VANCOUVER, BRITISH COLUMBIA, Nov 03, 2011 (MARKETWIRE via COMTEX) -- WCSB Holdings Corp. is pleased to announce the completion of its previously announced transaction, on October 28, 2011 involving a restructuring of WCSB Oil & Gas Royalty Income 2009 Limited Partnership (the "Partnership") and its assets and the sale, on a tax deferred basis, of its portfolio of oil and natural gas gross over-riding royalties (the "GORRs") to Caledonian Royalty Corporation ("Caledonian") in exchange for royalty units of Caledonian ("CRC Royalty Units"), a private Alberta-based corporation (the "Transaction"). Under the terms of the Agreement, Caledonian issued 1,594,447 CRC Royalty Units valued at $19,133,364 for the GORRs.

The Partnership originally issued a total of 259,262 limited partnership units at a price of $100 per unit (the "LP Units") for gross proceeds of $25,926,200 in the summer of 2009.

It is interesting how perceptions change. I was at the time undecided about the rights or wrongs about going to war in Iraq. I clearly recall our PM giving a personal assurance to the effect that he had information that he could not disclose for security reasons that convinced him that Iraq was a clear and imminent danger to us. I recall discussing this with my wife as I was impressed that the leader of our country had put his own personal opinion on the line and felt if our leader was making such a statement then he should be believed. This turned out to be WMD and 45 minute deployment, both of which turned out not to be true. Given the nature of the PMs assurance the least I would have expected that he would have resigned on the matter once the alternative picture emerged. The other thought that occurs to me in Gordon Browns testimony is the lack of accountability to cabinet. I believed that cabinet accountability is/was a central part of our democratic processes, it is a vital check and balance on the power of any one individual. Yet in Brown stating that he did not see the intelligence is very revealing, did no one in the cabinet ask to see it? and if not why not. After all this was probably the most important single decision that any government has made in decades. If our democracy has changed to such an extent, when and how did this happen, do we no longer have rule by cabinet? and what exactly has replaced it. Is the current matter of “Leadership debates further evidence of a fundamental change in our democracy?

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