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STAVRO NOW HAS TO STAVE OFF TWO GOVERNMENT AGENCIES
Published September 19, 1994
Ontario's Public Trustee charged that Maple Leaf Gardens Ltd. (MLG) failed to take any steps to "maximize value for shareholders before the company's takeover by MLG Ventures." In a new set of allegations specifically against Gardens management, the trustee and ministry of the attorney-general contend company officials didn't "make any or adequate attempts" to find out what potential buyers would pay. The two government agencies have already alleged the executors of the estate of late Gardens owner Harold Ballard "breached their fiduciary duties to a group of designated charities by selling his estate's stake in the hockey franchise privately to MLG Ventures, and not on the open market." The two agencies want to the courts to unwind the deal and return the shares to the estate. MLG Ventures and the Gardens "have denied all the allegations which must still be proven in court." The estate's three executors are all members of the Gardens board. Stave Stavro is Chair and CEO of the Gardens and Donald Crump is the company's treasurer (Tony Van Alphen, TORONTO STAR, 9/16). The trial to decide the future ownership of Maple Leaf Gardens will likely start next spring (Van Alphen, TORONTO STAR, 9/19).