Thursday, January 31, 2008

National Bank: Did They Let The Cat Out Of The Bag?

By Ross Hendin, Hendin Consultants

Tara Perkins wrote this article in the Globe & Mail today, reporting that Mr. Vachon (National Bank CEO) feels the Committee is making progress, and that the restructure is basically a done deal with legal documents in the drafting phase.

She's quoted Mr. Vachon as saying: "That's where we are not; we're in the legal phase of the restructuring,"

Well, for those of us who aren't the majority noteholders, and who aren't being told anything at all (even as the deadline looms today at midnight) this certainly sounds like good news, even though it's not coming from the Committee itself.

I am sure I am joining the Clarity team and many of the noteholders and readers of the blog when I say that I certainly hope his insight is correct, and it's a matter of time before this is all dealt with and behind us.

I am also sure I speak for at least a few of us when I say that some reliable timelines, and updates from the Committee wouldn't go amiss - as many of the people involved have their lives balancing on expectations that deadlines will be met. I fear that some of the noteholders may not be able to take the strain of this limbo much longer, especially if they have (rightly or wrongly) promised creditors something based on the timeliness discussed.

I am very happy to hear - from the Committee or otherwise - that things sound like they are coming together. Will they actually come together and on time? We will have to wait another day and see...

Ross Hendin is CEO of Hendin Consultants, and is a Senior Advisor to the Canadian office of a leading multi-national PR firm. With strategic communication experience in more than 20 countries around the world, Ross specializes in litigation, financial and political strategic communication. He has worked in the ABCP niche since 2006. Hendin Consultants is in Toronto and London, UK, and is on the web at Email Ross at

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