Oh Those Cheeky BBA Monkeys

I read about the NDP view on business and economic matters with a level of bemusement usually reserved for when I watch my kids attempt to mow the lawn with their bubble blowing Teletubbies lawn mower. While both attempts are heartfelt and noble, one can’t help but wonder how much of the grass or economy is going to be damaged in the process.

On the NDP secrecy regarding the sale of Gull Harbour, the folks at Blackberry Addicts ask:
“What would be the prospect of future public/private deals if businesspeople thought their internal info, that is required for government's due diligence in any arrangement, would become public for all -- including competitors -- to see?”

Let’s back up a minute, shall we? Nobody is asking to see Paletta’s financials, Personal Net Worth statements, credit references or any other due diligence items alluded to in the BBA post. Some form of Purchase and Sale agreement stipulating what conditions must be met to close the deal surely exists. We are looking for the FRAMEWORK of the deal, not EVERY last detail. Other than the fact the resort was sold, that is – thanks for giving us THAT much, Gary.

When a publicly traded company engages in a transaction with a private company, there are footnotes in the financial statements of the public company that give shareholders a rough outline of the salient terms of the deal. And yes, competitors can pick up the annual report and find out said information. These deals manage to transpire without business bearing “witness (to) the end of deals with the private sector.”

The residents of Manitoba are shareholders in that sprawling company known as the Manitoba Government. As such, we are entitled to get AT LEAST a “footnote” understanding of the sale of Gull Harbour. If private business interests don’t like the heightened scrutiny afforded them by dealings with public companies or governments, there are plenty of private deals out there.

The BBA writers go on to wag their fingers in the direction of “Baby Huey.” Some of us are not Tory apologists - we would accordingly hold Hugh McFadyen to the same standard. To us, the fact that the “Tories did it too” doesn’t hold water.

Now, about that info we wanted to see…