https://nationalpost.com/pmn/news-pm...lving-b-c-firm
What a pile of bullshit
https://nationalpost.com/pmn/news-pm...lving-b-c-firm
What a pile of bullshit
As much as I like to bash the NDP...
Carillion holds maintenance contracts that run until 2022 or 2023. Carillion goes bankrupt, PWC managing bankruptcy, sells it off to Emcon in BC. Alberta companies bitch about it because there was no bid, but if anything that would be PWC's problem would it not?
Originally posted by SEANBANERJEE
I have gone above and beyond what I should rightfully have to do to protect my good name
Now, I'm not a corporate contracts lawyer, you might have had some dealings with such things, so you are telling me that when a company goes bankrupt, the contracts are an asset that can be sold, and the individual who signed the initial contract gets no say?This quote is hidden because you are ignoring this member. Show Quote
Surely you jest, as the government regardless of any of that would still have to sign off on the deal I would think.
Contracts typically have clauses which discuss assignment rights.This quote is hidden because you are ignoring this member. Show Quote
That sounds about right.This quote is hidden because you are ignoring this member. Show Quote
"Masked Bandit is a gateway drug for frugal spending." - Unknown303
They may have to "sign off" on the deal but they probably can't cancel it outright and retender.
This quote is hidden because you are ignoring this member. Show Quote
I was being a bit facetious, as you may have noticed by the part you didn't quote.This quote is hidden because you are ignoring this member. Show Quote
It's the government. They can (virtually do) whatever they want with contracts, as has been shown in multiple situations in Alberta and Ontario the past 3 odd years. They shut down some friggin power plants and cost Albertans how many untold billions of dollars. I'd rather see the $500mil stay in Alberta, or at least be tendered as such.This quote is hidden because you are ignoring this member. Show Quote
Clearly some of the article wasn't read by you guys:
I have no real problem with the contract being sold to a BC company (normally). However, this isn't normal times, and the contract clearly has conditions that allow it to be sold to others. It should be put through a bidding process, especially if there is a need to be giving more money supposedly.The association said it wants answers to reports that not only is the province giving the contracts to Emcon, it is making the deal more lucrative.
That's correct. Think of it this way. You sign a contract to finance a Tesla through Tesla, and Tesla goes bankrupt before your finance contract is up. Do you all of a sudden not have to make payments on the car? No, it continues till the end of the contract, the contract becomes a security which gets resold to the highest bidder to pay off creditors. You have no say who ends up owning that finance contract.This quote is hidden because you are ignoring this member. Show Quote
I agree, PWC acting in the best interests of shareholders of Carillion should be going after top dollar. I don't know if bid process is the best way to do it, or if they did approach multiple parties trying to get top dollar, and AB companies offered the least. Who knows, but it's not a NDP problem.This quote is hidden because you are ignoring this member. Show Quote
Originally posted by SEANBANERJEE
I have gone above and beyond what I should rightfully have to do to protect my good name
...
Last edited by Sugarphreak; 08-18-2019 at 01:46 PM.
Plus the albertan companies couldn’t compete in the original bid so why would they be able to compete now? Tendering bids is an expensive wasteful process (in this case), not something people should be expecting pwc to do.This quote is hidden because you are ignoring this member. Show Quote
I haven’t looked into Emcon but Carillion wasn’t even based out of Canada yet I didn’t see people throwing constant fits that a foreign company was handling our road maitenance. Not sure what changed??
As a PSCM professional, sole sourcing is something that has a time and place. That said, it's possible that the contract between AB and Carillion which was bought by Emcon was likely still providing the best value to AB especially if their contracted prices were firmed up during the recession.
The question that's better to ask is whether or not the sub contracts utilized by the GC are local (AB based) companies or not. Generally speaking, at least in private industry, sustainable business practices and local content is a fairly large component in the original tender evaluation. As such, it's quite possible that a majority of the equipment and labour required for the road contracts are still based out of AB.
I'm not sure Carillion was securitizing their contracts. American mortgages are securitized because having a 25-year loan at 3% sucks for the lender.This quote is hidden because you are ignoring this member. Show Quote
I doubt they are, I just wanted to make a dig at Tesla for HiTemp there haha.This quote is hidden because you are ignoring this member. Show Quote
Originally posted by SEANBANERJEE
I have gone above and beyond what I should rightfully have to do to protect my good name