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Do Not Feed The Animals, zombie research edition

As IKN has noted previously, this a subject on which John Kaiser (of Bottom Fish) has been vocal and persistent over the years. But today a different voice chimes in, that of Tony Simon, co-founder of the Venture Capital Markets Association who gets a Peter Koven piece in today's FP. It starts like this:

TORONTO — The TSX Venture Exchange is overrun with more than 900 “zombie” companies with negative working capital, according to a new study.
The research comes from Tony Simon, co-founder of the Venture Capital Markets Association and a frequent thorn in the side of TMX Group Inc.’s management team. By Simon’s calculations, there are 910 companies on the Venture that are not meeting capital requirements for listings. He said the combined working capital of these companies, which are nicknamed “zombies,” is negative $4.2 billion.
“It’s a real mess,” he said in an interview. continues here

It continues in the same vein with more details and input from the TSXV as well and on reading, one cannot help but agree with Mr. Simon. 910 companies that don't meet the requirements and are allowed to play on by the market authorities? Complete madness.

However, perhaps more depressing is how the very same retail protesters who were calling for a cull and bloodletting at those Town Hall Meetings early year are the ones now buying up the moose pasture peddlers and allowing them to re-fund their hooker/blow lifestyles in private placements on magic dream stories about their asset potential. Seems to me that the main problem with the TSXV is the greed of Canadians, not the companies feeding off them.