The guess is whether people are going to be coming back and buying Maple Leaf products. Be cautious as you are counting on them getting back to the volumes and pricing they had before.

Leases aircraft. Have financing out beyond a year. Cut their distribution in order to rebuild the balance sheet and make sure they have adequate capital. He is comfortable with this but the motion is against it at the moment.

Guidance for next year is basically flat cash flow. Moderately stable. With a sustainable 8% yield, he would continue to Hold.

Hedge fund investors wanted to acquire at $39 so stock went up. That is now off the table so it has pulled back. Always paid $1 whether earnings went up or not. Earnings are finally up this year over last and going up in the next couple of years and dividends are forecast to increase.

Delaying their Long Lake project until 2010. Not economic at these levels. This delay will help them build the balance sheet. Extremely low multiple. Prefers Talisman (TLM-T).

Statistically cheap. People are worried that in a recession advertising is cut back. Think the stock price is more than reflecting any cutback in advertising. There are no near-term financing issues.

Very solid balance sheet. Well above the minimum capital level.