26 - North Shore News — Sunday, January 30, 2000 C Ferries to sel fast ferry subsidia Frou: pane} The last PacitiCat is now 65% complete, with 3 launch date set for April —- and once that vessel sets sail, BC Ferries is sticking to its plans to sell CFI. “The ume is getting right to look at the future (of CFI),” said BC Ferries’ Betty Nicholson, As for the ferries them- selves, Nicholson said the next vear would be an “evalu- ation period,” giving the Crown corporation time to assess the “reliabilicy, financial costs (the price tag for the three ships rose from $210 million to $460 million, with the construction schedule overrunning by two vears) and public concerns” ted to the use of the PacifiCats. “A fair trial must be given to those vessels.” Nicholson said — though moving them to another route or transter- ring them to private owner- ship remains a possibility. Many of the people work- ing inside the hull of the third ship at CFI’s assembly hall now face an uncertain future. Quality assurance manager Lindsay Docherty and assis- tant production manager Philip Kincaid have worked directly for CFI since the inception of the project. Now they’re wondering where the WELDERS work away on pieces for a fast cat ferry. The future is up in the air for the labour force brought together to build the big ships. neat three years will dead them. “Well probably work at Oasis.” joked Kincaid. “We'd make good car- washers.” “I'm going to run in the election,” said Docherty slyly. Behind the jocufariw lurks disappointment. Both men moved to B.C. from New Brunswick to work on the fast ferries, thinking, at the time, that their stint would last a lot longer than it has. “We came out here with a lot of hope in the project,” said Kincaid. “We've both given a lot. When we first: started three MONEY Michael Camp! Michael Campbell is British Columbia's most respected business analysi. He is best known as the host of Canacia’s top rated business show - Money Talks - heard across the country on the WIC radio network. He is the Chief Business Analyst for BCTV and the national Canada Tonight broadcast. He is the business analyst for the Vancouver Sun and writes the faad business col- umn three times a week. He has written the National bestselter titled Cooking the 8 Ks with Mike: Michael! Campbell's Favourite 50 Recipes for instant Financial Success. vears avo, we were working 68 hours a week. PE think we've both had about two or three weeks off in three or four years. We've put our heart and soul into this. There’s been a lot of family sacrifice.” What kind of future is there for the shipbuilding industry in B.C.? They shrug. “There's not very much of a future,” said Kincaid — not unless some radical changes are made.” He cites strict WCB regu- lations, union structure, and See Workers page 27 ” Saturday _ : February 12th 1:00 - 3:30 Carson Graham — High School ¢ North Vancouver Doors Open 12:30 pm NEWS photos Paul McGrath IVAN Wilson (left) and Scott Simpson stand on stairs aboard the third fast cat ferry. A lot of honest, hard work has gone into the controversial fast ferry project. Chris Carter ScotiaMcLeod's Chris Carter lives and works in ’ North Vancouver. He spe- cializes in providing investment consulting ~ and retirement planning for individual investors who have retired or are planning for their secure retirement. Because of the fluid nature of the Canadian job market, he has assisted numerous clients through the process of early retirement and continues to oversee their accounts. Chris is also the business commentator on the BCTV * Morning News, contributing live reports weekdays from 5:30am to 8:00am. He is a regular contributor to the busi- hess section of the North Snore News, publisher of the Prudent Investor newsietter and has recently published a special report for Canadian facing an early retirement pack- - | age from their employer. His newsletter, special reports and — market commentary are available free at www.askchriscarter.com. David Briggs My approach is based on the “value” philosophy pioneered by Dr. Senjamin Graham, the father of value investing and the author of The intelligent Investor. The basic concept is to buy securities trading below their estimated intrinsic value. Put into practice, this would typically mean buying securities: * trading at a substantial discount to Cundill’s estimate of net value; and within acceptable debt to equity tevels The approach is asset oriented and requires a longer-term per- spective... and patience. The major benefit is relatively iower volatility. Tickets are $5.00 available at the North Shore News, 1139 Lonsdale Ave, North Vancouver