What ever happened to that top AC customer?
Apr 17, 2010, 9:56 am
#20
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Toronto Star article on Dan Urbani
Meant to post this sooner, but I forgot the article in the bottom of my computer bag.
On Apr 8, the Toronto Star ran a section called Travel Rewards, and they did an interview with Dan Urbani. The gist of the article is that Mr Urbani is a real life version of George Clooney's Up in the Air movie. I would have included a link to the actual article except a search on "Urbani" on the Star's website found nothing.
So here's an excerpt.
Anyhow, he's probably cut back on his travel since he filed for bankruptcy protection for his pet food stores, Petcetera, in March 2009.
On Apr 8, the Toronto Star ran a section called Travel Rewards, and they did an interview with Dan Urbani. The gist of the article is that Mr Urbani is a real life version of George Clooney's Up in the Air movie. I would have included a link to the actual article except a search on "Urbani" on the Star's website found nothing.
So here's an excerpt.
<snip>
Even today, Urbani has been the top Aeroplan Super Elite traveler on Air Canada since 1996. The 45 yr old businessman spends a huge amount of time on planes - about 225 flights a year, even though he's "cut back to be with the family more" and last year slashed his annual status miles from 600,000 to 150,000.
Some of these flights are to check up on his 20 pet superstores across Canada, four of them in Ontario, but he really racks up the travel miles visiting his suppliers in Asia, Europe and South America. Business has taken him to Thailand alone 109 times.
<snip>
Even today, Urbani has been the top Aeroplan Super Elite traveler on Air Canada since 1996. The 45 yr old businessman spends a huge amount of time on planes - about 225 flights a year, even though he's "cut back to be with the family more" and last year slashed his annual status miles from 600,000 to 150,000.
Some of these flights are to check up on his 20 pet superstores across Canada, four of them in Ontario, but he really racks up the travel miles visiting his suppliers in Asia, Europe and South America. Business has taken him to Thailand alone 109 times.
<snip>
Apr 17, 2010, 10:13 am
#21
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Apr 17, 2010, 1:02 pm
#24
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This was amusing how it played out - Petcetera goes bankrupt, he walks out the back door as it crumbles, then walks back in the front door as "Net Petcetera" buying back the best stores without having to worry about the ton of debt that he had racked up. No wonder he has the money to fly so much if he can just walk out on his debt.
Apr 17, 2010, 1:11 pm
#25
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This was amusing how it played out - Petcetera goes bankrupt, he walks out the back door as it crumbles, then walks back in the front door as "Net Petcetera" buying back the best stores without having to worry about the ton of debt that he had racked up. No wonder he has the money to fly so much if he can just walk out on his debt.
Entirely within the rules: http://strategis.ic.gc.ca/eic/site/b...2284.html#toc1 and done in public and under the supervision of the Court: http://www.pwc.com/ca/en/car/canadia...ip/index.jhtml
What's the problem ?
Last edited by NordsFan; Apr 17, 2010 at 1:28 pm
Apr 17, 2010, 2:05 pm
#27
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This was amusing how it played out - Petcetera goes bankrupt, he walks out the back door as it crumbles, then walks back in the front door as "Net Petcetera" buying back the best stores without having to worry about the ton of debt that he had racked up. No wonder he has the money to fly so much if he can just walk out on his debt.
......Crap
......legal sure, but what about ethics, spirit of the agreement, promise to pay, commitment.... crap system. What ever happened to debtors jail!
Apr 17, 2010, 2:06 pm
#28
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Apr 17, 2010, 2:11 pm
#29
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If a guy covered in debts can engineer a bankruptcy such that he walks away from the debts, creams up the assets and restarts? However lawful, I would still call that crookery.
At least in bankruptcies such as AC, the shareholders lost their share. But here?
Apr 17, 2010, 2:16 pm
#30
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It's apparently not illegal or fraudulent. But all the same, morally questionable.
If a guy covered in debts can engineer a bankruptcy such that he walks away from the debts, creams up the assets and restarts? However lawful, I would still call that crookery.
At least in bankruptcies such as AC, the shareholders lost their share. But here?
If a guy covered in debts can engineer a bankruptcy such that he walks away from the debts, creams up the assets and restarts? However lawful, I would still call that crookery.
At least in bankruptcies such as AC, the shareholders lost their share. But here?
"Walking away" from debts ? Did anyone here read the Monitor's report and check out the list of creditors, secured and unsecured ?
Does anyone know what personal guaranties or sureties the shareholders of the failed business may have had to honour ?
Sorry guys, get real.
I'm going to go pat a bunny now.
Last edited by NordsFan; Sep 7, 2010 at 8:42 pm Reason: Realized months later that a comma was in the wrong place ! LOL