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5/7/14

IKN is worried about Mark Eaton of Belo Sun (BSX.to)

After reading the Globe & Mail feature on Belo Sun (BSX.to) a few weeks ago, (March 8th to be exact) the one that had BSX's main man Mark Eaton as focus of attention as he went through his pastiche Englishman abroad routine for the entertainment of locals (it's all done on purpose you know), your humble scribe has been a little concerned for the dude and the question of whether Eaton has totally screwed his own pooch has floated round the office, on and off, for weeks.

Today while watching the latest severe downleg in the BSX share price take place the whole issue came to a head, so it was off to SEDI to find out more. And it turns out that unlike so many other people connected (directly or otherwise) to the Forbes & Manhattan shyster Bharti, Eaton's been remarkably constant and loyal in his dealings with BSX shares. For example, at the end of 2011 he owned 2.663m shares of the company and he's constantly added to his position since then, without selling a single share along the way. That's an admirable attitude from a company chief and one that needs cheering, as today he owns 7,227,500 shares, which means he's added 4,564,500 shares to his holdings during 2012, 2013 and 2014 to date.

This chart gives you a breakdown of those purchases and how much they cost him at the time, compared to how much they're worth today:


In the course of his admirable loyalty and belief in the cause of BSX since 2012 (and remember, he was holder of more shares before then at higher prices) Eaton has spent $1.959m on BSX equities. Unfortunately, these days those shares are only worth $912,900, so our fine upstanding fellow is more than a million in the hole here. Still, I'm sure that everything will work out just fine because Stan Bharti isn't likely to leave his long-time associate holding a fucking big bag forever and screw anyone just for the sake of money, right Stan? Right?