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See link for a look at the strips: http://montrealgazette.com/entertainment/local-arts/pearls-before-swine-cartoonist-shows-his-love-for-montreal-in-comic-strips Pearls Before Swine cartoonist shows his love for Montreal in comic strips BILL BROWNSTEIN, MONTREAL GAZETTE More from Bill Brownstein, Montreal Gazette Published on: January 16, 2015Last Updated: January 16, 2015 4:11 PM EST Stephan Pastis, creator of the Pearls Before Swine comic strip, was so taken with Montreal that he has drawn two strips on the city. Note the Habs jersey. Stephan Pastis, creator of the Pearls Before Swine comic strip, was so taken with Montreal that he has drawn two strips on the city. Note the Habs jersey. Stephan Pastis is in love. With Montreal. The comic-strip creator of Pearls Before Swine took in the city for the first time last fall. He caught the Habs playing the Bruins. He made the mandatory bagel, deli and poutine pilgrimage. He checked out the bistro and indie bookstore scene. He marched and/or biked from Old Montreal to Mount Royal. Upon leaving, he expressed a desire to uproot to the city. Of course, the temperature was relatively balmy back then. Pretty similar to that of his current San Francisco home. Fast-forward three months. The thermometer has hit a punishing minus 29 Celsius – not even factoring in wind-chill factor – during our telephone chat. “So maybe I’ll live in Montreal only during the warm months,” says Pastis, clearly unaware that the warm months generally constitute less than half a year here. No matter. Pastis is, unarguably, one of the most successful cartoonists on the planet. Pearls Before Swine runs in more than 750 newspapers, including the Montreal Gazette. He has an estimated 17.6 million readers a day. Pastis’s professed love for our city is not just idle talk, either. He is providing Montreal a showcase that will leave tourism officials here drooling. Pastis has drawn two Pearls Before Swine strips – to appear on Monday and Wednesday in our paper and worldwide – not only extolling the merits of our bagels, smoked meat, poutine et al but also this declaration from his Pig character: “I AM MOVING TO MONTREAL!!” 0117 col brownstein Of course, Pastis’s second strip could trigger thermo-nuclear war. His Habs-sweater-sporting character (Pastis, in fact) proclaims that “MONTREAL MAKES THE BEST BAGELS IN THE WORLD” – much to the chagrin of a New Yorker who feels otherwise. This process began innocently enough when Pastis asked his friend, Just for Laughs’s Andy Nulman, if he could help him acquire tickets for the Canadiens-Bruins bout on Oct. 16. Nulman obliged him and when Pastis asked how he might repay him, Nulman suggested perhaps a single drawing of a Pearls Before Swine character in a Habs sweater that could be hung at JFL headquarters. But when Pastis found himself sitting on ice level at the Bell Centre, right at centre ice next to the penalty box, he was so overwhelmed that he decided to put together the two Montreal strips. It was only weeks later that Nulman learned of Pastis’s scheme, after receiving the strips at his office. Nulman, in turn, was overwhelmed. So, in his capacity as “Chief Attention Getter” for Montreal’s 375th birthday bash, Nulman arranged to have an original of one of the strips – the “moving to Montreal” – presented to Mayor Denis Coderre and to have Pastis named an honourary Montrealer. “I don’t draw very well,” says Pastis, who turned 47 on Friday. “So the single drawing Andy asked me to do came out really badly. I felt terrible about that, especially after he got me that awesome seat. So when I got back home, I had the idea to do the two strips about Montreal. “Maybe when I come back to Montreal, I will be able to get a free drink as a result,” he muses. No doubt. But what’s this about his inability to draw? “If you lined up all the cartoonists in the world, I think I’d be in the bottom quartile. I was just a lawyer before. No art school training or anything.” But what Pastis does have is a battery of quirky characters: Rat, Pig, Croc and Goat. He also has edge and provides his characters with a narrative that clearly resonates with readers. “There are tons of talented people who come out of art school every year, and they don’t become syndicated. There are maybe 200 people in the U.S. who make their living doing this. You’d be better off telling your parents that your financial plan is the lottery. 0117 col brownstein “What it comes down to is the writing. If you can write and make people laugh, then you really have a leg up – and can even get away with drawing stick figures.” Regardless, Pastis has come a long way. Because he was a sickly child and missed a lot of school, his mother provided him with crayons and paper to keep him amused. Inspired by his favourite strip, Peanuts, he began drawing. And he kept on doodling through law school and through his stint as a lawyer for an insurance company. It was during a “boring” law school class that he came up with Rat, the first of his Pearls Before Swine characters. In 1996, on a whim, he drove to a skating rink in nearby Santa Rosa, Calif., where Peanuts creator Charles Schulz had his coffee and an English muffin every day. “That was such a weird confluence of events,” Pastis recalls. “My wife just happens to be from the town where he lived. So I waited for him and after he got his coffee and muffin, I went up to him and with the worst opening line ever, I said: ‘Hi Sparky (Schulz’s nickname). My name is Stephan Pastis and I’m an attorney.’ He turned white. He probably thought he was getting served with papers. It was terrible. “Then I said: ‘Oh, I also draw.’ So he asked me to sit down. And that was the start of a long conversation.” Not long after that encounter, Pastis began drawing Pearls Before Swine. Two years later, he began submitting to the various cartoon syndicates before signing a contract with United Features. His strips initially appeared online. It wasn’t until 2002 that Pearls Before Swine made its debut in newspapers. It didn’t take long for Pastis to earn praise from fellow cartoonists. The National Cartoonists Society awarded him Best Newspaper Comic Strip in 2004 and 2007. RELATED Mayor Coderre beams over comic strips praising Montreal Also a huge fan of Gary Larson’s Far Side, Bill Watterson’s Calvin and Hobbes and Scott Adam’s Dilbert, Pastis remains much inspired by Schulz. “For me, Schulz is the basic rhythm of sequential art,” Pastis says. “He is basically the air we breathe and the water we drink. He is the foundation. As for Larson? How funny can one human be? I learned a lot from him.” In addition to the comic strip, Pastis recently began writing children’s books, based on his character Timmy Failure, the 11-year-old CEO of a detective agency. The first in the series, Timothy Failure: Mistakes Were Made, became an instant bestseller. He has since penned three more volumes. Making life more complex for this cartoonist is that he usually produces his strips seven to nine months – save for the two Montreal efforts – before they are published. As a consequence, it’s difficult to remain topical. “There have been all these polarizing events that have taken place in the interim – be they in Ferguson, New York or in Paris. So when I wake up and see what strip is in the paper and what’s going on in the world, it can be radically different, but it can also, strangely enough, be quite relev ant – because hostilities in the world seem to be a constant.” The tragic events that took place at the Paris headquarters of Charlie Hebdo have, not surprisingly, left Pastis shaken. “Our job as cartoonists is to make fun of everything. There are no sacred cows. It is such a horrific thought that there are people out there who would kill you if you make fun of certain things. “That’s just so medieval to me. Are we living in 2015 or in 1215?” he notes, before adding: “If there is one small silver lining to this, it’s that the goal of these people was to suppress, but the result is that a magazine that would have sold maybe 60,00o copies is going to sell 5 million. That’s what you get, and that’s what you deserve, when you try to stifle creativity and freedom of expression.” sent via Tapatalk

IAIN MARLOW From Friday's Globe and Mail Published Thursday, Dec. 29, 2011 6:40PM EST Last updated Monday, Jan. 02, 2012 12:32PM EST http://www.theglobeandmail.com/report-on-business/rob-magazine/how-a-montreal-company-won-the-race-to-build-the-worlds-cheapest-tablet/article2282337/ Fantastic story! [...] "Datawind’s main office is located in a bland concrete tower block on René-Lévesque Ouest in downtown Montreal. There’s no sign of the company in the building lobby. The only indication of Datawind’s presence is a white sheet of paper taped to an 11th-floor door that reads, “Datawind Net Access Corporation.” Even that had only been posted for the benefit of a visitor. Behind the door, around 50 of the company’s 150 employees—many of them engineers—toil and tinker with motherboards and mobile operating systems. Datawind was founded in 2000 by Suneet and his brother, Raja, who is two years his senior and holds the title of chief technology officer. The pair have had modest success building and selling wireless devices like the PocketSurfer (a small, clamshell mobile device) and the UbiSurfer (a mini-netbook), mainly in the United Kingdom for use on Vodafone Group’s network. The company has an office in London, and another in Amritsar, in the northern Indian state of Punjab, where it operates a call centre and handles some engineering, testing, accounting and HR duties. Although Suneet and his brother are Canadian citizens—born in India, they arrived when they were 12 and 14, respectively—Datawind is registered in the U.K. Suneet says this is largely because of Canada’s notoriously conservative venture capital market, the U.K.’s funding support for innovation and the fact that Canada’s wireless industry—dominated by just three companies—has had little incentive to supplement its own high-margin smartphones with the kinds of inexpensive Internet devices Datawind designs." [...] "Behind the paper sign on the door, and down a hallway lined with overflowing cardboard boxes, Datawind’s Montreal headquarters becomes a dizzying blur of after-hours engineering. It is the kind of scene more common to bootstrapping Silicon Valley start-ups than a decade-old company run by a pair of seasoned entrepreneurs who have already listed two companies on the NASDAQ. Technicians like Cezar Oprescu, a heavy-set Romanian who not only wears two collared shirts but two pairs of glasses at the same time (they double as a microscope), work in rotating shifts, some lasting more than 36 hours, at desks littered with soldering irons, spare computer parts, discarded motherboards and fast food wrappers. Their monitors flicker with the drip of neon green code that looks like something from The Matrix. While one staff member, seated at an impossibly cluttered desk, sets about re-engineering the piece of hardware responsible for receiving WiFi signals, a colleague, stationed just a few feet away, adjusts the software drivers that will interact with it. Elsewhere, programmers are still testing the code that dictates how the touchscreen user interface deals with the drivers. The pace is unrelenting. Not only are employees ordering in dinner, they’re ordering in breakfast, grappling in real time with the allergies and dietary restrictions of an incredibly diverse staff of Eastern Europeans, Indians, Chinese, Russians and French Canadians, several vegetarians and one person who is allergic to green peppers." [...]

http://www.moneyville.ca/article/952333--plastic-100-bills-here-this-fall-20s-10s-to-follow?bn=1

(Courtesy of The Globe and Mail)

(Courtesy of The National Post via. The Montreal Gazette) Interesting idea. I just hope they can phase out the penny once and for all.

La Presse threatens union with closure By Mike King, The Gazette September 4, 2009 La Presse newspaper employees talk during preparations for a meeting for employees at the Palais des congrès in June 2009. La Presse newspaper employees talk during preparations for a meeting for employees at the Palais des congrès in June 2009. Photograph by: Phil Carpenter, Gazette file photo MONTREAL – La Presse, North America’s largest French-language broadsheet, will stop publication Dec. 1 if its 700 employees don’t give up $13 million in concessions between now and that date. Caroline Jamet, the 125-year-old newspaper’s vice-president of communications, confirmed publisher Guy Crevier sent the staff an email yesterday informing the workers they have three months to reach an agreement to avoid suspension of both the paper and its website, cyberpresse.ca. In acknowledging La Presse’s current business model “has no chance of surviving,” Crevier noted how management has cut its share of the $26 million needed to be reduced this year to continue operations and that contract negotiations must be sped up to get the other half from the 600 unionized workers. “We have to reduce our cost structure and the only missing link is the contribution of the employees,” Jamet told The Gazette. She said the main issue is the 32-hour, four-day work week that the company wants changed to 35 hours over five days because of the expense of extra staff for that fifth day. That move would likely result in the loss of about 100 jobs, but Jamet added retirements and voluntary departures could reduce the number of layoffs. Crevier, also president of Gesca Ltée – the Power Corp. of Canada subsidiary that owns and publishes La Presse and other French-language papers in the province and Ontario – listed what was done to cut $13 million: • Ceased publication of its Sunday paper June 28 • Reduced the size of the paper to reduce paper costs • Put a voluntary departure program in place • Concluded agreements with financial institutions for new financing, including to cover the “seriously underfunded” pension plan. He first announced to employees in June that, facing an anticipated $215 million deficit by 2013, the paper was seeking to cut costs by $26 million annually over the next five years. It was at that meeting the decision on the Sunday paper was made known. Union leader Hélène De Guise said the longer work week is one of the items being negotiated as well as the possibility of trimming employees’ vacation time. But she added the bargaining team wants to further analyze Crevier’s pronouncement before making any further comments. The last collective agreement expired Dec. 31. Crevier ended his missive stating: “The future of La Presse, your future, is in your hands. It’s up to you to decide.” Jamet, also spokesperson for Gesca, said the measures being taken at La Presse presently have no effect on the chain’s other dailies: Le Soleil in Quebec City, La Tribune in Sherbrooke, Le Nouvelliste in Trois-Rivières, La Voix de l’Est in Granby, Le Quotidien in Saguenay and Le Droit in Ottawa. It is up to the publishers at each of those papers to identify how to cut their costs, she added. In July, the Boston Globe’s union approved a package of $10 million in wage and benefits cuts after owner The New York Times had threatened earliler this year to close New England’s biggest paper unless major concessions were made. The same thing happened at the San Francisco Chronicle in March in order to avoid being closed by the Hearst Corp. mking@thegazette.canwest.com © Copyright © The Montreal Gazette

Jan. 26 (Bloomberg) -- Smurfit-Stone Container Corp., a maker of cardboard packaging and one of the world’s largest paper recyclers, filed for bankruptcy in the face of falling demand and heavy debt payments. The petition for Chapter 11 bankruptcy, filed today in a U.S. Bankruptcy Court in Wilmington, Delaware, listed $5.6 billion in consolidated debt and $7.5 billion in consolidated assets as of Sept. 30. Twenty-four affiliates also sought protection. Smurfit-Stone, based in Chicago is North America’s second- largest maker of corrugated packaging, and has 22,000 employees in the U.S., Canada, Mexico and Asia, according to its Web site. The company joins other pulp- and paper-related bankruptcies as rising Internet use hurts magazines and newspapers. Corp. Durango SAB, Mexico’s largest papermaker, sought U.S. bankruptcy in October. Quebecor World Inc., a magazine printer and Pope & Talbot Inc., a pulp-mill operator, also sought cross-border bankruptcies for their operations in the U.S. and Canada. Smurfit-Stone’s 30 largest consolidated creditors without collateral backing their claims are owed about $4.2 billion, court papers show. The Bank of New York, as agent for bondholders, has an unsecured claim of $2.2 billion, CIT Group Inc. is owed $36.8 million and British Petroleum is owed $22.1 million, according to court papers. Debt Levels Rivals AbitibiBowater Inc., Temple-Inland Inc. and International Paper Co. also have significant debt, according to Mark Wilde, an analyst at Deutsche Bank Securities in New York. In December, Smurfit-Stone said fourth-quarter earnings would be “significantly” lower than the previous period, citing slowing demand for containers for industrial and consumer goods. It said it would reduce production of containerboard and some types of paper. Credit-rating companies Moody’s and Standard & Poor’s downgraded their ratings on Smurfit-Stone’s debt shortly thereafter. Both said the company could be required to get waivers on its debt covenants. Smurfit-Stone has an $800 million revolving credit facility due Nov. 2009. Moody’s also rates an estimated $3.5 billion in debt, and noted in December that the company could need to get waivers on some of its covenants to maintain access to the revolver. Containerboard and corrugated containers are Smurfit-Stone’s main products, and it collects recycled paper as a raw ingredient through 27 recycling plants. Its net sales were $7.4 billion in 2007, and a three-year program designed to make mills more productive is slated to finish in the first half of this year, according to the company’s Web site. The case is Smurfit-Stone Container Corp., 09-10235, U.S. Bankruptcy Court, District of Delaware (Wilmington).

Laurentian thrives in trying times PETER HADEKEL, Freelance Published: 7 hours ago In the midst of the worst banking crisis in decades, small, regional-based Laurentian Bank is beating the pants off its much larger rivals. Earnings are up more than 30 per cent so far this year, and Laurentian stock has risen 37 per cent since January. That compares with a 14-per- cent decline for Bank of Montreal shares, a one-per-cent drop at Royal Bank and a 21-per-cent fall at CIBC. The TMX financials index is down nine per cent over the same period. Laurentian has plenty of cash and its capital ratio is among the best in the industry, Réjean Robitaille says. So much for the talk that a small financial institution could not survive in an age of behemoths. Laurentian, the country's seventh-largest bank, had only a tiny exposure to the asset-backed commercial paper market that collapsed in Canada and no exposure to the U.S. mortgage market. It's one of the few feel-good stories in the current financial mayhem. In contrast, big mortgage lenders and an investment bank in the U.S. have gone down, and huge writeoffs have been taken at most of the big banks in Canada. "It's bad," Laurentian CEO Réjean Robitaille said yesterday when I asked him about the troubles hitting the financial system. This week, the U.S. nationalized mortgage lenders Fannie Mae and Freddie Mac, while investment bank Lehman Brothers teetered on the brink. But investors shouldn't lump all financial institutions together, he says. In this case, small really is beautiful. "Look around the world, there's a lot of institutions that may not have the same size as others but that are doing quite well. Why is that? Because they have a good focus, and strong execution. "Look at what happened in the United States to the big players. ''Nobody four or five years ago would have said that Bear Stearns or Lehman Brothers" would get into trouble, Robitaille said. Clearly, being a giant is no advantage right now. Laurentian may not have the same scale as some of its rivals, but it can react more quickly. Give it credit for making some smart moves. Its total exposure to the troubled non-bank, asset-backed commercial paper market, frozen last year under the so-called Montreal Accord, is just $20 million. Of that amount, about $4.3 million has been written off. It wasn't dumb luck. The Laurentian credit committee wasn't comfortable with the ABCP market or with other exotic securities that other banks piled into, Robitaille said. "We've got a lower risk profile. ... We weren't in subprime lending or structured investment vehicles or derivatives," he said, rhyming off some of the complex products that have backfired on bigger banks. As a result, the balance sheet is strong and conservatively funded to a large extent by personal deposits. Laurentian has plenty of cash - about $4.5 billion - and its capital ratio is among the best in the industry, Robitaille says. In this case, lack of ambition has served it well. Five years ago, it sold 57 branches in Ontario to TD Bank, deciding that it couldn't afford to spread itself too thin. "We can't be everything to everyone," Robitaille says. The bank has identified three areas where it's focusing its energy and investment. These include the retail and small business market in Quebec, commercial real estate lending across Canada and financial products marketed to independent financial advisers. The bank also maintains a foothold in the investment business through Laurentian Bank Securities. Ironically, given the troubles banks have had in housing in the U.S., Laurentian is doing well by securitizing mortgages in Canada. It packages federally insured Canada Mortgage and Housing Corp. home loans for resale to investors, earning a profitable spread when it does so. "It's a very good product," Robitaille says, and this has turned out to be "the cheapest way to fund the bank." Third-quarter earnings per share were a record for Laurentian. "In a challenging year for banks, this is exceptional," said Desjardins Securities analyst Michael Goldberg in a research note. phadekel@videotron.ca

Canadian Commercial Paper Plan Likely to Be Approved By Joe Schneider June 3 (Bloomberg) -- A Canadian judge will probably approve a plan to convert C$32 billion ($31.8 billion) of frozen commercial paper to new notes by the end of the week, though court appeals may keep investors waiting months to get their money back. ``I will have a decision with reasons by Friday,'' Ontario Superior Court Judge Colin Campbell said at the end of a hearing in Toronto today. ``I'll approve,'' unless there's something in his notes that convinces him to change his mind, the judge said. Lawyers representing some of the noteholders have already indicated they plan to appeal Campbell's ruling once it comes out. Some investors object to the plan's limitations on lawsuits targeted at the banks and brokers that sold the paper, which hasn't traded since August. James Woods, who represents 18 companies that want to sue including pharmacy chain Jean Coutu Group Inc., said if the judge rules as he indicated, his group will likely file to the Court of Appeal. ``If we find fraud against banks that are not ABCP dealers, there is no recourse,'' Woods said, urging the judge to reject the proposal at today's hearing. ``It's inconceivable.'' New notes may be issued as early as the end of June if there are no appeals, said Purdy Crawford, a lawyer who led a group of foreign and Canadian banks and pension funds that drafted the proposal. All appeals must be exhausted before the notes are issued, he said. Quick Appeal ``We can't close until we get the sanction,'' Crawford told reporters. ``I am assured by our lawyers that the Court of Appeal will agree to an expedited hearing.'' The insolvent asset-backed paper hasn't traded since August, when investors shunned the debt on concerns about links to high-risk mortgage loans in the U.S. A group of foreign banks as well as Canadian lenders and pension funds led by Caisse de Depot et Placement du Quebec negotiated the so-called Montreal Proposal in August. The plan would convert the insolvent 30- to 90-day debt into new notes maturing within nine years. Banks agreed to provide funding to back the new notes on the condition that they be given immunity from any lawsuits stemming from the sale of the notes. Campbell said in a May 16 ruling he wasn't satisfied protection from lawsuits over potentially criminal conduct such as fraud was fair, and he delayed approval. The banks agreed to change the plan to allow limited suits under certain conditions within nine weeks following the plan's approval. Possible Fraud Campbell criticized the lawyers opposing the plan for failing to provide examples of potential outstanding fraud. ``So we defeat the plan on the off chance that there is something out there?'' Campbell asked. Once the new notes are issued, investors can hold them to maturity or try to trade them in the secondary market. Some clients of Canaccord Capital Inc. will be paid in full for their debt, under an agreement announced by the Vancouver-based brokerage in April. The case is Between the Investors Represented on the Pan- Canadian Investors Committee for Third-Party Structured Asset- Backed Commercial Paper and Metcalfe & Mansfield Alternative Investments II Corp., 08-CL-7740, Ontario Superior Court of Justice (Toronto). To contact the reporters on this story: Joe Schneider in Toronto at jschneider5@bloomberg.net. http://www.bloomberg.com/index.html?Intro=intro3

Montréal welcomes PaperWeek International 2008 from February 5 to 7 MONTREAL, Jan. 24 /CNW Telbec/ - From February 5 to 7, Montréal will host the 94th annual meeting of the Canadian Pulp and Paper Technical Association of Canada. This year also marks the 50th anniversary of Exfor, the world's principal annual exhibition of the pulp and paper industry. These two events, both to be held at the Palais des Congrès, will bring together over 2 000 delegates and 250 exhibitors to interact, share ideas and discuss, among other things, new technological advances, marketing trends and environmental challenges faced by the pulp and paper industry. '"We are extremely pleased to once again host this prestigious conference this year," comments Charles Lapointe, President and CEO of Tourisme Montréal, "We are particularly proud that PAPTAC members chose our city for the 50th anniversary celebration of Exfor. This choice confirms Montréal's excellent reputation as a host city for large-scale, professional events. In addition to the delegates having the opportunity to discover our wonderful city, this major event will result in an economic fall-out of $4.1 million for Montréal's tourism sector" concludes Mr. Lapointe. The three-day programme includes approximately 200 technical presentations to be given by industry specialists through the course of thirty sessions. Topics will include research and development, quality control, manufacturing processes, recycling and energy sources. New to the programme this year is the Business section, which will discuss the actual state of the industry, globalization and supporting innovation. PAPTAC is a Canadian-based, non-profit organization, dedicated to improving the technical and professional capabilities of its members worldwide, and to the advancement of the pulp and paper industry. Tourisme Montréal is responsible for providing leadership in the concerted efforts of hospitality and promotion in order to position the destination on leisure and business travel markets. It is also responsible for developing Montréal's tourism product in accordance with the ever-changing conditions of the market. For further information: Pierre Bellerose, Vice President, Public Relations, Product Research and Development, Tourisme Montréal, (514) 844-2404, bellerose.pierre@tourisme-montreal.org

Caisse-led bailout met with cautious optimism Central bank and Finance Minister welcome Montreal proposal TARA PERKINS and JOHN PARTRIDGE AND HEATHER SCOFFIELD August 17, 2007 Already coined the "Montreal proposal," the Caisse-led plan to bail out a battered $40-billion portion of the commercial paper market is not a sure-fire solution yet. Jerry Marriott, managing director of asset-backed securities at DBRS Ltd., was blunt when asked whether the proposal is a complete answer to the crisis in the third-party asset-backed commercial paper (ABCP) sector. "We don't know," he said in an interview yesterday. Many details of the rescue package still have to be worked out, and it needs more support. But the participants believe they have bought some time and a final deal is in the cards. The agreement was brokered yesterday by the Caisse de dépôt et placement du Québec during a series of meetings in Montreal. The other nine signatories range from heavyweight global banks such as Deutsche Bank AG and HSBC Holdings PLC to Canadian players such as National Bank. DBRS, the sole debt-rating agency to rate these securities in Canada, was present for the meetings but says it was not an active participant in devising the plan. DBRS has been taking some heat for its role in building up the sector. Key elements of the plan are to convert short-term debt into longer-term instruments, while also slapping a temporary moratorium on both investors trying to get their money out of the trusts and on issuers seeking financial injections from their lenders to keep the paper afloat. The third-party ABCP market - the portion of the ABCP market not administered by the banks - has been hammered by a sudden exodus of investors and a refusal by many banks and other lenders to honour agreements to provide backup liquidity. The Bank of Canada and Finance Minister Jim Flaherty put out statements yesterday welcoming the Montreal proposal. The plan to pursue an orderly restructuring of the Canadian ABCP market "provides an opportunity for parties to work through the many complex issues related to the market," the central bank said. It also welcomed confirmation from Canada's big banks that they will support their own bank-sponsored ABCP programs. The third-party segment accounts for about one-third of the total ABCP market, while the other two-thirds is dominated by bank-sponsored trusts. "Together, these initiatives should help support the functioning of financial markets in Canada," the central bank said. But sources suggested that the central bank and Finance Department were unimpressed that Canada's big banks weren't further involved in the initiatives to bail out the non-bank ABCP market. An escalating crisis would likely have led to a forced liquidation of the assets in these trusts - a situation that could spread trouble into the broader economy. Mr. Flaherty said in a press release that it's "in the best interest of all involved that sponsors, liquidity providers (including large international banks) and investors (including large pension funds) engage constructively to pursue orderly market solutions to this liquidity situation." He added that one of the attractive features of the proposal is that it "provides time for full information and analysis of these securities." The creation of the long-term notes, which might carry maturities as long as 10 years, is expected to reduce the amount of liquidity risk in the ABCP market, Huston Loke, head of global structured finance at DBRS, said yesterday. Dealers that are part of the consortium have indicated that they would assist in making a market for these notes, "so should implementation of the proposal be successful, it is likely that investors looking to liquidate could do so at a time of their choosing, reducing the likelihood of selling at distressed prices or into a highly volatile credit environment," he said.