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By Michael McCullough |
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December 6, 2002 |
Bank failure won't stop shows for KCTS:
The money is in the bank for series by a Vancouver producer for the U.S.
broadcaster in controversial $3-million deal
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Intro: |
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A controversy has erupted in Seattle
over a $3-million deal between a failed offshore bank and television station
KCTS. But according to the Vancouver producer who orchestrated the deal, it's
the Public Broadcasting System affiliate that's not holding up its end of the
bargain.
"We're quite concerned that the project's in trouble," said producer
Jim Green. "We're not sure at this stage if the whole thing is going to
come out due to the production problems [at KCTS]." |
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Excerpt: |
But the issue came to a head
this week, when an article in the Seattle Weekly revealed that Omnicorp, based
on the Caribbean island of St. Vincent, was on the verge of bankruptcy and had
transferred its interest in the project to a private Vancouver company, Solara
Ventures.
David Marchant, a publisher of a muckraking newsletter called
Offshore Alert,
was quoted in the Weekly as calling Omnicorp "a complete fraud."
According to the story, the Offshore Financial Authority in St. Vincent
intervened last summer and appointed Marcus Wide, a senior vice-president with PriceWaterhouseCoopers
in Halifax, as the bank's controller. |
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