Power to the people

Rob Davies
01 May 2008

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A vote on a proposal to convert C$32 billion ($31.7 billion) of asset-backed commercial paper (ABCP) issued by non-bank Canadian conduits into longer-dated term notes won the approval of investors on April 25. The critical vote, had been on a knife-edge as angry retail investors threatened to veto the restructuring plan - a result that would have forced the beleaguered conduits, frozen from the ABCP markets since August, to sell billions of dollars in structured credit assets at fire-sale prices

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