Why Mens Toolboxes Are Big and Heavy - Look whats Inside

Why Men Have Large Tool Boxes

Its what we store inside that counts

CLL-T Ready To Run Thru 1.50

Get Them Now Or Pay A Lot More 

Earnings Report Will Be Released Soon!

OPTI Canada Announces First Quarter 2009 Results

OPTI Canada Announces First Quarter 2009 Results


04:00 EDT Tuesday, April 28, 2009

TSX: OPC


CALGARY, April 28 /CNW/ - OPTI Canada Inc. (OPTI) announced today the Company's financial and operating results for the quarter ended March 31, 2009.

The Long Lake Project (the Project) is the first to use OPTI's integrated OrCrude(TM) process. Our proprietary process is designed to substantially reduce operating costs compared to other oil sands projects while producing a high quality, sweet synthetic crude.

"We are pleased to have successfully produced and sold our first upgraded premium synthetic crude this quarter, and to have demonstrated that our technology works," said Chris Slubicki, President and Chief Executive Officer. "We expect that improvements being made to the water treatment system will significantly enhance steam injection, and therefore bitumen production in the second quarter and lead to a substantial ramp-up in PSC(TM) production."


<<>

Includes $369 million pre-tax asset impairment provision related to working interest sale to Nexen. (2) Capital expenditures related to Phase 1 and future phase development. Capitalized interest, hedging gains/losses and non-cash additions or charges are excluded. (3) Common shares outstanding at March 31, 2009 after giving effect to the exercise of common share options would be approximately 203 million common shares. >>


PROJECT STATUS


In the first quarter of 2009, OPTI reached a significant milestone with the production and sale of first PSC(TM) from the Long Lake Project. We have recently produced approximately 15,000 barrels per day (bbl/d) gross of on-spec, high quality PSC(TM), upgraded from low-value bitumen. All major process units in the Upgrader are operational, and preparation is underway to transition gasifier feed from vacuum residue to ashphaltenes, the final step in OrCrude(TM) commissioning. Synthesis gas from the Upgrader has been used in SAGD operations, decreasing operating costs by reducing the requirement for purchased third-party natural gas. During the initial operating period, we expect periods of downtime but anticipate that the stability of operations will continue to improve. Upgrader reliability is improving with 4 days of operation in February, 16 days of operation in March and 20 days of operation to date in April. We expect Upgrader capacity during ramp-up will be capable of processing all of the forecasted SAGD volumes and we expect the Project to reach full capacity of approximately 58,500 bbl/d of PSC(TM) and other products by late 2010.

The Long Lake reservoir continues to perform as expected given the amount of steam that has been injected into the reservoir. Steam generation has been limited by the ability to treat water during the ramp-up period. At full production, approximately 90 to 95 percent of the water injected into the reservoir is recycled. During ramp-up, it is necessary to add cold source water to the recycled hot produced water in order to increase our overall steam volumes over time. Temperature limitations in the water treating system have limited the ability to materially increase steam volumes. A number of changes to the water treating system have been implemented, which include adding supplementary heat to the hot lime softeners and improvements to the filtration system. We expect this will increase steam injection rates and bitumen production.

Steam generation in the first quarter totalled approximately 66,000 bbl/d day, with bitumen production averaging approximately 13,400 bbl/d. With certain changes to the water treating system recently implemented, recent steam volumes have averaged approximately 80,000 bbl/d. As a result, bitumen volumes have begun to ramp-up and April volumes to April 25 averaged approximately 16,000 bbl/d. Given steaming constraints, allocation of steam is necessary and accordingly only 40 of 81 well pairs are presently in production mode. With inconsistent steam injection the average steam to oil ratio (SOR) for these wells ranges between 4.0 and 5.0. We continue to expect a long term SOR of 3.0. As further improvements are made to the water treatment system and steam generation increases, all remaining wells will be brought on. We expect SAGD volumes to increase consistently from current production to full capacity of 72,000 bbl/d by late 2010. During the SAGD ramp-up period in 2009 and 2010, we also expect to process up to 10,000 barrels per day of third party bitumen.


COMPLETION OF ASSET SALE AND DEBT FACILITY AMENDMENT


On January 27, 2009, OPTI announced that we had significantly enhanced our liquidity with the completion of the sale of a 15 percent working interest in our joint venture assets to our partner Nexen for $735 million. Effective January 1, 2009 , OPTI has a 35 percent working interest in all joint venture assets, including Phase 1 of the Project, all future phase reserves and resources, and future phases of development. All Project and operating employees who accepted offers from Nexen were transitioned effective April 1, 2009.


CORPORATE UPDATE


OPTI also announced today the appointment of Kiren Singh to Vice President and Treasurer. Ms. Singh, who joined OPTI in 2008 as Treasurer, has over 20 years of experience in corporate and project finance and corporate insurance with Canadian and international energy leaders including Mobil and ExxonMobil. Ms. Singh holds an MBA from the University of Calgary and a Chartered Financial Analyst designation.

As a result of OPTI's ongoing corporate transition to that of a non-operating entity, Bill King, formerly VP Development, is no longer with the company. OPTI's senior management consists of: Chris Slubicki, President and Chief Executive Officer; Travis Beatty, VP Finance and CFO; Joe Bradford, VP Legal and Administration and Corporate Secretary; Kiren Singh, VP and Treasurer; and Al Smith, VP Marketing.

See Full Report Here: http://www.opticanada.com/investors/news/

Markets Ready To Rally

Set for rally

RTGAM

Stock market indexes continued to march higher on Thursday, on expectations that the worst is over for the global economy and corporate earnings.


U.S. stock index futures were up sharply with about an hour before markets open, suggesting that stocks will rise at the start of trading. Futures for the Dow Jones industrial average were up 108 points. Futures for the broader S&P 500 were up 13 points. Both indexes rallied more than 2 per cent on Wednesday.


In Europe, the U.K.'s FTSE 100 was up 1.9 per cent and Germany's DAX index was up 2.4 per cent in afternoon trading. In Asia, after a one-day break on Wednesday, Japan's Nikkei 225 surged 3.9 per cent in overnight trading.


The U.S. Labor Department reported that initial jobless claims for the week ended April 24 decreased slightly to 631,000, better than the 640,000 claims that economists had been expecting and slightly below the previous week's claims - adding to the impression that things are getting "less bad." However, continuing claims rose close to 6.3 million, suggesting that recently laid off worker are having a tough time finding work.


"The past few weeks claims data are beginning to look increasingly like a peak," said Ian Shepherdson, chief U.S. economist at High Frequency Economics, in a note. "What is not clear, though, is whether this peak represents a correction after the very rapid leap in claims after the Lehman failure or a real cyclical turning point."


Meanwhile, incoming first-quarter earnings continue to decline sharply but have generally come in better than expected. Dow Chemical Co.'s earnings fell 97 per cent, but beat analysts' estimates. Starbucks Corp.'s earnings fell 77 per cent, but also topped expectations.


The Wall Street Journal noted that about two-thirds of the companies in the S&P 500 that have reported first-quarter earnings have beaten analysts' expectations, according to Thomson Reuters.

Copyright 2001 The Globe and Mail

TLM-T Surged 1.00 per share today 6.97%

Talisman Energy Announces Agreement to Sell Cutbank Complex Mid-Stream Assets for $300 Million


15:06 EDT Wednesday, April 29, 2009

CALGARY, ALBERTA--(Marketwire - April 29, 2009) - Talisman Energy Canada (Talisman) has entered into an agreement to sell its Cutbank Complex mid-stream assets in west central Alberta for total proceeds of approximately C$300 million to Pembina Gas Services Limited Partnership, a subsidiary of Pembina Pipeline Corporation of Calgary.

The sale of the Cutbank Complex includes working interests in three interconnected sweet gas processing facilities (the Cutbank, Musreau and Kakwa Gas Plants) nine compressor stations and more than 300 kilometres of gathering lines. The complex has an aggregate existing processing capacity of 360 mmcf/d.

The sale is subject to regulatory approval, with an expected closing date of June 2, 2009.

Talisman Energy Inc. (TSX:TLM) (NYSE:TLM) is a global, diversified, upstream oil and gas company, headquartered in Canada. Talisman's three main operating areas are North America, the North Sea and Southeast Asia. The Company also has a portfolio of international exploration opportunities. Talisman is committed to conducting business safely, in a socially and environmentally responsible manner, and is included in the Dow Jones Sustainability (North America) Index. Talisman is listed on the Toronto and New York Stock Exchanges under the symbol TLM. Please visit our website at www.talisman-energy.com.

FOR FURTHER INFORMATION PLEASE CONTACT:

Talisman Energy Inc. - Media and General Inquiries
David Mann, Vice-President,
Corporate & Investor Communications
(403) 237-1196
(403) 237-1210 (FAX)
Email: tlm@talisman-energy.com
Website: www.talisman-energy.com

Major stock market indexes surged + Pescod Speaks

Hope wins

RTGAM

Major stock market indexes surged soon after the U.S. Federal Reserve released its monetary policy statement on Wednesday afternoon - but handed back all of those gains, and more, in the final hour of trading, paring the day's gains.


Still, those gains were impressive, especially when you consider that the World Health Organization moved closer to declaring the swine flu outbreak a pandemic and the Commerce Department reported that the U.S. economy contracted by 6.1 per cent in the first quarter, which was a far worse decline than economists had been expecting.


Despite the bad news, and the late-day stock market decline, the Dow Jones industrial average closed at 8185.73, up 168.78 points, or 2.1 per cent, as investors continued to bet that the economy had bottomed out and was showing signs of improvement. The broader S&P 500 closed at 873.56, up 18.4 points, or 2.2 per cent.


Both indexes had been up as much as 3 per cent soon after the Fed released its statement, in which it said that the "economy has continued to contract, though the pace of contraction appears to be somewhat slower" - a sign to many investors that the worst may be over.


Financials were strong, with Citigroup Inc. up 8 per cent and Bank of America Corp. up 6.5 per cent. In other moves, Walt Disney Co. rose 7.7 per cent and Boeing Co. rose 4.4 per cent.


In Canada, the S&P/TSX composite index closed at 9416.31, up 68.28 points, or 0.7 per cent. There, a number of energy stocks rose after the price of crude oil moved to $50.97 (U.S.), up $1.05. Talisman Energy Inc. rose 7 per cent after it reported a lower profit in the first quarter. Canadian Oil Sands Trust rose 5 per cent.


Among financials, Manulife Financial Corp. rose 2.1 per cent and Bank of Nova Scotia rose 2 per cent, but Bank of Montreal fell 1 per cent.


TMX Group Inc., which operates the Toronto Stock Exchange, fell 10.2 per cent after investors apparently weren't pleased when it reported earnings of 58 cents (Canadian) a share, up from 49 cents a share last year. Research In Motion Ltd. was also a notable laggard, falling 3.9 per cent.

Copyright 2001 The Globe and Mail

Rising U.S. consumer confidence and further signs of a stabilizing housing market

Flu gets bumped

RTGAM


Rising U.S. consumer confidence and further signs of a stabilizing housing market helped offset concerns at the outset of trading on Tuesday, leaving major North American stock market indexes little changed for the day.


The Dow Jones industrial average closed at 8016.95, down 8.05 points, or 0.1 per cent. The broader S&P 500 closed at 855.16, down 2.35 points, or 0.3 per cent.


Both indexes had begun the day looking vulnerable to a steep selloff after the Wall Street Journal reported that government stress tests had left regulators convinced that Bank of America Corp. and Citigroup Inc. would require more capital. Bank of America fell 8.6 per cent and Citigroup fell 5.9 per cent.


As well, rising concerns about swine flu had hit indexes in Europe and Asia, with investors concerned that the already weak global economy could be hurt even more if travel restrictions were imposed.


However, those concerns fell largely by the wayside after the Conference Board's consumer confidence index jumped unexpectedly in April, even though the survey was likely done before anyone had even heard of the swine flu. As well, the S&P Case-Shiller home price index showed that U.S. home prices deteriorated at a slower pace in February.


International Business Machines Corp. rose 2 per cent, Kraft Foods Inc. rose 1.9 per cent and Exxon Mobil Corp. rose 1.4 per cent.


General Motors Corp. fell 11.3 per cent a day after the struggling auto maker presented its latest plan for avoiding bankruptcy protection. This suggests that investors are having second thoughts about whether the plan - which would leave the U.S. government as the controlling shareholder - will work.


In Canada, the S&P/TSX composite index closed at 9348.03, down 46.77 points, or 0.5 per cent. Gold producers were weak after the price of gold fell to $893.60 (U.S.) an ounce, down $14.60. Barrick Gold Corp. fell 2.9 per cent and Goldcorp Inc. fell 2.5 per cent.


Energy stocks were also generally weak, even though the price of crude oil recovered from a deep dip earlier in the day, ending at $49.92 a barrel, down just 22 cents. Canadian Oil Sands Trust fell 6 per cent and Canadian Natural Resources Ltd. fell 3.2 per cent.


Financials were mixed. Canadian Imperial Bank of Commerce rose 1.2 per cent but Manulife Financial Corp. fell 1.6 per cent.

Copyright 2001 The Globe and Mail

Pescod Talks Oil

North American stock market indexes dipped back into negative territory by Monday's close as investors again turned antsy

Concern rises

RTGAM

After early afternoon gains, North American stock market indexes dipped back into negative territory by Monday's close as investors again turned antsy over uncertainties surrounding the swine flu outbreak and its rising death toll.


The Dow Jones industrial average closed at 8025, down 51.29 points, or 0.6 per cent. The broader S&P 500 closed at 857.51, down 8.72 points, or 1 per cent.


Airline stocks were hit particularly hard on concerns that flights will be cut back as the flu spreads around the world. Southwest Airlines Co. fell 9.4 per cent and AMR Corp., the parent of American Airlines Inc., fell 13.3 per cent.


Food stocks, especially those with a strong meat flavour to them, were also hit on concerns about the relationship between the flu and pork exports. Tyson Foods Inc. fell 8.8 per cent.


However, these components represent a relatively thin slice of the stock market, which suggests that the declines for the day were also related to concerns about the economy and stock valuations now that the market has bounced impressively from its lows in early March. Among financials, Wells Fargo & Co. fell 5.1 per cent and Citigroup Inc. fell 3.8 per cent.


In other moves, Microsoft Corp. fell 2.4 per cent, DuPont fell 4.5 per cent and Alcoa Inc. fell 3.8 per cent. Pfizer Inc. rose 2.4 per cent and Procter & Gamble rose 0.9 per cent.


General Motors Corp. leapt 20.7 per cent after investors approved of the auto maker's latest plan to stave off bankruptcy protection, which includes phasing out the Pontiac brand, streamlining the number of name plates, reducing the number of U.S. dealerships and cutting jobs and labour costs. GM will also try to convince bond holders to exchange $27-billion (U.S.) worth of debt into common shares.


In Canada, the S&P/TSX composite index closed at 9418.40, down 131.08 points, or 1.4 per cent. Energy stocks were weak after the price of crude oil fell to $50.14 (U.S.) a barrel, down $1.41. Canadian Natural Resources Ltd. fell 2.3 per cent and EnCana Corp. fell 2.5 per cent.


Among financials, Manulife Financial Corp. fell 3.3 per cent and Bank of Nova Scotia fell 3.1 per cent.

Copyright 2001 The Globe and Mail

Time To Buy PDP Before They Sell Off Argentina PLUS Columbia=$$$

Petrolifera's La Pinta well reaches 10,600 feet

2009-04-17 17:18 ET - News Release

Mr. Gary Wine reports

PETROLIFERA PROVIDES CORPORATE AND OPERATIONAL UPDATE

Petrolifera Petroleum Ltd. has provided the following progress update on operations and corporate activities.

Colombia

The La Pinta 1 exploration well, which is currently being drilled on Petrolifera's 100-per-cent-owned Sierra Nevada licence in Colombia, was at a depth of approximately 10,600 feet as of April 16, 2009. It is now anticipated the well will be drilled to a final total depth of approximately 11,000 feet. Petrolifera continues to be encouraged by results encountered during the drilling of the La Pinta 1 well, based on hydrocarbon mud log shows and the interpretation of intermediate logging runs. The drilling of the well is significantly behind the originally anticipated schedule, due to problems which were encountered, firstly while attempting to run the 9-5/8ths-inch intermediate casing in the upper section of the wellbore and subsequently, challenges arising from instability in the lower section of the well. The former problem in the upper part of the well was resolved and the instability in the lower section of the wellbore now appears to be under control. Due to the downhole instabilities, it has been decided to attempt to complete the well at a depth of 11,000 feet instead of the originally planned depth of 13,000 feet. An application in this regard has been submitted to ANH, the Colombian government agency that regulates such activity and a decision is anticipated shortly. Petrolifera's management believes that all the geological objectives of the well, and contractual obligations of the licence will be met with the well terminating at a depth of 11,000 feet. Further evaluation is anticipated to occur by testing, after the well is logged and the bottom portion of the wellbore is cased.

Peru

On April 16, 2009, Petrolifera was awarded block 133, which is contiguous with the western boundary of the company's block 107 in the Ucayali basin onshore Peru. Block 133 comprises approximately 979,000 acres. The work commitments on this block for the first period (18 months) primarily comprise geological field studies and, as such, are not capital intensive. This licence represents important protection acreage for Petrolifera in relation to its planned activities on block 107 in future years.

In May, 2009, in accordance with the contract terms of block 107, Petrolifera will be relinquishing approximately 1.6 million acres, or approximately one-half of the original 3.2 million acres which comprise block 107. Petrolifera believes it will be retaining the most prospective acreage under block 107, based on its interpretation of the 950-kilometre (km) 2-D seismic program acquired over the acreage by the company in 2007 and 2008. After the required relinquishment and the award of block 133, Petrolifera will control approximately 4.5 million acres in Peru.

Argentina

As recently announced, Petrolifera recently commenced drilling on its 100-per-cent-owned Gobernador Ayala II (GA II) concession, located in La Pampa province, Argentina. As of mid-April, 2009, Petrolifera has drilled and completed five wells on the block and is very encouraged by the results to date, based on hydrocarbon shows and limited testing results. Petrolifera anticipates drilling up to an additional five wells on this block before the expiry of the exploration phase. A request has been submitted to the government of La Pampa to convert the GA II concession from an exploratory to a production status.

Corporate

The company's annual meeting will be held in Calgary on May 6, 2009, on which date its results for the three months ended March 31, 2009, will be released. A conference call to discuss first quarter 2009 results will be scheduled for the following morning, May 7, 2009, and call in information will be included in the news release.

The company's annual report for 2008 has been mailed to all shareholders of record and has been posted on its website.

The company's disposition process with respect to its Argentinean interests is continuing on schedule.

We seek Safe Harbor.

Your Monday Morning Funny

A PLANE IS ON ITS WAY TO TORONTO, WHEN A BLONDE IN

ECONOMY CLASS GETS UP, AND MOVES TO THE FIRST CLASS

SECTION AND SITS DOWN.



THE FLIGHT ATTENDANT WATCHES HER DO THIS, AND ASKS

TO SEE HER TICKET.



SHE THEN TELLS THE BLONDE THAT SHE PAID FOR ECONOMY

CLASS, AND THAT SHE WILL HAVE TO SIT IN THE BACK


THE BLONDE REPLIES, "I'M BLONDE, I'M BEAUTIFUL, I'M

GOING TO TORONTO AND I'M STAYING RIGHT HERE."


THE FLIGHT ATTENDANT GOES INTO THE COCKPIT AND TELLS

THE PILOT AND THE CO-PILOT THAT THERE IS A BLONDE

BIMBO SITTING IN FIRST CLASS, THAT BELONGS IN

ECONOMY, AND WON'T MOVE BACK TO HER SEAT.



THE CO-PILOT GOES BACK TO THE BLONDE AND TRIES TO

EXPLAIN THAT BECAUSE SHE ONLY PAID FOR ECONOMY

SHE W ILL HAVE TO LEAVE AND RETURN TO HER SEAT.



THE BLONDE REPLIES, "I'M BLONDE, I'M BEAUTIFUL, I'M

GOING TO TORONTO AND I'M STAYING RIGHT HER E."



THE CO-PILOT TELLS THE PILOT THAT HE PROBABLY SHOULD

HAVE THE POLICE WAITING WHEN THEY LAND TO ARREST

THIS BLONDE WOMAN WHO WON'T LISTEN TO REASON.



THE PILOT SAYS, "YOU SAY SHE IS A BLONDE? I'LL

HANDLE THIS, I'M MARRIED TO A BLONDE. I SPEAK BLONDE."



HE GOES BACK TO THE BLONDE AND WHISPERS IN HER EAR,

AND SHE SAYS, "OH, I'M SORRY." AND GETS UP AND GOES

BACK TO HER SEAT IN ECONOMY..



THE FLIGHT ATTENDANT AND CO-PILOT ARE AMAZED AND

ASKED HIM WHAT HE SAID TO MAKE HER MOVE WITHOUT

ANY FUSS.



"I TOLD HER, "FIRST CLASS ISN'T GOING TO TORONTO ".

Obama's Bank Stress Test: Government Plot or Apophenia

Earlier this year, Tim Giethner presented a plan on how the administration is going to "fix" the banking system by subjecting the country's 19 biggest banks to a series of dire what-if scenarios that assume ballooning unemployment and further GDP contraction: the Stress Test

The Treasury Department's end game is to weed out banks that need more capital and to give Americans more transparency and accountability in the banking system. That would separate the weak from the strong and put the latter group of banks in the position to repay money they got under the Troubled Asset Relief Program (TARP).

The consensus has been that banks for the most part won't need more capital, with a few exceptions.

The banks whose balance sheets look the weakest under those scenarios will have six months to raise new capital. If they can't, they can convert their TARP preferred investment into common shares or raise new capital from the government under stringent terms.

Over the last week, I have heard many arguments and viewpoints on the Stress Test. Some argue that because much of the results in this test would remain 'hidden" from public view, it defeats the purpose of the transparency and accountability goal of the stress test. Many arguments have been made stating that the test is not only useless, but may do more harm than good.

But has anyone ever considered the Stress Test as a government tactic to gain further ownership and control of the US banks in order to form Obama's new democratic government?

Let's face it, the US government is known for using wordplay, distraction and diversion tactics to gain trust and then unleash its hidden agenda.

Just think about it.

In order to pass the Stress Test, banks will have to clear the hurdle of a three per cent tangible common equity (a measure of financial strength that divides the value of outstanding stock by assets).

Based on the tangible common equity (TCE) to risk-weighted assets in the first quarter, the stress-test banks that have already reported their profits should clear the 3% hurdle.

But here's the problem. The government's stress test is based on an assumption that unemployment will peak at 10%. Under these circumstances, it appears that most of the banks under this test should past.

Given recent numbers however, and based on the forecasts by many different analysts, the unemployment rate could very well reach past 10% and grow to as high as 12% from now until the end of 2010. Under these numbers, many of the banks, including Bank of America, Wells Fargo, BB&T, PNC Financial, SunTrust Banks, Regions Financial, Capital One and U.S. Bancorp may not pass the 3% TCE.

They basically have two simple choices if they don't pass, both of which ultimately give the government a bigger stake in the US banks:

1) Convert their TARP preferred investment into common shares

Or

2) Receive new capital from the government

Citigroup, for example, has chosen door number one and in doing so will give the government a 36% stake. Keep in mind the administration has said that no bank will "fail" the test; those with big holes that need filling will have them filled at government expense.

So here we have a test from the government to weed out the bad banks, yet no bank under this test will fail. So if no one fails, what is the point of having a test?

It looks to me like the government is using the stress test as an excuse to gain further ownership of the big banks and thus begins their movement toward further control and ownership under Obama's democratic government.

So is the Stress Test an act to raise accountability and trust from the banks or Obama's government plot to gain further control and stake for his democratic government?

Call it apophenia, but I choose the latter.
Best regards,

Ivan Lo
Equedia Network Corporation

Pescod Chats Plus Seven weeks of gains on TSX

Seven weeks of gains on TSX

RTGAM


After a collective swoon at 2 p.m. on North American markets following the U.S. Federal Reserve's update on its stress tests for the country's banks, investors took a deep breath and jumped right back in to drive stocks higher by the end of the day.

The Dow Jones industrial average gained 1.5 per cent, or 119.23 points, to 8,076.29. The broader S&P 500 gained 1.68 per cent, or 14.31, to 866.23. Both indexes fell on the week - 0.68 per cent and 0.39 per cent, respectively - ending their win streaks at six weeks.

The financial subindex of the S&P 500 dipped briefly into the red after the test's methodology was revealed, but quickly recovered to post a 2.44 per cent gain on the day. On the Dow, American Express gained 20.22 per cent, Bank of America gained 2.95 per cent and Citigroup lost 0.62 per cent.

The Toronto Stock Exchange did manage to post a gain on the week, making it seven straight weeks. The S&P/TSX rose 1.49 per cent, or 139.98 points, to 9,549.48. Miners gained 3.8 per cent, with financials 1.1 per cent higher.

Copyright 2001 The Globe and Mail

Revenue Canada refuses to pay for million-dollar mistake

Taxpayer led to believe Harper government would compensate him for losses

Last Updated: Thursday, April 23, 2009 | 12:38 PM PT

By Kathy Tomlinson CBC, 

A B.C. taxpayer who fought the Canada Revenue Agency over a million-dollar tax bill he didn't owe — and won — says the federal government misled him to believe he would be compensated for his financial losses.

"They're trying to now find a way to shove this under the rug or silence it so that they don't get embarrassed," 64-year-old Prince George resident Irvin Leroux said.

"Promises have been made at the political level," added his wife, Jill Moore, "and still, here we are."

Correspondence suggests Leroux's MP, Conservative Dick Harris, was assured three years ago by the minister responsible that the government was prepared to compensate Leroux for Canada Revenue Agency errors that cost Leroux his business and his home. That settlement has not materialized.

'Promises have been made at the political level.'

—Irvin Leroux's wife, Jill Moore

"They took everything I was, everything I stood for, and destroyed it," Leroux said.

CBC News made several requests to talk to Revenue Minister Jean-Pierre Blackburn about Leroux's case but received no response.

Before their fight with the taxman, Leroux and his wife owned and operated a successful RV park in Valemount, B.C. In 2002, Irvin's RV Park and Campground was awarded the prestigious SuperHost customer service award by B.C. Tourism.

Records lost by auditor, businessman says

Leroux said his tax troubles began in 1996, when an auditor from the tax agency showed up to look at the books. The auditor took Leroux's business receipts and other records, he said, then misplaced those records at the CRA office.

"He told me someone had put them on the pile that was to be shredded," Leroux said.

Without receipts to show his business expenses, numerous CRA audits over several years concluded Leroux owed almost $900,000 in personal income tax, plus over $100,000 in GST, including interest and penalties.

Leroux had to sell his business, Irvin's RV Park and Campground, in Valemount, B.C. (CBC)

"I said, 'You had all of these records. You knew I had paid out those expenses. You lost them, and now you're telling me that you are going to disallow them all?'" Leroux recounted. "I said, 'That's fine, I will seek a tax lawyer. I will see you in court.' "

In 2005, he took his case to the Tax Court of Canada, where the CRA gave up in a so-called consent to judgment, essentially admitting its mistake. That reduced Leroux's personal tax bill to zero and his GST bill to $20,000. Documents show that by 2006, Leroux was actually owed a $24,000 tax refund.

Years before his case got to tax court, however, the CRA had obtained a writ of seizure and sale against Leroux's properties so it could move in and collect on his alleged tax debt, if necessary.

"These individuals have the right to come after every one of your assets without justification on what they are doing," Leroux said.

Because its security was suddenly at risk, Leroux's main creditor — the Business Development Bank of Canada — demanded in 2001 that he pay back his very large business loan.

Forced to sell all his assets

That touched off a chain of events, Leroux said, that forced the sale — at reduced prices — of his business, his home and other assets, valued at approximately $4 million.

"I lost my house, I lost my business, I lost my land, I lost my income, I lost my savings — I lost it all," Leroux said. "Why? Because [the CRA] wouldn't admit to their mistakes. They would sooner destroy me and try to bury me out there than admit they did wrong."

"I've said to him the whole way, I will fight with you," said Moore, his wife. "This is wrong. They can't take it away and not even apologize. They can't take it away and not be held accountable."

Submit your story or join our blog: www.cbc.ca/bc/features/gopublic/

After Leroux's tax bill was cancelled, his MP, 16-year veteran B.C. caucus chair Harris, stepped in and took his case to Ottawa.

Correspondence shows that in 2006, Harris had several discussions with then minister of national revenue Carol Skelton — a member of Prime Minister Stephen Harper's cabinet — urging her to arrange compensation for his constituent's losses.

At first, Skelton assured Harris that if Leroux filed a lawsuit against the government, an out-of-court settlement could be arranged, the documents suggest.

In a letter to the minister, Harris repeated what she had led him to believe: "I was told that 'CRA does not have a mechanism to proactively pay damages … however if Mr. Leroux launches a court challenge with a statement of claim, the department could … settle out of court.' "

In an email to Leroux, Harris wrote: "I am convinced that things are going as we were promised…. [The minister] wants the outcome of your case to be an example of how Revenue Canada must be held accountable for its abuses of Canadians."

'All hell is going to break loose': Conservative MP

Later in 2006, when there was no sign of a settlement in the works, Harris wrote this angry email to the minister's assistant:

"I am livid. This whole episode is the most inhumane treatment I have ever witnessed in my life. And I cannot believe that our own government would treat Canadians in this manner. Mr. Leroux is an honest, principled individual who had been driven to the brink many times by Revenue Canada. If Revenue Canada mount even the slightest objection to the statement of claim filing this week I ASSURE YOU AND THE MINISTER THAT ALL HELL IS GOING TO BREAK LOOSE. This is bulls--t!"

Conservative MP Dick Harris calls the Canada Revenue Agency's treatment of the B.C. couple 'inhumane.' (CBC)

Harris refused a request by CBC News to be interviewed about the affair, however, saying, "I don't consider the work that I am doing for [Leroux], that it should become a news story, somehow."

In March, the CRA tried to have Leroux's statement of claim thrown out of court. Leroux said he would have never filed the claim in the first place if he hadn't been urged to by his MP, because he can't afford a lawyer to pursue it.

Leroux said he now feels betrayed by the Harper government, including the prime minister. When Harper himself was campaigning to be leader of the Conservative party, Leroux said, he spoke to the future PM at length about his fight with the CRA.

"He said to me, 'I guarantee you if I have your support and I get elected in as the leader of this party,' he says, 'I will give you my word I will look into this matter for you and get the matter resolved.' Now, he's forgotten my name."

"We're tapped out," Moore said. "There are no more lawyers we can pay. No more accountants we can hire."

"We don't have a system in place to protect us," Leroux added. "Because I've gone through the system. I've gone through the steps. And every time I walk the steps, I find there's always something there to push me back down. Where is the justice?"

'No compensation will be paid': CRA

Internal CRA emails written by assistant commissioner Rod Quiney in August 2006, obtained by Leroux under the federal access to information law, summarize the agency's position in his case:

"I believe we have been very fair and have in all respects provided the appropriate respect for his position and appropriate redress [by cancelling the debt]," Quiney wrote.

"No compensation will be paid," he concluded.

Leroux is thoroughly disappointed in the Harper government he supported.

"The people we elected to look after this stuff and protect us, they're not there, because the bureaucrats who did all of this stuff are instructing the politicians on what to do."

Roller Coaster Day Up, down, then up

The close: Up, down, then up

RTGAM






After a see-saw session, major North American stock market indexes ended Thursday near their highs for the day after investors overcame their early reservations toward two dismal economics reports and instead focused on fairly upbeat earnings reports.


The Dow Jones industrial average closed at 7957.06, up 70.49 points, or 0.9 per cent - after scooting between positive and negative territory an amazing 15 times. The broader S&P 500 made a similar meandering journey, closing at 851.92, up 8.37 points, or 1 per cent.


Bank of America Corp. rose 6.8 per cent and JPMorgan Chase & Co. rose 4.1 per cent. However, General Motors Corp. fell 4.1 per cent over ongoing concerns about its survival and Home Depot Inc. fell 1.6 per cent.


The market had shown early signs of rising after Apple Inc. and eBay Inc. reported better than expected quarterly earnings on Wednesday evening, only to surrender those gains after two economic reports challenged the notion that the economy is bottoming out.


First, initial jobless claims rose 27,000 for the week ended April 18, to 640,000 - in line with economists' expectations but breaking a two-week winning streak in which claims were lower than expected.
As well, sales of existing homes fell 3 per cent in March after a slight increase in February had inspired hopes among investors that lower mortgage rates would bring buyers back to the market.


After the market closed, three heavyweights reported their quarterly results. Amazon.com Inc. reported a 24 per cent rise in its earnings, sending the shares up 1.2 per cent in after market trading. Microsoft Corp. reported a 32 per cent drop in its earnings, but the shares were up 3.3 per cent in after market trading. As well, American Express Co. reported a 56 per cent drop in its earnings. The shares rose 3.7 per cent in after market trading.


In Canada, the S&P/TSX composite index closed at 9412.97, up 133.82 points, or 1.4 per cent.


Energy stocks were particularly active after a number of blue-chip energy companies in North America reported first quarter results that were well-received. Canadian Natural Resources Ltd. rose 3.5 per cent and Suncor Energy Inc. rose 3.5 per cent.


Financials were also strong, with Bank of Nova Scotia up 2.5 per cent and Toronto-Dominion Bank up 2.1 per cent.

Copyright 2001 The Globe and Mail

----------------------------------------------------


After the Bell

Another Day Of Rally - Did You Make Money?

Click here For The Full Report

Markets Tumble On Profit Taking Buy CLL

Anonymous Accumulation Of CLL And So Should You

Buy When The Pros Buy Low Not When The Sheep Buy High

Manipulating The Stock Up To 1.51 in the last few weeks, cashing out and then now they are buying up shares again today

Same Old Market Games, Nothing Caused CLL To Go Up and Now They Cash Out

Well I was a buyer at these levels getting ready for the next bullrun.

After the Bell


The close: Very ouch

RTGAM






Suddenly, bullish investors have some explaining to do. After six weeks of fairly steady gains, North American indexes were dealt body blows on Monday, delivering their worst one-day setbacks since the remarkable stock market rally began in March.


The Dow Jones industrial average closed at 7841.73, down 289.60 points, or 3.6 per cent. The broader S&P 500 closed at 832.39, down 37.21 points, or 4.3 per cent - marking the biggest setback for the index since March 5.


Of course, there was no shortage of voices suggesting that the rally - the best since 1938 - was at risk of falling back to more moderate levels, simply because stocks tend to do that. Others suggested that the grim realities of the U.S. economy were bound to make the rally look far too optimistic.


However, this setback was marked by a violent retreat from U.S. bank stocks, suggesting something more specific at work here: Investors didn't like what they saw in Bank of America Corp.'s first quarter earnings, released before markets opened on Monday.


The shares tanked 24.3 per cent, despite reporting earnings of $4.2-billion (U.S.), after investors concentrated instead on rising credit loss provisions and the chief executive's warning that the bank faces "extremely difficult challenges." In other financial moves, Citigroup Inc. fell 19.5 per cent and Wells Fargo & Co. fell 16.1 per cent.


International Business Machines Corp. fell 0.8 per cent before it released its first quarter earnings after markets closed. Earnings were $1.70 a share, above expectations for $1.66 - but the shares fell 2.4 per cent in after hours trading.


In Canada, the S&P/TSX composite index closed at 9126.15, down 311.50 points, or 3.3 per cent. It was the index's sharpest drop since March 2.


Financials followed the U.S. lead, handing back some of the amazing gains of the past six weeks. Manulife Financial Corp. fell 7.8 per cent, Royal Bank of Canada fell 3.8 per cent and Toronto-Dominion Bank fell 5.4 per cent.


Energy stocks were also weak after the price of crude oil fell about 9 per cent. Suncor Energy Inc. fell 7.3 per cent.


Gold producers were among the few bright spots in the market, after the price of gold surged nearly $17 an ounce, to about $885. Goldcorp Inc. rose 7 per cent and Barrick Gold Corp. rose 7.9 per cent.

Copyright 2001 The Globe and Mail

Real Estate And The Recession...

All developers are scrambling and offering major discounts on pre-sale homes giving up homes for up to 40% off their original asking price. And many first time home buyers are jumping at the chance and lining up early for their spot at making a bid for these drastically reduced luxury condos.

Click to PlayIf you consider the battles and bid wars that many home buyers had to endure in the previous years, these offerings are their golden ticket to affordable housing.

This scenario is happening all over N. America and is even more apparent in the US. Sellers are using tactical advantages and mind games to lure more buyers into our currently depressed market by listing housing prices for well below market value to trigger bidding wars. And it's working.

But should buyers be jumping the gun? Let's take a look at both the Canadian and US housing market.

According to TD Economics, Canadian house prices have further to fall, while overbuilding in the residential market will prevent the sector from making a quick recovery from the current downturn in sales, prices and construction.

They also expect the average Canadian house price to fall to about $246,000 in 2009, down 24% from the peak of $324,000 in 2007. As of February, the average nation-wide house price stood at $282,000, down 13% from its peak. Based on those figures alone, it would appear that we still have another 11% decline to go.

The report also found house prices had been overshooting their fundamental value by about 9% since 2005 as speculation drove up prices and encouraged overbuilding, which I am sure every Canadian witnessed or participated in.

TD said Calgary and Edmonton had accumulated "worrisome" inventories of unsold single family homes, while the overhang of supply in Saskatoon's was at a historical high. Montreal also had a growing inventory of unsold condos and apartments.

Although Toronto and Vancouver have so far avoided a major oversupply in inventories, TD said the large number of condos under construction in both cities raised the possibility of mounting oversupply this year.

As housing prices correct, the excess supply of housing in the market will continue to weigh on the sector throughout 2009.

However, Canada should avoid a housing crash like the US because the oversupply of housing is much smaller.

TD estimates the overhang of residential homes in the Canadian market is equal to about three month's supply, compared to about 10 months in the United States - where conditions are much worse and likely to fall even further.

In RealtyTrac's US Foreclosure Market Report™ for Q1 of 2009, an astonishing one in every 159 U.S. housing units received a foreclosure filing during the quarter. Foreclosure filings were reported on 341,180 properties in March, a 17% increase from the previous month and a 46% increase from Mar 2008.

According to Moody's Economy.com, home value declines in Los Angeles for example, still have a long way to go. Based on historical balances of employment, housing sales, income, lending availability, foreclosures and vacancy rates, all dating back to 1982, home prices in the Los Angeles metro area still have 29% further to fall.

Total foreclosures are likely to be significantly higher in 2009 than they were in 2008, even with the mitigating effects of the Obama housing plan in the US. We also have to keep in mind that new home developments also compete with existing houses, whose inventories are still at very high levels.

Major lenders like Fannie Mae, Freddie Mac and JP Morgan have just recently lifted their foreclosure moratoriums which could signal the swelling of more cheap foreclosed homes this spring and summer.

The best real estate deals, it seems, are yet to come.

So take your time. This recession isn't going away tomorrow.


Best regards,

Ivan Lo
Equedia Network Corporation
www.equedia.com

Genuity raises Bankers Petroleum price target to C$3.20 from C$2.90

HUGE Pent Up Demand 1 Million Shares On The Bid Side 

Thomas Weisel #1 Buyer Again Today

Huge 200k Share Crosses

Thomas Weisel Is Still Accumulating

Thomas Weisel Bought and holds 4.2 Million Shares In The Last 30 Days

Look At The bidders on this?

This is going to explode!

CURRENT RATING

http://www.cnbc.com/id/30242190

April 16 (Reuters) - * Genuity cuts Addax Petroleum to hold from buy * Genuity raises Vast Exploration to buy from hold * Genuity raises Addax Petroleum price target to C$33 from C$28 * Genuity raises Bankers Petroleum price target to C$3.20 from C$2.90 * Genuity raises Niko Resources price target to C$78 from C$65 * Genuity raises Petrominerales price target to C$12 from C$10.70 * Genuity raises Pacific Rubiales price target to C$7.80 from C$6.60 (Bangalore Equities Newsroom; +91 80 4135 5800; within U.S. +1 646 223 8780) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved.

BNN Interview With Harry S. Dent Today

Harry S. Dent
Harry Dent: Review & Customer Comments



Harry S. Dent Jr. is a well known author and prominent market forecaster. Over the years he's provided a long track record of hypotheses and predictions, some of which have been extremely accurate while others off the mark, but as the saying goes hindsight is always 20/20.

Born in 1950 in Berkeley, California Harry Dent maintained a stellar scholarly record throughout his life, graduating from USC at the top of his class. He would then go on to complete his MBA from Harvard Business School as a Baker Scholar.

Throughout his career as an economic researcher Harry Dent developed his own system, The Dent Method, for analyzing market directions. His approach focuses on interpreting consumer spending data collected throughout the maturation period of a family. This takes into account the spending habits of a person from their youth to retirement factoring in life stages of having children, buying a house, etc.

Using this formula he was able to accurately predict the slowdown in the Japanese economy at the end of the eighties, and the Dow's growth in the early nineties. He details his use of this method and a combination of other demographic statistics to reach his conclusions in many of his books.

Harry S. Dent's notable titles include "The Roaring 2000s," "The Next Great Bubble Boom," and most recently, "The Great Depression Ahead." In his latest book Dent explains why we haven't seen the worst yet, and predicts a larger drop in stocks and real estate and even higher unemployment rates up till 2013.

The great thing about Harry Dent's books and method is that he gives you a macro view of the economy and really delves deep into demographics for his supporting evidence. Thus, even if you don't agree with his predictions you can see the trends that he's using to formulate his argument.

Conversely, as with any other market forecaster his advice should be taken with a grain of salt. Dent has had his share of missed calls, notably his 2000 prediction of the DOW reaching 40k. Despite this I think there is a lot to be learned from his approach and his research into consumer spending habits.

This is a good example of why it's important to understand that there's no one investor out there with all the answers. It's up to you to learn as much as you can through a variety of resources in order to understand the big picture of trading. I would recommend using Harry's tips in conjunction with additional trading resources in an ongoing educational process.

One great tool that I personally use is INO TV, a site where you can view the trading systems of the world's top analysts. These are the exact same strategies they teach at their seminars where a seat would cost $2,000 -$3,000.

Source

Catch CLL Before the Run To 1.30 Technicals Ready To Break Out

Time To Sell OPC And Buy CLL? You Decide 1 Will Be Aquired Soon!