Goldman Sachs & Co. has asked the Ontario Court of Appeal to block Shaw Communications and U.S. bondholders from taking control of a restructured Canwest Global Communications.

‘This CCAA restructuring proceedings has involved a remarkable abuse of the CCAA’s process and a total failure of Canwest corporate governance for the purpose of extracting the most value possible for the [U.S.] noteholders,’ the Wall Street bank said in a legal brief filed Wednesday.

Goldman Sachs, as it appeals a lower court ruling to give Shaw control of a recapitalized Canwest Global, said the U.S. bondholders see value not in ‘Canwest’s insolvent conventional TV business,’ but in the 13 profitable cable channels the broadcaster has since 2007 operated as CW Media on behalf of the U.S. investment bank.

Following the blessing of the Ontario Superior Court of Justice, Shaw stands to acquire at least 20% of Canwest Global’s equity and 80% of its voting stock after the debt-laden broadcaster completes its restructuring.

Shaw’s equity stake will likely exceed 20% after U.S. bondholders and other senior lenders decide whether to take cash rather than shares in a restructured Canwest Global.

Goldman Sachs claims the proceedings under the Companies’ Creditors Arrangements Act aim not to get Global Television back on its feet, but to force the Wall Street bank to ‘surrender value or else to force a CCAA disclaimer’ of the 2007 CW shareholders agreement.

Goldman Sachs pointed to an