Sharky:

My reaction to the Earnings report for Connacher, Not Good but also not unexpected. Oil for the quarter was not good in general. For high cost start ups, as is true of the Oil Sands companies, it is a tough battle with oil at $35.00 average a barrel average for the quarter! Thank God, the price of oil has recently gone up to near $60.00

Your question regarding the US Automotive Industry. Chrysler has filed bankruptcy and will enter Chapter eleven reorganization and likely Fiat will take a significant ownership interest.

General Motors will in all likelihood have to file Chapter 11 bankruptcy the end of May. It will be bailed out by the US Federal Government through acquisition of Common Stock (bad idea) and likely be renamed "Obama Motors". In the reorganized General Motors the Union will own 55% of the Company and obvious control. The "Preferred Share Holders", who normally have second claim on corporate assets, after payroll, got screwed by King Obama and will only get 10% interest in the new company. ALL HAIL KING OBAMA THE GREAT AND HIS DRIVE TO MAKE THE UNITED STATES A SOCIALIST NATION!!! It should have been allowed to file normal Chapter 11 reorganization. That did not meet King Obamas desires. So much for Capitalism in the United States. NOT TO MENTION THE RULE OF LAW!!!!

Thus except for Ford, the lone surviving independent automotive company, we are seeing the destruction of the US automotive industry.

Brian