It seems that in June 1981, Desmarais needed a buyer, who wouldn’t tip the markets to his off-book debt-for-equity swaps, to take CSL off his hands. Martin stepped up to the plate. The CSL price tag was $195 million. Martin, who had scant money of his own, went to his sometime golfing buddy, Laurence Pathy, whose tightly held Fednav commanded Canada's biggest ocean-going fleet and assets of at least $500 million. Pathy agreed to ante up $35 million in preferred shares and to foot the cost of three new ships as collateral allowing Martin to borrow the rest. Martin turned to Desmarais's long-time backer, the Royal Bank, whose chairman sat on Power's board. Power received $30 million in preferred CSL shares. Martin has never revealed the amount of his loan from the bank or Desmarais. By the time the deal closed, the price was down to $178 million: Power kept $17 million in CSL's cash and liquid assets but did not oblige Martin to remortgage his Montreal house.
Who dictated that Canadian Order in Council, which made Raymond Garneau–one of 28+ special investors in Paul Martin’s loan syndicate–the watchful chairman of the Justice John H. Gomery Advisory Committee?