LYCOS RETRIEVER 
Rights: Rights Offering
built 254 days ago
Rights are not merely political principles, but they are principles that form the bridge between individual morality (ethics) and the moral principles governing society (politics). Rights say that morally certain actions are right, and all other actions that forcibly interfere with those actions are wrong.
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Each 1.285 Rights will entitle the holder to purchase one Subscription Receipt of Catalyst for an exercise price of $0.75 per Subscription Receipt (the Basic Subscription Privilege) prior to 5:00 p.m. (Eastern) on April 7, 2008. Holders who have exercised their Basic Subscription Privilege in full will be entitled to subscribe for additional Subscription Receipts at the same exercise price (the Additional Subscription Privilege). To the extent the Rights Offering is over-subscribed, additional Subscription Receipts will be allocated among exercising holders in the manner described in the Prospectus.
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Rights dominate most modern understandings of what actions are proper and which institutions are just. Rights structure the forms of our governments, the contents of our laws, and the shape of morality as we perceive it. To accept a set of rights is to approve a distribution of freedom and authority, and so to endorse a certain view of what may, must, and must not be done.
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The proceeds of the Rights Offering will be used to fund a portion of the purchase price of the Snowflake Acquisition. As previously announced, Catalyst has entered into an Asset and Stock Purchase Agreement dated February 10, 2008 with Abitibi Consolidated Sales Corporation, a subsidiary of Abitibi Bowater Inc., in connection with the purchase by Catalyst of certain newsprint assets located in Snowflake, Arizona and the issued and outstanding common shares of capital stock of The Apache Railway Company (together, the Snowflake Acquisition) for a cash purchase price of US$161 million, subject to certain closing adjustments. The completion of the Snowflake Acquisition is subject to certain terms and conditions including the receipt of all required regulatory approvals. It is anticipated that the Snowflake Acquisition will be completed in the second quarter of 2008.
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[I]mmunities" tends to cover natural rights that are retained pretty much in their original form. The right to self defense would belong in that category. On the other hand, "privileges" are rights (as powers) that substitute in a civil form for certain other natural rights which are not retained in their original form. An example of that would be a natural right to retribution through revenge, which is surrendered for a civil power, or privilege, to seek redress for wrongs and retribution through judical proceedings. Punishments for wrongdoing are then applied by a presumably dispassionate authority, whose judgment will not be distorted by personal grievance. A fairly clear boundary can then be drawn between just retribution and revenge, where in the state of nature that would be very difficult.
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There would be some justification for this view, but only if one considered property rights inviolate, a condition that has never existed in either American or English law. Even John Locke, while extolling the primacy of property as the guarantor of other rights, nonetheless recognized significant limits on its use. If in one period of American history the notion of laissez-faire (a French expression meaning to "let people do what they want") put too great an emphasis on property rights, in other periods there perhaps has been too little. In the last two decades, the federal courts have been leading the way in trying to strike a new balance between the legitimate concerns of the modern state and how those concerns impinge on the rights of property.
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Rights Offering