I guess you can't blame a big hedge fund wheeler dealer for not having a seismograph. But PowertechExposed.com, a Colorado website doing more to protect the Black Hills from the predations of irresponsible uranium mining than our own narrowly profit-minded state legislature, reports that Canadian investor Shawn Kimel made his K2 Principal Group the single largest holder of Powertech stock last month by acquiring 12.3 million shares of the Canadian uranium company at the beginning of March. The price (in Canadian dollars, since Powertech is a Canadian company traded exclusively on the Canadian stock exchange) when Kimel bought floated between $0.42 and $0.46 a share.
Then came the Japan earthquake, tsunami, and Fukushima nuclear plant mess. Powertech stock dropped 33% and sits now at 0.295 $CAN per share.
Powertech assured Mr. Woster last month that a little earthquake and nuclear plant accident are nothing to worry about. Unfortunately for us, neither are state regulations, since our legislators found time to rush a bill through the works to cut Powertech's paperwork and our local officials' ability to oversee Powertech's potential threat to drinking water supplies for ranches and towns throughout the Black Hills. What is it about South Dakota's willingness to bend over backwards for Canadian exploiters? Stay tuned....
Bonus Anti-Canadian Energy Corporation Note: Senator Ron Wyden of Oregon has asked the Federal Trade Commission to investigate TransCanada's Keystone XL tar sands pipeline project to see if TransCanada is colluding with Canadian suppliers to bypass Midwestern refineries and jack up American fuel costs by $4 billion. Kristi! John! Tim! Why do I have to turn to Oregon's senior senator for service like this?