Globe and Mail Update published this Friday memo from CanWest CEO Leonard Asper to his troops, some of whom are feeling very secure:

1. We are in the midst of a very structured process that has a number of checkpoints. Getting a financial agreement with our lenders is one of those checkpoints as is potentially selling some assets (such as the recent announcement about our secondary conventional network), reducing our cost structures and finding new sources of revenue. We are currently gathering information and examining any number of options so we can make good, sound business decisions that are in the best interests of Canwest shareholders and employees over the long-term.

2. In all the media coverage what is often overlooked is that Canwest's businesses are highly profitable and generate well over $500-million a year in operating profits. Our issue is that in this recession, those profits have been reduced by a serious downturn in revenue so our “mortgage” is too high for our lenders liking.

3. Regardless of the paths that we follow, these businesses are strong. They will continue to operate and need talented people to keep them strong. We still have to produce newspapers, web pages and television programs and these all need to be supported with advertising. From what I can see, we are doing this as well, if not better than anyone out there right now.

And there's more.

The one part he left out is CanWest's (CGS-T) closing price on the TSX on Friday - $0.35. That's Nortel country.