Canucks Owner Sued

Discussion in 'Fugu's Business of Hockey Forum' started by Wetcoaster, Jan 20, 2005.

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  1. Wetcoaster

    Wetcoaster Guest

    Sports Page and BCTV in Vancouver are reporting that spurned Canucks purchasers, Gagliardi and Beedie, are planning to file suit against Orca Bay claiming bad faith in their negotiations to purchase the Canucks. They are alleged to be seeking that the court force the sale of the Canucks to them rather than the Aquilini Group whoi have completed a deal with Orca bay to buy 50% of the Canucks. The sale is pending approval from the NHL Board of Governors currently and was on the agenda for last week's cancelled BOG meeting.

    Apparently there will be a story in tomorrow's Sun newspaper (Gary Mason?) giving further details.

    What do you figure the chances would be that the NHL Board of Governors would approve that transfer of ownership?????
  2. Crows*

    Crows* Guest

    Holy crap. Aquilini did come out of the fire and I would prefer the other two as owners.

    IT just depends on if they really did get hosed and have legit info to prove it.
  3. Wetcoaster

    Wetcoaster Guest

    Here is some additonal information on the lawsuit which was filed in BC Supreme Court Wednesday. Bear in mind these are only ALLEGATIONS and we have not yet seen Orca Bay and Acquilini's defence with their version of what occurred.

    The claim states that Acquilini who was originally part of the purchase group with Tom Gagliardi and Ryan Beedie violated a verbal agreement and met with a representative of owner John McCaw alone. Shortly thereafter Acquilini withdrew from the purchase group (March 2004).

    The suit claims Aquilini breached an oral agreement not to engage in individual discussions with Orca Bay and not to use confidential information supplied by his former partners.

    On October 30, 2004 Orca Bay made an offer to the purchasers, they counter offered on November 2, 2004 and on November 5, 2004 Orca Bay rejected the couter proposal saying the Ocober 30, 2004 deal terms were final. The purchasers tried to reinstate the previous offer (Oct 30) but this was rejected by Orca Bay.

    Orca Bay then reached a deal with Aquilini which is up for approval before the NHL Board of Governors.

    The claim and remedies sought by Gagliardi and Beedie are:

    "As a result of Aquilini's breaches of contract, fiduciary duty and duty of confidence... (t)he purported sale of any interest in [the Canucks] to the Aquilini Group is unlawful and should be set aside.

    "The [Plaintiffs - Gagliardi and Beedie] are entitled to an order requiring the vendors [Orca Bay] to reinstate the Oct. 30 2004 offer so that it can be accepted by the purchasers.

    "[And further]. . . if the court makes the order requiring the Oct. 30, 2004 offer to be reinstated, the purchasers state they will accept the Oct. 30 2004 offer. Accordingly, the purchasers will, upon such acceptance, be entitled to a declaration that the vendors are bound to sell the Enterprise to them on the basis of the Oct. 30, 2004 offer."

    The suit also seeks unspecified damages.

    This sort of case can take 2 years or more to get to court in BC.

    Counsel for Gagliardi and Beedie is Irwin Nathanson, QC who is the senior partner in the Vancouver firm of Nathanson, Schachter and Thompson. Here is his bio:
  4. BB

    BB Registered User

    Nov 16, 2003
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  5. StickShift

    StickShift Registered User

    Feb 29, 2004
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    I hope Beedie and Gagliardi get somewhere with this. I think they would be MUCH better for the organization than Aquilini.
  6. Wetcoaster

    Wetcoaster Guest

  7. Wetcoaster

    Wetcoaster Guest

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