Jeff Schewe 0

Tembec Benefit Share Tax treatment is Unfair and Unjust

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We gave up wage concessions to buy the Pine Falls Paper Mill which was profitable and running great. Tembec came in with High paid executives and great presentations, and we owners were issued Tembec benefit shares over the years 1999-2001. First the stock plummeted, then they went bankrupt but saved the bond holders by giving away 95% of our share value to form the New Tembec. (see below) But stuck us who sold and trusted them with future T4's of between $20 000 and $80 000 of yet-to-be taxed income. After the warrant swap deal that no one really understood was forced on us @ 20-1 ! of a stock that was already a fraction of the value. The locked us out offering to cut our wages by 25% when with Manitoba Hydro Adjacent made us very competitive and grossly underpaid. So they shut our one big industry , and economic driver.

Now as they sell for a huge markup to 1.1 Billion, we weren't informed of: the opportunity to sell prior to 2010 and claim a one time reprieve, which would have saved us thousands in taxes on worthless shares, we were not even informed in June of this year that they were selling to a company with no Canadian content so that we cannot roll it over. This give us no chance to have planned for the year, as a lot of us retired could have restructured our how we receive our income from a tax perspective. So we were left with a nice concession from the mill closure, and loss of our equity in our own mill. It has been announced, that over a Billion dollar. $1 100 000 000 has been offered for the company and thankfully we can cash in our hundreds of dollars and perhaps buy a ticket to Quebec to thank them in person for the multi - thousands we get to pay in taxes for 2017 , for..well nothing.

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