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Newton Glassman is one of Bay Street’s most successful risk takers, a specialist in squeezing sparkling returns out of distressed firms. The latest move by his Catalyst Capital Group private equity firm is a gambit to create a successful fourth player in Canada’s wireless telephone business. One is always hesitant to bet against The Vulture of Bay Street – particularly since Mr. Glassman has succeeded in the telecom space before – but the odds look particularly long in this case.