The ousted former board chair of the Tłı̨chǫ Investment Corporation wants to be reinstated immediately.
“I still have two years to complete my term, and I still have a job to finish,” Morven MacPherson said on Monday. “The Tłı̨chǫ people are really upset and they want me back on that board.”
MacPherson, who was appointed chair in February 2019, says she was let go on Feb. 5, 2020 via email without warning or reason.
“Just to get an email and no heads up — it really upset me, and it really upset a lot of the Tłı̨chǫ people,” said MacPherson.
The Tłı̨chǫ Government owns the Tłı̨chǫ Investment Corporation. The corporation is meant to work for the economic benefit of the Tłı̨chǫ people. Board members, including the chair, are appointed and removed by the Chief’s Executive Council, which consists of the Tłı̨chǫ grand chief and the chiefs of the four Tłı̨chǫ community governments.
In a statement, the Chief’s Executive Council confirmed it ended MacPherson’s term. A spokesperson said the council “regularly reviews director appointments and makes new appointments to the board from time to time.”
MacPherson said the council replaced her with former Tłı̨chǫ Grand Chief Eddie Erasmus. On Thursday, Erasmus confirmed that he’s the new board chair.
Only woman on the board
MacPherson grew up in Behchokǫ̀, N.W.T., and was the only woman on the Tłı̨chǫ Investment Corporation board.
“I went to … university for six years and for the five chiefs to remove the one lady on the board of six, that’s just not good,” she said. “It’s sending a terrible message to the young people. It’s sending a terrible message to the ladies. It’s just not a good way to operate.”
The Chief’s Executive Council declined to give the reasoning behind letting MacPherson go, but the former chair can think of some possible ones.
“There definitely were personal reasons,” said MacPherson. “I worked with [Monfwi] MLA Jackson Lafferty for years and they’ve not liked Jackson Lafferty for all that time, so automatically they see me as somebody on the other side.”
Laffery represents the Tłı̨chǫ communities of Behchokǫ̀, Whatì, Gamètı̀ and Wekweètìin the Northwest Territories Legislative Assembly. MacPherson worked as his executive assistant.
CBC reached out to Lafferty via email and his office phone line at the Legislature, but did not hear back by deadline.
Morven MacPherson, who was appointed chair of the Tłı̨chǫ Investment Corporation in February 2019, said she was let go on Feb. 5 via email, without a warning or a reason. (Guy Quenneville/CBC)
When asked about MacPherson’s comments on Lafferty, Whatì Chief Alfonz Nitsiza, who sits on the Chief’s Executive Council, said, “That’s her own story, I guess. We have no comment on that.”
Nitsiza also dismissed the questionable optics of removing the only woman on the board. “That’s not how we operate,” he said. “We pick who we think can do the work.”
CBC attempted to call all the chiefs of the four Tłı̨chǫ community governments. Gamètì Chief David Wedowin and Behchokǫ̀ Chief Clifford Daniels could not be reached. Wekweètì Chief Charlie Football referred CBC to Grand Chief George Mackenzie. Mackenzie could not be reached by phone for comment.
Troubled trucking companies
MacPherson’s removal comes as the Tłı̨chǫ Investment Corporation is in the process of selling off assets of two trucking companies it owns, Ventures West Transport LP and Tłı̨ Chǫ Landtran Transport Ltd. The corporation had been loaning the companies money for years.
The companies specialized in ice road transportation and primarily shipped fuel, cement and other supplies to the Northwest Territories’ diamond mines. They’re currently protected from court action against them by creditors while they work to sell around 250 trucks, trailers, shipping containers and shop equipment, according to court documents.
A file photo of a passing truck on a winter road in the N.W.T. Morven MacPherson’s removal from the Tłı̨chǫ Investment Corporation board comes as the corporation is working to sell off assets of its trucking companies, Ventures West Transport LP and Tłı̨ Chǫ Landtran Transport Ltd. (Joanne Stassen/CBC)
Court filings from December say the trucking businesses employed 43 people, all of whom were let go save five, who stayed on to help wind down operations.
The deadline for bids on the assets was last Friday, but the nature and number of bids received is unclear. Mark Brajer, Tłı̨chǫ Investment Corporation CEO, did not respond to requests for an interview.
‘A bit concerning’
Ted Blondin, a Tłı̨chǫ Investment Corporation board member, said it’s “a bit concerning” that the board’s chair was removed during a period of change at the corporation.
“We’ve made some changes to turn the business around, and on debt recovery, and put in stronger policies so the board can be run more effectively and efficiently,” said Blondin.
I was there for every single Tłı̨chǫ shareholder, every Tłı̨chǫ citizen, and every time I made a decision, I always thought of all of those people.– Morven MacPherson, former chair of the Tlicho Investment Corporation board
He said the corporation was in “a big deficit, so we had to make some tough decisions.” Those included selling the assets of the trucking companies to pay off creditors, and changing policies on credit cards, human resources and salaries.
“We were making progress and right in the middle of all that, this happens,” said Blondin, referring to MacPherson’s dismissal. “It means we have to realign our team.”
Blondin said MacPherson was an effective leader.
MacPherson said the board had been working hard to make “positive changes and improvements to the organization.”
“I don’t think they liked that,” she said of the Chief’s Executive Council. “They’re stuck on staying with the status quo, and I don’t believe in that.”
MacPherson said she’s led the board with the Tłı̨chǫ people front of mind.
“I told them when I got on that board I was not there for myself,” she said. “I was there for every single Tłı̨chǫ shareholder, every Tłı̨chǫ citizen, and every time I made a decision, I always thought of all of those people.”
TORONTO – Canada’s main stock index was down more than 200 points in late-morning trading, weighed down by losses in the technology, base metal and energy sectors, while U.S. stock markets also fell.
The S&P/TSX composite index was down 239.24 points at 22,749.04.
In New York, the Dow Jones industrial average was down 312.36 points at 40,443.39. The S&P 500 index was down 80.94 points at 5,422.47, while the Nasdaq composite was down 380.17 points at 16,747.49.
The Canadian dollar traded for 73.80 cents US compared with 74.00 cents US on Thursday.
The October crude oil contract was down US$1.07 at US$68.08 per barrel and the October natural gas contract was up less than a penny at US$2.26 per mmBTU.
The December gold contract was down US$2.10 at US$2,541.00 an ounce and the December copper contract was down four cents at US$4.10 a pound.
This report by The Canadian Press was first published Sept. 6, 2024.
TORONTO – Canada’s main stock index was up more than 150 points in late-morning trading, helped by strength in technology, financial and energy stocks, while U.S. stock markets also pushed higher.
The S&P/TSX composite index was up 171.41 points at 23,298.39.
In New York, the Dow Jones industrial average was up 278.37 points at 41,369.79. The S&P 500 index was up 38.17 points at 5,630.35, while the Nasdaq composite was up 177.15 points at 17,733.18.
The Canadian dollar traded for 74.19 cents US compared with 74.23 cents US on Wednesday.
The October crude oil contract was up US$1.75 at US$76.27 per barrel and the October natural gas contract was up less than a penny at US$2.10 per mmBTU.
The December gold contract was up US$18.70 at US$2,556.50 an ounce and the December copper contract was down less than a penny at US$4.22 a pound.
This report by The Canadian Press was first published Aug. 29, 2024.
The crypto market has recently experienced a significant downturn, mirroring broader risk asset sell-offs. Over the past week, Bitcoin’s price dropped by 24%, reaching $53,000, while Ethereum plummeted nearly a third to $2,340. Major altcoins also suffered, with Cardano down 27.7%, Solana 36.2%, Dogecoin 34.6%, XRP 23.1%, Shiba Inu 30.1%, and BNB 25.7%.
The severe downturn in the crypto market appears to be part of a broader flight to safety, triggered by disappointing economic data. A worse-than-expected unemployment report on Friday marked the beginning of a technical recession, as defined by the Sahm Rule. This rule identifies a recession when the three-month average unemployment rate rises by at least half a percentage point from its lowest point in the past year.
Friday’s figures met this threshold, signaling an abrupt economic downshift. Consequently, investors sought safer assets, leading to declines in major stock indices: the S&P 500 dropped 2%, the Nasdaq 2.5%, and the Dow 1.5%. This trend continued into Monday with further sell-offs overseas.
The crypto market’s rapid decline raises questions about its role as either a speculative asset or a hedge against inflation and recession. Despite hopes that crypto could act as a risk hedge, the recent crash suggests it remains a speculative investment.
Since the downturn, the crypto market has seen its largest three-day sell-off in nearly a year, losing over $500 billion in market value. According to CoinGlass data, this bloodbath wiped out more than $1 billion in leveraged positions within the last 24 hours, including $365 million in Bitcoin and $348 million in Ether.
Khushboo Khullar of Lightning Ventures, speaking to Bloomberg, argued that the crypto sell-off is part of a broader liquidity panic as traders rush to cover margin calls. Khullar views this as a temporary sell-off, presenting a potential buying opportunity.
Josh Gilbert, an eToro market analyst, supports Khullar’s perspective, suggesting that the expected Federal Reserve rate cuts could benefit crypto assets. “Crypto assets have sold off, but many investors will see an opportunity. We see Federal Reserve rate cuts, which are now likely to come sharper than expected, as hugely positive for crypto assets,” Gilbert told Coindesk.
Despite the recent volatility, crypto continues to make strides toward mainstream acceptance. Notably, Morgan Stanley will allow its advisors to offer Bitcoin ETFs starting Wednesday. This follows more than half a year after the introduction of the first Bitcoin ETF. The investment bank will enable over 15,000 of its financial advisors to sell BlackRock’s IBIT and Fidelity’s FBTC. This move is seen as a significant step toward the “mainstreamization” of crypto, given the lengthy regulatory and company processes in major investment banks.
The recent crypto market downturn highlights its volatility and the broader economic concerns affecting all risk assets. While some analysts see the current situation as a temporary sell-off and a buying opportunity, others caution against the speculative nature of crypto. As the market evolves, its role as a mainstream alternative asset continues to grow, marked by increasing institutional acceptance and new investment opportunities.
