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WestJet Airlines Ltd. co-founder Clive Beddoe loves aviation, but sailing comes a close second. In late 2007, he took part in the Atlantic Rally for Cruisers, just two months after he stepped down as WestJet CEO and passed the torch to Sean Durfy, who had succeeded him as president a year earlier. Leaving Mr. Durfy in charge of the airline, Mr. Beddoe and his yacht crew made their way across the Atlantic Ocean from Spain to St. Lucia over 17 days.

Fast-forward 14 months, and we find Mr. Beddoe fondly recalling the 2007 trip, but emphasizing that he's sticking to a more leisurely pace these days. "Been there, done that and got the T-shirt - literally," he says of the transatlantic adventure. Earlier this month, Mr. Beddoe changed his title to WestJet chairman, rather than executive chairman, further distancing himself from the airline's day-to-day operations. That will give him more time to spend sailing off Vancouver Island, a quick flight from Calgary, where he lives and where WestJet is headquartered.

The airline is celebrating its 13th anniversary this week and now has 76 aircraft in its fleet, including nine added since Mr. Durfy became CEO. "Sean's done an admirable job. He's brought the company a long way," Mr. Beddoe says. "I'm still happy to help, but I'm glad that we've had a successful succession process." And if he wants to visit St. Lucia again, he's more likely to book a WestJet flight. "I sail constantly but I'm not doing another crossing of the Atlantic."

THE MPL SAGA

A month ago, we told you about the troubles of financial newsletter publisher MPL Communications Inc. The money-losing Toronto-based company publishes well-known titles including Investor's Digest and The MoneyLetter and is controlled and managed by Stephen Pepper and Barrie Martland. Last Wednesday, the Alberta Court of Queen's Bench ruled that Mr. Pepper and Mr. Martland, chairman and president of MPL, respectively, should repay nearly $2-million plus interest in excessive management fees to MPL.

The two principals had been sued by a minority shareholder group led by David Carlson, who sold his website to MPL in 2000 in exchange for shares. His suit, filed in 2003, alleged there were improper management fees and interest-free revolving loans received by Mr. Pepper and Mr. Martland's private company, Marpep Publishing Ltd., from MPL over a number of years.

In a statement yesterday, MPL said the unhappy shareholders will be entitled to name a director to its board, while it "will work towards improved corporate governance and executive compensation practices, as recommended or mandated by the court."

Mr. Carlson had gone to regulators over the matter, but ended up having to pursue it in court. "It would be nice if somebody else had taken this on," he said yesterday, meaning regulators. As for the ruling itself, he said: "It's not as much as we hoped, but we certainly set some precedents."

pbest@globeandmail.com

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