PATTISON TAKEOVER
CONTINUED FROM PAGE 1
More recently, a group of former Nefco directors tried to convince the court that selling the Canadian assets at a reduced rate was not in the best interests of the creditors.
The directors argued that the company could make a $1 million dollar profit annually and would be worth more if the industry was in a better state. Their attempt failed.
Between 1981 and 1983, CFC cleared $4 million in profit and it would have earned more if investments in Nova Scotia had not lost money.
Sleeman said the Nova Scotia investments in two small fish plants would be phased out.
Those who oppose the sale have until five days before the court hearing to file with the lawyer for the trustee and with the court.
In Alaska, Marubeni will gain control of two fish plants for a $200,000 payment to Nefco and the placement of $800,000 in a bank account to be used to pay off fishermen's accounts.
Douglas could not say how it was that fishermen could be given payments ahead of other creditors, except to point out that the plants had been joint ventures with Marubeni.
Both Sleeman and Souter say that there will be no major changes with the company as a result of the takeover.
Souter said this policy would be followed in the "short term", but didn't comment on whether he expected any long term changes to take place.
Sleeman said the Pattison Group would like to see Canadian fish expand, either by buying up other companies or expanding internally, however it would wait for the management of the company to make recommendations in this area.
Four times a year, Pattison Group executives meet with the management of subsidiaries and discuss where the business is going and how it is doing.
Pattison began his business career as a used car salesman and climbed his way up the corporate ladder, building one of the largest Vancouver-based conglomerates with sales of over $800 million in 1982.
In the field of labour relations or more correctly, his treatment of employees, Pattison has a
reputation for being tough and unfeeling.
The story is often told of Pattison firing the salesman who sold the fewest cars each month. He is also known for cutting the payrolls of his company when times get tough. At Air B.C., Pattison chopped the payroll from 585 to 185 in just a few months.
Besides CFC, Pattison has just recently purchased a major cannery in the Fraser Valley.
He also owns an airline, manufactures, distributes and sells motorhomes, owns 50 grocery stores, a radio station, CJOR, three book distribution companies, has major investments in commercial property and is involved in overseas financing.
Politically, Pattison is an admirer of right wing politics and in his office is a picture of himself with U.S. president Ronald Reagan.
At the request of the Premier, Pattison heads up Expo 86, the controversial world's fair slated for 1986 which could see millions of people come to Vancouver.
A firm believer in 'quality circles', a concept developed in Japan, Pattison has spent more than $1 million training employees to participate in the management-oriented committees to improve production.
"The CFC management will decide on whether they want the quality circles which most of our other companies have," Sleeman said. "Employees discuss what they view as problems which don't allow them to perform the job as efficiently."
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Quality circles have been roundly condemned by the B.C. Federation of Labor as tools for management to push for higher productivity without turning over any power to workers.
Sleeman agrees that it is the management who makes the final decision on any suggestions by workers, but argues most unions in Pattison companies have found the circles useful.
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10/THE FISHERMAN - JANUARY 20,1984