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MLG MINORITY SHAREHOLDERS FILE FOR STATUS IN STAVRO SUIT
Published October 12, 1994
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).