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| Ben Stadelmann of Contra the Heard |
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| WEAK BUY | Husky Energy | HSE-T | 26.920 | It is not really a contrition play, but is a pretty solid value play. If you believe that oil is going to go up then this is where the upside in this stock is. It is fairly valued now. | 2010-03-03 | ||
| PAST TOP PICK | Norsat International | NII-T | 0.700 | (Top Pick Apr 1/09, Down 17%) He had wanted a stock that would ‘stay in the game’. It has no debt with growing revenues and excellent management. They grew revenues very nicely. Has no idea why the stock not higher. At some point the market will wake up to this company. Be patient – 3 or 4 years to get to his target price. | 2010-03-03 | ||
| PAST TOP PICK | Yahoo! | YHOO-Q | 15.310 | (Top Pick Apr 1/09, Up 22%) Lots of cash and in good financial shape but revenues are decreasing. Still quite positive about the company but becoming increasingly of the opinion that it would be great if someone would take them over. | 2010-03-03 | ||
| PAST TOP PICK | CASH | CASH | 0.000 | (Top Pick Apr 1/09) He is at 25% now. Still thinks there will be good opportunities ahead. | 2010-03-03 | ||
| BUY | Zarlink | ZL-T | 1.720 | It is recovery mode and numbers are pretty good. Made a large acquisition which was difficult to digest, but it is helping now. The growth of smart phones is helping. | 2010-03-03 | ||
| BUY | International Datacasting Corp. | IDC-T | 0.280 | It’s not like a complete stranger walked into the management roll. Likes it and holds it. It’s a thin trader. You want to be careful if you want to buy it. 16 Million Capitalization. There is no big company in this business. | 2010-03-03 | ||
| Comment | A Comment -- General Comments From an Expert | A Commentary | 0.020 | ANNUAL MEETINGS: Are a great opportunity to get a feel for management. Good opportunity to listen to the manner in which questions are answered. Read body language and read between the lines. Is the guy answering the question or is he trying to finesse it. Are they really the kind of person you want managing your money. | 2010-03-03 | ||
| Comment | Barrick Gold | ABX-T | 39.650 | They are going to spin out their African assets. Companies of this size are always buying or selling something. It’s often hard to see these things moving the needle. It might be a nice little nest egg for them. If they complete the unwinding of their hedge it could appreciate. | 2010-03-03 | ||
| TOP PICK | Novel | NOVL-Q | 4.700 | Getting a takeover offer. Thought for years that it would eventually get taken over. They had a lot of the shape of a company that eventually someone would take a run at. It really has not done that well. | 2010-03-03 | ||
| TOP PICK | Bellatrix Exploration Ltd. | BXE-T | 3.790 | Put it into his new portfolio. Fascinating company. At the epicenter to those companies moving from income trust to regular corporation. It was a spectacularly unsuccessful business trust. It proved the point that the model was a poor fit with exploration and development of oil and gas because you have to put money into capital expenditure and not into distributions. | 2010-03-03 | ||
| TOP PICK | C&D Technologies Inc. | CHP-N | 1.650 | Speculative play in the electric storage and battery area. Company has been around for a long time but was crushed by the recession. Revenues took a big hit. Debt is fairly high but manageable. Moved a lot of production over to China Seeing a good market in China for their products. They seem to be well connected. Got a descent-sized contract from the US army to produce large format batteries. | 2010-03-03 | ||
| N/A | A Comment -- General Comments From an Expert | A Commentary | 0.020 | Markets are pretty interesting. The data is interesting because we are getting some divergence in the numbers between the US and Canada, meaning that we are de-linking to some extend. It means that you need to be in the market. It requires some caution, however. It is becoming more of a stock picker’s market. Doesn’t like shorting because you can so easily get the timing wrong. | 2010-03-03 | ||
| WAIT | Iamgold Corp | IMG-T | 15.480 | Doesn’t really follow it carefully. It is one of the major producers. IF you think Gold has a good future, you don’t have all that many choices. This one would be on the radar for institutions. You would have wanted to buy it a little bit earlier. If you look at charts, it does not go up steadily. There will be relapses in the future even thought the bull trend will continue. If you like the company, then wait for a pullback. | 2010-03-03 | ||
| BUY | Richmont Mines Inc. | RIC-T | 4.110 | One of his favorites. It’s in Canada, in Newfoundland and Quebec. Debt free and a good amount of cash. A well managed firm. Their mines are in a good cycle of their production – a sweet spot. They are ramping up production. Thinks gold prices will go up over the next few years. | 2010-03-03 | ||
| DON'T BUY | Bank of America | BAC-N | 16.660 | It is clearly in the category of too big to fail. US Government has made it clear they will not allow that bank to go down. If they have to raise more capital then that means dilution. | 2010-03-03 | ||
| BUY | ATS Automation | ATA-T | 6.870 | Occupies a prominent place in his president’s portfolio. A favorite and a contrarian pick. It is a serial disappointer. Global trade fell off a cliff last year and this hit ATS but they were still making money so that tells him they can size operations and workforce. If you believe this economic recovery is going to get some traction then it is well leveraged to that and will do well. A long term hold for him. | 2010-03-03 | ||
| DON'T BUY | Tembec Inc. | TMB-T | 1.090 | It is a contrarian play. He would have thought there would be a turnaround by now in pulp and paper. The conversion of media and the move over to digital side seems to be a trend that has a long way to go. He looks for a company that has a temporary problem and can get back to where it was, but he is dubious about this one. | 2010-03-03 | ||
| Comment | A Comment -- General Comments From an Expert | A Commentary | 0.020 | BEAR FUND: It is essentially a hedge. That is not something he is that interested in. You are essentially betting against yourself. However there are particular times that he hedges. He buys PUTs on S&P 500 when he feels the market is in an immanent situation, such as day after Freddy Mac and Fanny Mae went down. It did protect the portfolio and he later sold the PUTs. He prefers to hedge by having CASH or precious metals in the portfolio. | 2010-03-03 | ||
| DON'T BUY | Analysts International Corp | ANLY-Q | 0.400 | He bought it twice and did not do well. This was a turnaround play. Brought in new management to do the turn-around. This company is just not doing well. Stocks don’t usually do well until a year after a consolidation. | 2010-03-03 | ||
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| BUY | Manitoba Telecom Services | MBT-T | 31.840 | (Market Call Minute) Good dividend for a conservative investor. | 2010-03-03 | ||
| VAGUE | Ford Motor | F-N | 11.740 | (Market Call Minute) Finds it hard to believe they are at a competitive disadvantage due to GM’s bail out. At some point it may slow down. | 2010-03-03 | ||
| DON'T BUY | Manulife Financial | MFC-T | 19.310 | (Market Call Minute) Not too keen on them. How well can they invest the premiums while they are holding onto them. | 2010-03-03 | ||
| BUY | Thomson Reuters Corp | TRI-T | 36.520 | (Market Call Minute) Excellent company but not a contrarian play. Is a dividend champion, raising dividend in the teeth of the recession. | 2010-03-03 | ||
| BUY | Toyota | TM-N | 74.830 | (Market Call Minute) Not all that contrarian. Went down a bit based on the recall but not that great an amount. It was hit by the recession. | 2010-03-03 | ||
| DON'T BUY | Hemisphere GPS Inc. | HEM-T | 0.870 | This company is tied to agriculture and is quite sympathetic to grain prices. They have been strong over the last couple of years but then came off sharply in January and this stock came off in sympathy to that. This stock is more likely to get a boost from the ‘January Effect’ after which it eases off. He thinks it will take a while. It is a niche-oriented company. There was a lot of hype and then the trough of disillusionment. It’ll take a while. | 2010-03-03 | ||
| TOP PICK | Norsat International | NII-T | 0.900 | (A Top Pick Oct 9/08. Down 18.5%.) Doing very well. 2008 results were excellent. Normally the results would be looked on very favourably but with current negative sentiment it is difficult getting traction. Buy a little at a time, not a full position. | 2009-04-01 | ||
| TOP PICK | CASH | CASH | 0.000 | He is about 50% cash. | 2009-04-01 | ||
| TOP PICK | Yahoo! | YHOO-Q | 12.750 | Has an enormous amount of cash on hand. Advertising has been hit hard by the recession but traditional media players have been hit a lot harder. Advertising is moving towards the internet. Google is quite fully valued and there is room for more than one. | 2009-04-01 | ||
| PAST TOP PICK | Magic Software Enterprises Inc | MGIC-Q | 1.180 | (A Top Pick Oct 9/08. Down 30.7%.) Profits have been very good. No debt and lots of cash on hand. Company is not in rough shape but market just doesn't want to hear about it. | 2009-04-01 | ||
| PAST TOP PICK | ATS Automation | ATA-T | 3.560 | (A Top Pick Oct 9/08. Down 19.2%.) Had a nice quarter and is showing good backlog. Auto industry is certainly a negative but companies seem to be right sizing the workforce and staying ahead of the curve. Good management and not over leveraged. | 2009-04-01 | ||
| DON'T BUY | Denison Mines Corp | DML-T | 0.830 | Company overreached last year and took on quite a bit of debt trying to move up a level in size and timing couldn’t have been worse. They are now in a really tough spot. | 2009-04-01 | ||
| BUY | Algonquin Power & Utilities Corp | AQN-T | 2.450 | Green energy, both hydro and wind power. Green companies are going to get hit heard during the recession with oil prices down. If you can find a company that is going to survive this cycle and you can Buy them cheap, it will fit you up well for later on. Distribution was cut dramatically and now yields 9.4%, which is far more sustainable. | 2009-04-01 | ||
| DON'T BUY | Sherritt International Corp. | S-T | 3.150 | Another example of a resource company that loaded up on debt at the peak of the cycle. This has pushed them to the brink. Has been a change in the oil concession in Cuba cutting their production by about 25%. Cuban government owes them about $160 million. | 2009-04-01 | ||
| BUY | Saputo Inc. | SAP-T | 21.900 | Reasonably strong here because investors are looking for companies that make things that people need and use every day. Food is about as defensive as you are going to get. 2.6% dividend. | 2009-04-01 | ||
| DON'T BUY | Nortel | NT-T | 0.225 | In the end game, it is going to be worth next to nothing. | 2009-04-01 | ||
| SELL | Petro-Canada | PCA-T | 34.360 | If he owned he would be Selling. Has been burned too many times by mergers. Post merger indigestion can occur. There is usually a bump up at the time of the merger and is a good time to take your profit. You can then watch for a better entry point. | 2009-04-01 | ||
| DON'T BUY | Zarlink | ZL-T | 0.235 | Has goodwill and intangibles on the books. Book Value is way over what the stock is trading at. Generally speaking that is an indication that a write-down is coming. Doubts that it will hit in the near term but probably will happen eventually. They usually advise when they are going to do one. Very speculative. | 2009-04-01 | ||
| BUY | Manitoba Telecom Services | MBT-T | 32.010 | 8.2% is a pretty nice yield. Old time telephone companies are trading at prices giving pretty good yields. Franchises are weakening to some extent but there will still be lots of customer services. | 2009-04-01 | ||
| BUY | Iamgold Corp | IMG-T | 11.170 | Very few places to hide in this recession but one sector is gold. Given the way the financial system seems to be going, where there’s going to an awful lot of money printed, owning some gold makes a lot of sense. | 2009-04-01 | ||
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| SELL | General Motors Corporation | GM-N | 1.930 | Situation has pretty much steadily deteriorated. Thinks it will eventually go into bankruptcy protection. Shareholders will not end up with much. | 2009-04-01 | ||
| WAIT | Precision Drilling Corp. | PD.UN-T | 3.600 | Think they will survive and there will have to be a lot more drilling done. Chart indicates it is bottoming. Entry point would be a little further on when the worst of the recession is over. | 2009-04-01 | ||
| HOLD | Manulife Financial | MFC-T | 15.080 | (Market Call Minute.) If you are going to sell, it should have been a while ago. | 2009-04-01 | ||
| HOLD | Potash Corp of Saskatchewan | POT-T | 105.040 | (Market Call Minute.) Agriculture space is looking very good in the long term. | 2009-04-01 | ||
| Comment | Canadian Oil Sands Trust | COS.UN-T | 24.680 | (Market Call Minute.) This will be one of the big players. An industry that needs a lot of capital and they have it. | 2009-04-01 | ||
| Comment | Bombardier Inc (B) | BBD.B-T | 3.040 | (Market Call Minute.) Could be a Buy. Hasn’t bought it himself yet but is looking at it carefully. Just a question of when. | 2009-04-01 | ||
| HOLD | UTS Energy | UTS-T | 1.770 | (Market Call Minute.) Thinks it is getting low-balled here. Wouldn’t tender his shares here. | 2009-04-01 | ||
| HOLD | Dreamworks Animation SKG Inc. | DWA-Q | 22.050 | (Market Call Minute.) Good company. | 2009-04-01 | ||
| TOP PICK | Norsat International | NII-T | 0.920 | Excellent management, getting new contracts, will hold up well during a recession. | 2008-10-09 | ||
| TOP PICK | Magic Software Enterprises Inc | MGIC-Q | 1.660 | Global player, good balance sheet. | 2008-10-09 | ||
| TOP PICK | ATS Automation | ATA-T | 4.370 | Doing well in turn around mode. Very, very good price. Did not execute well in the past in solar and now pulling up their socks. Sill exposed to auto industry and could hurt but if anyone needs to re-tool, it’s the auto industry. | 2008-10-09 | ||
| Comment | A Comment -- General Comments From an Expert | A Commentary | 0.020 | SHORT SELLING: Current problems are not the fault of short sellers. Still viable and still fair. Has a lot of cash on sidelines. Portfolio hit hard. Short selling is a margin type of transaction. Short sellers can make up rumors but so can long buyers. GOLD: Likes gold. There’s a lot of money being printed. Gold could do well, but gold stocks are tricky. Their profit picture has not been good; costs are high, labour shortages. A recession might help them. | 2008-10-09 | ||
| DON'T BUY | Teck Resources Ltd. (B) | TCK.B-T | 19.100 | 50% retracement is common in a commodity boom. Wouldn’t be surprised to see commodities firm up a little bit but this is an expensive company | 2008-10-09 | ||
| BUY | Toyota | TM-N | 62.400 | Likes long-term view. Leader in the field. Adaptable company. They’re looking at a real drop in demand in cars. Cars are extremely vulnerable to recession. Thinks car manufacturers will go down to 2003 levels. | 2008-10-09 | ||
| SPECULATIVE BUY | BCE Inc. | BCE-T | 34.000 | When dividend stopped that really hurt. City Group could come back and ask to revise the rules again. Situation has changed so much since this deal went down. Would not short sell BCE. Deal could go through at a lower price. | 2008-10-09 | ||
| PAST TOP PICK | CASH | CASH | 0.000 | (Top Pick Sept 7/07, Flat) We aren’t the only people that saw this coming. Doesn’t publish cash component of their portfolio. Above 30% in cash. | 2008-10-09 | ||
| PAST TOP PICK | Autozone Inc. | AZO-N | 98.790 | (Top Pick Sept 7/07, Shorted, He’s up 3%) | 2008-10-09 | ||
| PAST TOP PICK | Alexanders Inc. | ALX-N | 309.210 | (Top Pick Sept 7/07, Shorted, He’s up 6%), just declared a special dividend of $7. New York real estate firm and quite disconnected from rest of country; has not caught up to the recession. | 2008-10-09 | ||
| WAIT | Maple Leaf Foods | MFI-T | 7.320 | Is on his watch list; he likes the company; they will survive. This is the way processed food works in our society. McDonalds was a great investment after the mad cow thing and similarly this will be a good buy soon | 2008-10-09 | ||
| SPECULATIVE BUY | Ford Motor | F-N | 2.080 | Company in desperate, desperate straights. Survival is dubious. Stock price reflects that. If it recovers we are talking 500% or more. Take a look at it towards the end of the year. | 2008-10-09 | ||
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| DON'T BUY | Seaspan Corp. | SSW-N | 12.770 | Absolute classic value trap. Earning before interest, taxes and amortization – they borrowed heavily so have to pay a lot of interest. Ships are wearing out, so there’s a lot of amortization. | 2008-10-09 | ||
| HOLD | Mitec Telecom | MTM-T | 0.070 | It’s had the stuffing knocked out of it. At this point I would hold it – it’s either going to go bankrupt or go up a lot. | 2008-10-09 | ||
| WAIT | Precision Drilling Corp. | PD.UN-T | 12.080 | Tentative hold. Wait if buying. | 2008-10-09 | ||
| HOLD | Research In Motion | RIM-T | 67.650 | It’s going to go lower. | 2008-10-09 | ||
| BUY | Royal Bank | RY-T | 41.400 | The Preferred: Look at what Buffet has done – he’s gone for preferred shares. | 2008-10-09 | ||
| TOP PICK | CASH | CASH | 41.000 | Has never had as few stocks in his portfolio in 15 years as he does now. When the market does get hit and companies you like are available, it gives you an opportunity. | 2007-09-07 | ||
| TOP SHORT | Autozone Inc. | AZO-N | 111.490 | Retail auto parts. A competitive sector and he thinks the retail sector will be in a lot of trouble. Stock has had a big run over the last 5 years. Look to cover this Short in the $70's. | 2007-09-07 | ||
| TOP SHORT | Alexanders Inc. | ALX-N | 378.300 | A US REIT. Developed a lot of property in New York City. Real estate in New York has been stratospheric which has pushed the stock very high over the last 5 years. Way overvalued. Would cover his short at 25%-30%. | 2007-09-07 | ||
| BUY | ATS Automation | ATA-T | 7.130 | Disappointed in the stock results. Hedge funds are trying to put in their own fleet of directors. He will be voting against this. 2 problems last year. Photowatt IPO was a complete disaster and the recent rights offering undercut the stock price at a lot | 2007-09-07 | ||
| WAIT | Zarlink | ZL-T | 1.570 | Likes the stock. It had a lot of cash on the balance sheet giving it a lot of manoeuvring room, but spent the cash on an acquisition and is now in the process of digesting it. Will be having some substantial revenue increases going from $30 million a qua | 2007-09-07 | ||
| Comment | A Comment -- General Comments From an Expert | A Commentary | 0.020 | Gold - If the market really gets nailed, there’s no really good place to hide, but some sectors may be less hurt than others. Gold would probably be one of those sectors. A lot of the gold companies are having difficulty making money. Cost of production | 2007-09-07 | ||
| BUY | Richmont Mines Inc. | RIC-T | 2.920 | His comfort zone in gold is with companies that are closer to home without political risks, etc. | 2007-09-07 | ||
| DON'T BUY | Ford Motor | F-N | 7.520 | North American automobile manufacturers are definitely a contrarian play. This one is on his radar. So far, the turnaround is at a pretty early stage. August sales were pretty scary. It would be a speculative play at even $6-$7. | 2007-09-07 | ||
| BUY | Medisolution | MSH-T | 0.180 | Healthcare market is very competitive. Very difficult to make money on a consistent basis. This company went through a very difficult period and have to do some restructuring in order to get things more under control. They seem to be coming out of that d | 2007-09-07 | ||
| TOP PICK | Solectron Corp | SLR-N | 3.410 | Sector that is very deeply out of favour. Extremely competitive area. The trend towards contract manufacturing is here to stay. Feels there will be plenty of business for them once they are restructured. | 2007-04-20 | ||
| TOP PICK | Zarlink | ZL-T | 2.400 | They have been in the game a long time. Always put money into R&D every year. Always seem to have new products coming out. | 2007-04-20 | ||
| TOP PICK | ATS Automation | ATA-T | 7.780 | Automated robotic assembly lines. There Fuller division was supposed to have an IPO but it was cancelled. Has disappointed investors in the past but feels they can come back. Nice suite of products. | 2007-04-20 | ||
| PAST TOP PICK | AbitibiBowater Inc. | ABH-T | 3.120 | (A Top Pick Sept 14/06. Up 10%.) Merging with Bowater. It's going to be a long and complicated haul. Still likes. | 2007-04-20 | ||
| PAST TOP PICK | CASH | CASH | 35.900 | (A Top Pick Sept 14/06.) | 2007-04-20 | ||
| PAST TOP PICK | Viterra Inc | VT-T | 8.600 | (A Top Pick Sept 14/06. Up 15%.) Agriculture is going to be in great shape over the next several years. Still on its first leg going up. | 2007-04-20 | ||
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| SELL | Grubb & Ellis Company | GBE-N | 11.790 | Did extremely well in the 1980s during the big real estate boom and then just about went bankrupt. Made a good turnaround. The cycle has pretty well run its course. | 2007-04-20 | ||
| BUY | Bombardier Inc (B) | BBD.B-T | 4.610 | Has been very hard to know when to get on this stock. 10-year chart shows a very long basing pattern with a number of false starts. Trend is getting better. With the environmental issue coming to the fore, they are well positioned for mass transits, energy-efficient airplanes. Stars are starting to align. | 2007-04-20 | ||
| Comment | I Max | IMX-T | 5.600 | A definite contrarian pick. Had some issues with accounting. He likes assets and book value, but this company has negative. Leaders in their field. Seem to be making progress into Hollywood type movies. He'll watch this one closely. | 2007-04-20 | ||
| WATCH | Tahera Corp | TAH-T | 0.880 | Has been watching this. Has had a long cycle of exploration, development and production. During the anticipation phase, companies get quite well valued, but seem to drop at production time. Would look for it to be bottoming out. | 2007-04-20 | ||
| Comment | Trans Canada Corp | TRP-T | 39.280 | A real bedrock value type of stock. Pays a good dividend. | 2007-04-20 | ||
| DON'T BUY | Bennet Environmental | BEV-T | 0.470 | In the environmental disposal business. Very tricky business to operate. Not sure they will survive. | 2007-04-20 | ||
| WATCH | Loblaw Companies Ltd | L-T | 50.000 | Trying to gear up for the competition with Wal-Mart. This has upset the applecart. Not sure if they are on the right track. Need to get back to their fundamentals. | 2007-04-20 | ||
| HOLD | Cygnal Technologies Corp | CYN-T | 0.670 | He has been very wrong on this company, but is very happy to hold on. Still believes that management can pull this one out of the fire. Have a decent amount of revenue. In a good space. Think they're just about cash flow neutral now. | 2007-04-20 | ||
| Comment | Canfor Pulp Income Fund | CFX.UN-T | 15.110 | Very well run. B.C. forests have been devastated by the Pine beetle. These trees can be used for pulp, so there is a ready supply. | 2007-04-20 | ||
| DON'T BUY | True North Gems Inc | TGX-X | 0.520 | Easy money has been made. | 2007-04-20 | ||
| Comment | Liquidation World | LQW-T | 5.700 | They do very well when there are disasters. A very thin trading stock. Well-run company. Good geographic distribution. | 2007-04-20 | ||
| TOP PICK | Viterra Inc | VT-T | 7.490 | (A Top Pick Jan 30/06. Down 5.9%.) The crop out west looks very, very good this year. Expect this company will have one of their best years. | 2006-09-14 | ||
| PAST TOP PICK | Kelman Technologies | KTI-X | 0.315 | (A Top Pick Jan 30/06. Down 36%.) Oil service industry. Didn't make money even during the boom. May be too small. | 2006-09-14 | ||
| TOP PICK | CASH | CASH | 24.300 | Why buy stocks today if you can buy them cheaper tomorrow? We are at a point where there is a confluence of events going on. Mid-term US elections can create a down cycle. | 2006-09-14 | ||
| DON'T BUY | GOOG-Q | 403.980 | Caller wondered about Shorting. You have to be a very, very brave person to even think about shorting this. Agrees that the price is very high, but considering the incredible success of the company, too risky. | 2006-09-14 | |||
| DON'T BUY | Tim Hortons | THI-T | 28.580 | This is the antithesis of a contrarian pick. Very popular stock. Well-run business. As a contrarian, would not buy. | 2006-09-14 | ||
| HOLD | Franklin Covey Company | FC-N | 5.680 | Still likes their prospects. | 2006-09-14 | ||
| DON'T BUY | General Motors Corporation | GM-N | 32.960 | Caller wondered about a Short. On his watch list. N. A. automakers are definitely a contrarian sector. His preferred an attack would be to see a washout and then buy if they got their house in order. | 2006-09-14 | ||
| DON'T BUY | Ace Aviation Holdings Inc. (B) | ACE.B-T | 33.200 | Caller wondered about a Short. The sector has improved markedly. Thinks the airline industry as a whole is still in a recovery phase, so wouldn't Short. | 2006-09-14 | ||
| DON'T BUY | Legacy Hotels | LGY.UN-T | 8.150 | If you don't continually put money into your hotel, the property will lose its appeal to attract customers. This happened in this case. Dropping its distribution which is realistic on their part. | 2006-01-30 | ||
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| DON'T BUY | Apple | AAPL-Q | 75.000 | Have been putting out great results and the stock has reflected this. Not a contrarian and play, so not one they would be interested in. There is a question if the Chinese would start producing a product similar to the iPod. A more contrarian play would be Gateway (GTW-N) which they own. | 2006-01-30 |