisplay.aspx?e=2996991&utm_source=twitterfe ed&utm_medium=twitter

[furrowtickler]

So did we just pay $65 mill for two ships and sold them for pennies on the dollar????

[lesm]

Tom, I'm not sure what you are getting at. Please explain further.

[bucket]

Measner's revenge?????

[TOM4CWB]

lesm,

Surely, a wise manager, would have waited till the end of the deal making was over...

Of course my fear is... that my wallet is much lighter now... than what it was before all this happened.

Since Seway Marine Transport (SMT) sold for $85m... just after signing a long term deal with the CWB to run our ships for the next 25 years...

At a whale of a deal... locking up frieght for decades to come...


What exactly was SMT worth before the CWB signed on to have them manage our ships for the next 25 years???

A reasonable person... would conclude... NOT very MUCH!!!

There should have been a 30 percent return... Minimum... done with Algoma... I feel like a 'dead man walking'...