Two minority shareholders of Maple Leaf Gardens Ltd. (MLG) have filed a motion to join the lawsuit against Steve Stavro, Harold Ballard's estate executor and controller of MLG, according to this morning's TORONTO STAR. The family of "sports entrepreneur" Harry Ornest and Red Wings Senior VP Jim Devellano have filed for "intervenor" status in order to "get relief and challenge price valuations" on the 4% of MLG shares which they hold. In an accompanying claim, Ornest and Devellano say estate executors, including Stavro, have "conducted the affairs of Maple Leaf Gardens in a manner that favored the interests of Stavro and related corporate entities and was oppressive to the interests of other shareholders." Ornest, Devellano and Ontario's Office of the Public Trustee, already involved in the suit, believe the estate's executors "should have offered the Gardens control block on the open market in an effort to get a higher price." The Trustee also claims the executors were in a "conflict of interest, ignored financial advice on maximizing share values and breached fiduciary duties to minority shareholders." The suit is aimed at having the courts "unwind" the takeover and return the shares to the estate for re-sale (Tony Van Alphen, TORONTO STAR, 10/12).
Representatives of St. Louis' proposal to lure the Rams away from Anaheim will present their offer today in Los Angeles. FANS point man Sen. Thomas Eagleton, St. Louis-based PR exec Al Kerth, financial advisor Barry Blackwell, and attorney Richard Riezman will present a plan for meeting the Rams' "wish list," including retaining Charlotte marketing consultant Max Muhleman to raise $60-90M in permanent seat licenses. Eagleton believes St. Louis is "neck and neck" with Anaheim supporters trying to keep the team in the area. Eagleton: "If the Rams in fact move, I think they'll come to St. Louis. That's the big 'if.'" He added that St. Louis' domed stadium will be completed for the '95 NFL season, putting St. Louis "ahead of Baltimore." Eagleton declined to discuss the specifics of the proposal but said he thinks the Rams will make a decision by mid-November (Jim Thomas, ST. LOUIS POST-DISPATCH, 10/12).