Bruce Mitchell used to be the Ottawa-based manager of the CBC Pension Fund and was one of the most active traders and the biggest commission generator in Canada in the 1980's and 1990's. He is also one of the smartest investors in the country as the return on the CBC Pension fund demonstrated whilst he ran it.
He left CBC sometime in the early 90's to run his own money and also has a very large real estate portfolio scattered over Canada.
He currently has large positions in Canlan Ice Sports and recently undertook a stink bid Offering for units of the cease-traded Infinity Income Fund which had a huge hidden value which most Unitholders did not appreciate. He also is the largest shareholder in several private corporations, some of which were once distressed TSE companies
Bruce may be legendary, but he will suffer a monumental loss in KFS.
This stock is soon to be utterly worthless - nobody in their right mind pays premiums to an insurer that is careening toward insolvency, and then tries to pull a fast one on the regulators by 'donating' their liabilities.
Good grief, what a brazen scam. it shows how outrageous the level of fraud and sheer audacity has become in the financial sector.
Personally, I hope they throw a couple of these KFS 'execs' in the pokey for a few years, just to teach the industry a tough lesson. They should disbar their attorneys for sure, and possibly incarcerate them as well.
Not sure about Canadian law, but these rubes are really quite something to watch, as the try to revive this putrid cadaver.