Missing in Action

THE ACTION The high-closing scandal that rocked RT Capital recently calls up memories of another storm weathered by venerable parent Royal Trust.

In 1983, Michael Cornelissen was appointed CEO of Royal Trustco Ltd., becoming a key member of the inner circle of Edper Bronfman managers.

EARNED HIS STRIPES As a fixer. After working on the overhaul of the Bronfman/Reichmann company Trizec Corp. Ltd., "Colonel Mike" was hailed as one of the best and brightest.

BUT THEN Ten years into Cornelissen's tenure, a series of risky foreign loans and acquisitions went sour. Royal Trustco share prices plummeted and the company posted a loss of $852 million in 1992.

THE BIG UH-OH Cornelissen appeared at a company meeting in 1992 wearing a pair of foam breasts. It was meant to be a commentary on a critical magazine article titled "Royal Bust." The incident turned into a public relations fiasco.

BYE-BYE Cornelissen left later in the year to "pursue other interests." At 1993's annual meeting, Royal Trustco chairman Hartland MacDougall said the ex-CEO was "synonymous with the company's problems."

WHERE HE WENT He moved to Vancouver--in part to slip his sailboat (Psychopath) into the Pacific--and disappeared into the world of consulting. He was spotted in 1997 when he became president of Tengtu International, a small software company that wants to be the Disney of China.

WHERE HE IS NOW At 57, Cornelissen is CFO at Loewen Group, the funeral service company that filed for creditor protection last year in the wake of its own disastrous forays. Cornelissen declined our request for an interview. "He's too busy," says his PR handler. "He's trying to rescue Loewen from Chapter 11."