Why do taxpayers always have the job of the guy holding the shovel behind the elephant? 

The 2019 Golf Season at The Lakes incurred its greatest operating loss to date, rumoured to be over a $1million. Whether that was creative accounting or poor business practices, we will never know, but it is also rumoured some of the new investors are none too pleased with the recent cash call.

Taxpayers, as preferred shareholders in The Lakes, are supposed to receive our over $3million capital returned by a formula of getting a percentage of net income. The new clubhouse must be very expensive to rent or something? A few years ago, The Lakes made a profit and a small portion of the preferred shares were to be redeemed, but I am not sure whether ACOA actually received payment, and maybe they are just part of the long list of creditors that the new development group say they will assume. Does assume mean pay?

Traditionally, a White Elephant is known as a rare and expensive undertaking that is more trouble than it is worth, and The Lakes causes a burdensome possession for the taxpayers of a poor economic area. To have such funds available to reinvest in less exclusive ventures would be a better use of tax dollars. The modern view of a white elephant may be more realistic as a gift exchange game at Christmas where people vie to walk away with the best present. The event goes commonly by name of a Yankee Swap or Dirty Santa.

In a recent message from the board of the Cape Breton Ski Club to membership, they confirmed that the legal bills are in to the tune of $40,000 for their legal action, and the court awarded $30,000 to the other parties.  The Board also noted that The Lakes owes $120,000 to the Cape Breton Ski Club. I hope some fancy accounting entry can make it appear the bill is paid and who knows if and whether the $120,000 will ever arrive.  However, I am sure the Courts will insist the Cape Breton Ski pay the monies first.

Can the Cape Breton Ski Club turf the Ben Eoin Golf as tenants with such an outstanding debt? In the similar words of a great Canadian, David Lewis, "Time to get rid of those Corporate Welfare Bums. Welfare is for the needy, not the big and wealthy"