For GT Blog December 14, 2008

The text below was submitted to a Globe Report on Business blog and I invite your comments

You can tell the news paper business is going though difficult times when business writers are forced to patronize advertisers

The ANDY HOFFMAN Friday's Globe and Mail December 11, 2008 leads with “Ned Goodman wants your battered, beaten and illiquid resource stocks.” The new venture called Ravensden Resource LP hopes the publicly traded fund will become a significant merchant bank to the devastated resource sector.”

In reality this an asset grab strategy pioneered by Sentry Select who only a few years ago created “instant funds” and “instant management fees” by enticing investors in income trusts to swap for a managed basket of income trusts.

Hoffman fails to explain why Goodman also wants the likes of Barrick Gold Corporation, Cameco Corp, EnCana Corporation, Imperial Oil and Petro-Canada. Are these so called “devastated” companies?

Hoffman also fails to address the suitability issue as required by securities law. There is no way a competent advisor would advise a client holding Imperial Oil to swap for a merchant bank holding the likes of Abacus Mining and Exploration Corp. to Zoloto Resources Ltd. (in spite of that juicy 3.2% commission for advising the swap).

I submitted an item to the Toronto Star advising against the swap and it was yanked because I refused to contact Ravensden to balance my views. I am not a reporter. I am an investor and as such am entitled to make investment decisions based of the information contained in the offering materials.
Thanks but no thanks – I will keep my Aurizon Mines shares.