Thursday, February 9th0.1°C
12275
10643
John Thomson
Kelowna West Kelowna Penticton Vernon North Okanagan South Okanagan BC Canada World Business Sports Entertainment Columns Letters Poll
Peter Pocklington was the former owner of the Edmonton Oilers.  (Photo: Flickr user, matermaq)
Peter Pocklington was the former owner of the Edmonton Oilers. (Photo: Flickr user, matermaq)

Thomson report

Edited by John Thomson - Story: 52439
Feb 3, 2010 / 5:00 am

Peter Pocklington, former owner of the NHL's Edmonton Oilers, was arrested on charges of bankruptcy fraud at his home near Palm Springs, Calif. We were just south of there last March when it happened.

Peter Pocklington, shown with former NHL player Wayne Gretzky after a news conference in Edmonton in October 1989, was owner of the Oilers when they won five Stanley Cups. The London, Ont. born businessman now faces fraud charges in the U.S. For a number of years Peter and family were residents of Kelowna with their property on Lakeshore Drive.

The two-count indictment, which was unsealed Wednesday, accuses Pocklington of making false statements in bankruptcy and making false oaths and accounts in bankruptcy.

The lawyer is seeking to negotiate a plea bargain to avoid going to a United States prison for bankruptcy fraud. He kind of forgot to tell the court that he had a couple of other bank accounts not on the list. There is also talk about one in the Bahamas.

His lawyer Brent Romney said his client may plead guilty to a lesser charge to avoid jail time.

But he stressed details have to be worked out and his client has not entered a guilty plea.

If Pocklington went to trial and was convicted he could face up to 10 years in prison.

Pocklington declared bankruptcy in August 2008, claiming debts of $19.6 million and assets of about $2,900,000 including $300 worth of clothing and shoes and $500 worth of trophies and memorabilia. Five Stanley Cup rings and a Wayne Gretzky signed stick are also in the mix. Plus a variety of Andy Warhol prints, sculptures etc.

Among the creditors is the Alberta government, which loaned Pocklington’s meat-packing company, Gainer’s, $2 million in 1989. The province says that with interest, Pocklington now owes Alberta taxpayers $12 million.

The trial was initially slated to proceed last May, but has been delayed twice previously to allow the defense to sift through nearly 10,000 pages of evidence and a computer hard drive.

Pocklington is now free on a $1 million bond posted by Glen Sather, the president and general manager of the New York Rangers hockey club, who coached the Oilers when Pocklington was the team's owner.

--------------------

Last night I was watching the CTV News do an Olympic story on the truck loads of snow being moved from Manning Park to Cypress Mt.

The truck train they showed seemed familiar and as I looked closer I could see the logo of Kelowna's Emil Anderson Construction on the doors of the white truck cabs.

From what I could learn, the snow is actually coming from Allison Pass, one of the highest points on the Hope Princeton Highway, where the snow is clean, undisturbed and there is plenty of it.

The trucks and trailers are traveling the three hours, hopefully still loaded, to improve the steadily melting base at the ski mountain.

No one is talking so it's difficult to say how long this initiative will continue, but I did hear them say in a report, for a least three days.

If it works they'll be back.

The preceding article represents the best of what has recently come across John's desk. Highlighted items may include extensively unattributed passages provide by the subject of the article and readers should treat such feature and benefit claims accordingly.






About The Author...

John Thomson is the Okanagan's pre-eminent business columnist writing his column, Rumours and Things, for over 19 years. Plugged in to the valley's who's who, John keeps his readers coming back for more with his straight talk and optimistic perspective on where we are headed next.

When John is not writing his column, he runs an eleven year old think tank called the Executive Roundtable and holds his popular "Thomson Presents" quarterly business speaker seminars.

Have a comment, question, or tip for John? Email John at:

john.thomson@castanet.net

or send him a fax at 764-8255.






The views expressed are strictly those of the author and not necessarily those of Castanet. Castanet presents its columns "as is" and does not warrant the contents.


Previous Stories


11893
RSS this page.
(Click for RSS instructions.)
© 2012 Castanet.net
Castanet Apps facebook twitter youtube rss feeds