In the summer of 2008, Teck Coal Ltd., a subsidiary of Teck Resources, was booming and the company was focused on figuring out how to capitalize on the most robust export metallurgical coal market in years. One growth strategy was consolidation. In a bold move, on July 26, Teck made an offer to purchase all of the outstanding units of the Fording Canadian Coal Trust, thereby giving Teck ownership of its largest direct competitor and controlling all of the production out of the massive metallurgical coal resource of southeastern British Columbia's Elk River Valley. The dynamic company confidently borrowed C$14 billion and ebulliently embarked upon a new era. But coal shipments started to slow down over the summer as the world's steel markets began a sharp decline and the Great Recession took hold of the globe. By the time shareholders voted to close the deal on September 30, the world had indeed changed.