It is a year to the week when I was canned by Quebecor’s Sun Media. What were the odds Quebecor Inc. CEO Pierre Karl Peladeau would declare bankruptcy before I did?
Wish I had made that bet. Over the weekend, Pel-a-D-oh! ran out of deadlines in a last ditch attempt to persuade European bankers to bail out the horrible mess he’s made of the printing business his daddy built into the world’s biggest. (The Globe and Mail’s Konrad Yakabuski sets it up here in “Scenes from a meltdown: Inside the collapse of a printing giant“). Quebecor World shares have plummeted from above $40 to a thin dime on the Toronto Exchange Friday; New York has suspended the penny stock. Five years ago, Peladeau could have sold the doomed pulp and paper business for an estimated $5 billion.
For my reaction to Peladeau’s misfortune, go here.