Suit launched over Canucks sale
Canadian Press
1/20/2005
VANCOUVER (CP) - Two businessmen who thought they were going to buy the Vancouver Canucks have filed a lawsuit against Orca Bay and a former partner who became co-owner of the NHL club.
Tom Gagliardi and Ryan Beedie filed a statement of claim in B.C. Supreme Court on Wednesday, alleging Canucks owner John McCaw and Francesco Aquilini, who bought 50 per cent of the team in November, acted in bad faith and disregarded legal agreements when they brokered their deal.
Gaglardi and Beedie referred questions to their lawyer Ian Nathanson, who would only confirm a statement of claim had been filed.
"The matter is now before the court so that's all I can really say," Nathanson told the Vancouver Sun.
In the statement of claim, Gagliardi and Beedie said Aquilini was once their partner in negotiations to buy the Canucks, but Aquilini pulled out saying he was unable to finance his share of the offer.
They claimed Aquilini wanted to be kept informed about negotiations with Orca Bay because he was still interested in participating in the deal in the future.
"After Aquilini ceased to be a partner, he owed a duty of confidence to (the complainants) not to disclose or use any confidential information provided to him for his own benefit contrary to their interests," court documents said.
Gaglardi, president and CEO of a hotel chain, and Beedie, who heads an industrial building design and construction company, charged that Aquilini then went behind their backs to broker a deal with McCaw and that the sale was "unlawful and should be set aside."
They seek unspecified damages and want the court to reinstate a offer that McCaw had made to them Oct. 30 during negotiations.
Vancouver Canucks President and CEO Stanley McCammon issued the following statement.
"We understand that a suit has been filed against us and the Aquilini Investment Group relating to the acquisition of 50 per cent of Orca Bay Sports and Entertainment. All we can say at this point is what has been publicly stated already. At all times we fully complied with all our legal and ethical obligations, and we dealt with the other party in good faith. We simply failed to reach an agreement with them. We had the full right to begin negotiations with Mr. Aquilini, and we did so.
"We are confident that, at the end of the day, the facts will be heard and we will prevail. We will vigorously defend ourselves - and the reputation of our organization against these claims.
"As this is an issue before the courts, it is not our interest or intention to comment publicly following this statement."
Nathanson said it could be 18 months to two years before the case gets to court.
Cheers,
Aquaman
Canadian Press
1/20/2005
VANCOUVER (CP) - Two businessmen who thought they were going to buy the Vancouver Canucks have filed a lawsuit against Orca Bay and a former partner who became co-owner of the NHL club.
Tom Gagliardi and Ryan Beedie filed a statement of claim in B.C. Supreme Court on Wednesday, alleging Canucks owner John McCaw and Francesco Aquilini, who bought 50 per cent of the team in November, acted in bad faith and disregarded legal agreements when they brokered their deal.
Gaglardi and Beedie referred questions to their lawyer Ian Nathanson, who would only confirm a statement of claim had been filed.
"The matter is now before the court so that's all I can really say," Nathanson told the Vancouver Sun.
In the statement of claim, Gagliardi and Beedie said Aquilini was once their partner in negotiations to buy the Canucks, but Aquilini pulled out saying he was unable to finance his share of the offer.
They claimed Aquilini wanted to be kept informed about negotiations with Orca Bay because he was still interested in participating in the deal in the future.
"After Aquilini ceased to be a partner, he owed a duty of confidence to (the complainants) not to disclose or use any confidential information provided to him for his own benefit contrary to their interests," court documents said.
Gaglardi, president and CEO of a hotel chain, and Beedie, who heads an industrial building design and construction company, charged that Aquilini then went behind their backs to broker a deal with McCaw and that the sale was "unlawful and should be set aside."
They seek unspecified damages and want the court to reinstate a offer that McCaw had made to them Oct. 30 during negotiations.
Vancouver Canucks President and CEO Stanley McCammon issued the following statement.
"We understand that a suit has been filed against us and the Aquilini Investment Group relating to the acquisition of 50 per cent of Orca Bay Sports and Entertainment. All we can say at this point is what has been publicly stated already. At all times we fully complied with all our legal and ethical obligations, and we dealt with the other party in good faith. We simply failed to reach an agreement with them. We had the full right to begin negotiations with Mr. Aquilini, and we did so.
"We are confident that, at the end of the day, the facts will be heard and we will prevail. We will vigorously defend ourselves - and the reputation of our organization against these claims.
"As this is an issue before the courts, it is not our interest or intention to comment publicly following this statement."
Nathanson said it could be 18 months to two years before the case gets to court.
Cheers,
Aquaman