Shell Oil

"Craig Dobbin now operated what was by far the largest helicopter company in Canada and one of the five biggest companies of its kind in the world. At the end of September 1987, cHc’s accounts payable had been averaging almost twelve months in arrears. Shell Oil was threatening to cancel Dobbin’s personal and corporate credit, refusing to provide further products or services until the outstanding debts owed by him and Sealand were settled. By October 15, Sealand/cuc’s accounts payable had dropped to near zero, and Craig Dobbin’s personal bank balance was nudging $20 million."

"The shakeup necessary to pry Power loose from its set ways, its management philosophy and direction, came in 1961. The British Columbia government expropriated British Columbia Electric Com¬ pany Ltd. in August and paid Power $4,000,000 for its shares in the company. Two months later, Shell Oil took over Canadian Oil Com¬ pany, Ltd., buying Power’s holdings in the oil company for $22,535,000 cash and a large block of shares in Shell Investments Ltd. Power sold the Shell shares for $18,500,000 in 1963, just after the Quebec gov¬ ernment paid Power $19,280,000 for its two remaining Quebec hydro operations. Shortly after that, the B.C. government paid Power an additional $5,750,000 after expropriating Power’s remaining hydro holdings in that province. All this happened over 22 months; about one-third of Power’s portfolio, which had been worth $88 million in 1961, was liquidated for about $70 million in cash, a figure that represented a $20-million premium over the assets’ book value. The remainder of the portfolio was still worth about $35 million. Power management suddenly found itself sitting on a very embarrassing pile of riches and not sure what to do with it."