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  • MLG MINORITY SHAREHOLDERS FILE FOR STATUS IN STAVRO SUIT

         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).
    

    Print | Tags: Detroit Red Wings, Franchises
  • ST. LOUIS STRUTS INTO L.A.

         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).
    

    Print | Tags: Franchises, NFL, St. Louis Rams
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