Mr Justice Farley

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The follwing description is from today's National Post article on an attempt by some US bondholders to get AC to file Chapter 11 in the States. It's a technical issue - Chapter 11 affords somewhat better protection for bondholders, relatively speaking, than CCAA. It doesn't have that much bearing on the big picture, except it is revealing how the bondholders view the bankruptcy judge, Mr. Justice William Farley.

Another element U.S. bondholders should consider, Mr. Despins said, is the judge overseeing the Air Canada case, Justice James Farley of Ontario's Superior Court.

"The perception of this judge, and I know him from other cases, is that bondholders are all distressed buyers. That's his perception and he refers to bondholders as vultures, so you can see how he is going to approach this process -- which is, Air Canada is the crown jewel of Canada, and we will do whatever it takes to protect it."

If I were one of the unions, I, too, would be concerned.