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PRIMEX SHAREHOLDER GROWLING AT GRIZZLIES NEW OWNERS
Published September 15, 1994
This morning's VANCOUVER SUN reports the Griffiths/ McCaw group now owns the C$163M "GM Place," set to open in September '95, which will house the group's NBA expansion franchise, the Grizzlies. The Griffiths/McCaw group bought the complex by purchasing remaining shares of Northwest Arena Corp for C$100/share. But Primex Investments President Art Rennison is resisting the share transfer, as he said he wants "proportionate ownership" for his 10% of Northwest Arena Corp. Rennison is accusing Arthur Griffiths of "co-opting the arena and the basketball franchise from Northwest shareholders." Rennison also said Primex's lawyers are sending a letter to Northwest's parent company, Northwest Sports Enterprises, asking them to recover the team and arena. If the letter fails, Rennison said he will go British Columbia Supreme Court to "order them to recover the assets." Griffiths has said he is negotiating with some new investors who the NBA has asked him not to identify (David Baines, VANCOUVER SUN, 9/15).