W.C.W. Western Canada Water Enterprises Ltd.
PRESS RELEASE AUGUST 27, 1987
WCW WESTERN CANADA WATER SHARES BEGIN TRADING ON VSE
VANCOUVER, British Columbia, Aug. 27 /PRNewswire/ -- Shares of WCW Western Canada Water Enterprises Inc. began trading today under a conditional listing with the Vancouver Stock Exchange. The symbol is "WCW."
The company was formed in 1985 to export large quantities of freshwater by tanker from Ocean Falls, on the British Columbia coast, and holds exclusive rights to export water from Link Lake at that site.
The company's initial public offering of 500,000 units of one common share and one Series A share-purchase warrant, priced at $2.50 per unit, was fully …
http://www.highbeam.com/doc/1G1-5132606.html
WCW WESTERN CANADA WATER SHARES BEGIN TRADING ON VSE
VANCOUVER, British Columbia, Aug. 27 /PRNewswire/ -- Shares of WCW Western Canada Water Enterprises Inc. began trading today under a conditional listing with the Vancouver Stock Exchange. The symbol is "WCW."
The company was formed in 1985 to export large quantities of freshwater by tanker from Ocean Falls, on the British Columbia coast, and holds exclusive rights to export water from Link Lake at that site.
The company's initial public offering of 500,000 units of one common share and one Series A share-purchase warrant, priced at $2.50 per unit, was fully …
http://www.highbeam.com/doc/1G1-5132606.html
There was a flaw in the Company's Business Plan:
The sources of water where the competition had applied for licences were not only closer to California, by at least a full day's travel by sea, but they were accessible by what are known as Very Large Crude Carriers (VLCCs) that can carry upwards of 250,00 metric tons of water but the maximum size of vessel that could safely enter the harbour for loading at Ocean Falls had a much smaller capacity of about 75,000 tons.
The solution was to get the Canadian Government, Federal or Provincial, to destroy the competition and, with a little help from their friends this is exactly what W.C.W. Western Canada Water Enterprises Ltd. did.
Legal analysts advise that solution was a direct violation of American law - the Sherman Anti Trust Act and the Canadian laws against restraint of trade which, although less stringent, were also applicable to the situation.
The sources of water where the competition had applied for licences were not only closer to California, by at least a full day's travel by sea, but they were accessible by what are known as Very Large Crude Carriers (VLCCs) that can carry upwards of 250,00 metric tons of water but the maximum size of vessel that could safely enter the harbour for loading at Ocean Falls had a much smaller capacity of about 75,000 tons.
The solution was to get the Canadian Government, Federal or Provincial, to destroy the competition and, with a little help from their friends this is exactly what W.C.W. Western Canada Water Enterprises Ltd. did.
Legal analysts advise that solution was a direct violation of American law - the Sherman Anti Trust Act and the Canadian laws against restraint of trade which, although less stringent, were also applicable to the situation.
W.C.W. Western Canada Water Enterprises Ltd. hired Fred Doucet who, according to documents found in the company files, persuaded Lucien Bouchard Canada's Minister of the Environment to introduce legislation banning bulk water exports but exempting existing contracts such as the one W.C.W. Western Canada Water Enterprises Ltd. had acquired secretly and, apparently illegally, in September 1989.
For unexplained reasons, Mr. Mulroney's government did not enact the legislation so W.C.W. Western Canada Water Enterprises Ltd. turned to the British Columbia Government to assist it to break international law, Canadian law, American law and the laws of British Columbia.
For unexplained reasons, Mr. Mulroney's government did not enact the legislation so W.C.W. Western Canada Water Enterprises Ltd. turned to the British Columbia Government to assist it to break international law, Canadian law, American law and the laws of British Columbia.
According to Company records and Partick Kinsella, Allan Gregg, a director of W.C.W. Western Canada Water Enterprises Ltd., asked Patrick Kinsella to help W.C.W. Western Canada water Enterprises Ltd and Brian Battison, Kinsella's partner assisted the company to devise the idea of a moratorium on the issueance of new or expanded licences for the taking of water for export purposes.
Then, W.C.W. Western Canada Water Entperprises Ltd. persuaded the British Columbia Government of Bill Vander Zalm to adopt the proposed moratorium and all the competition was destroyed and W.C.W. Western Canada Water Entperprises Ltd. was the sole company left with adequate water supplies to supply the American market.
There was two one problem - the newly emerging American markets refused to be bullied by the Canadian government and the moratorium was a violation of international law, Canadian law, and American law.
Then, W.C.W. Western Canada Water Entperprises Ltd. persuaded the British Columbia Government of Bill Vander Zalm to adopt the proposed moratorium and all the competition was destroyed and W.C.W. Western Canada Water Entperprises Ltd. was the sole company left with adequate water supplies to supply the American market.
There was two one problem - the newly emerging American markets refused to be bullied by the Canadian government and the moratorium was a violation of international law, Canadian law, and American law.
In the words of John Deloreto, a US Attorney and former director of the Goleta Water District,
"Only a complete fool would do business in any way shape, color or size with the Canadian government"
The full test of Mr. Deloreto 's scathing indictment of Canadian Government business practices and the people connected to W.C.W.Western Canad Water Enterprises Ltd is set out below.
"Only a complete fool would do business in any way shape, color or size with the Canadian government"
The full test of Mr. Deloreto 's scathing indictment of Canadian Government business practices and the people connected to W.C.W.Western Canad Water Enterprises Ltd is set out below.
