I'm going to finish by reading a little bit more on that note from Mr. Manley, a former Liberal industry minister:
By giving pension deficits priority over corporate bondholders, C-501 would hurt the many millions of Canadians who invest in bonds as part of their own retirement savings. Supporters of the bill like to pretend that corporate bondholders are all rich, greedy investors and faceless corporations. In fact, most corporate bonds are held either by individual investors (who purchase bonds directly or through mutual funds) or by large public- or private-sector pension funds. In effect, C-501 would benefit one class of future retirees -- those employed by federally regulated companies with defined-benefit pension plans -- at the expense of many others.
That's what Mr. Manley had to say.