Many Canadian provinces are looking to Alberta for guidance about charter schools. This case study examines the closure of one charter school to identify the obstacles other schools may face. This study uses critical policy analysis and the "politics of interpretation" to examine the political context of educational policy issues. While linear models of policy analysis fail to allow for feedback, the approach used here includes a consideration of implicit and explicit rules and values, the interests of diverse groups, and the assumptions embodied in contrasting educational paradigms. Alberta's political climate, coupled with budget austerity during hard economic times, created pressures for reform driven by key stakeholders from the Ministry of Education and the community. There were no organized parental groups participating in the push toward charter schools, and legislation enabling pilot programs was advanced before substantial opposition emerged. A lack of clear regulations and changing government pronouncements complicated the efforts of early applicants. Factors that led to the demise of one of Alberta's first charter schools include confusion regarding the stated purpose of the charter mandate, a lack of training for charter board members, poor external monitoring, and an absence of fiscal accountability. The closure of this school shows how confusion stemming from Alberta's political context, a lack of clear regulations, and inadequate financial assistance contribute to the instability of the charter-school movement in Canada. (Contains 43 references.)(TEJ)