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Richard Blackwell takes your questions on the financial crisis.

Send your questions to rob@globeandmail.com or use the comment function. Why does the Toronto Stock Exchange keep reporting the share value of a company like Nortel, which is in bankruptcy protection. Isn't it a given that the shares will be worthless when the company emerges from protection?

While the chances are high that the shares will be worthless, that isn't a certainty. There is a slim possibility there could be something left for common shareholders, and the company is still functioning, so the shares keep trading.

The same thing has happened to other companies under protection from bankruptcy under the Companies' Creditors Arrangement Act (CCAA).

In 2003 and 2004, when Air Canada was under court protection, its stock kept trading, sometimes moving above $1, even though the company said repeatedly that the shares would likely be virtually worthless when the company emerged from the process. After Air Canada's restructuring, the company's "old" shares were worth just a fraction of a penny.

When Stelco Inc. was in court protection between 2004 and 2006, the company was actually in reasonable financial shape, so some common shareholders were mildly optimistic they might get something back. The stock rose as high as $4 while Stelco was under CCAA. In the end, however, the shares became worthless under the restructuring plan.

What is a failed gilt auction?

Gilts are the bonds issued by the British government. The bond certificates originally had a gold edge on them, and thus were called "gilt-edged" securities. That name has been shortened, and now they are just referred to as gilts.

Normally, Britain auctions off a series of gilts, and the price and yield depend on the demand.

Last week, for the first time in several years, the government failed to garner enough bidders to sell a new issue of 40-year long-term bonds that will mature in 2049. It got bids for only about £1.63-billion ($2.91-billion) of the £1.75-billion it was offering. Usually there are far more bids - from pension funds, insurance companies and banks - than there are bonds for sale.

It has been 14 years since Britain last failed to sell out an issue of conventional government gilts. It did, however, experience a failed auction of index-linked gilts in 2002.

The government said it will likely try to sell off the remaining £187-million in early April.

I recently saw a reference to the 'GCC countries.' What are they?

GCC stands for the Gulf Co-operation Council, and it is made up of Saudi Arabia, Kuwait, Bahrain, Qatar, the United Arab Emirates and Oman.

The group produces almost a quarter of the world's oil, has a burgeoning manufacturing sector, and is expected to be a major force in the world's economy over the next decade.

The GCC states - with the exception of Oman - are planning to set up a monetary union, including a common currency. The group will also have its own central bank.