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COURT ALLOWS OTHER PARTIES TO JOIN SUIT AGAINST STAVRO
Published November 3, 1994
A judge allowed a group of minority shareholders of Maple Leaf Gardens Ltd. to join a lawsuit against the company. In a decision released yesterday in the Ontario Court, Justice John Ground said Jim Devellano, and Harry Ornest and his family can join a suit launched last summer by a group of charities to block the takeover of the Gardens by grocer Steve Stavro. Ornest, his family and Devellano own more than half of the outstanding Gardens shares, which amounts to less than 10% in total. Since April, Stavro has acquired more than 90% of Gardens shares, including 60% from the estate of the late Harold Ballard which Stavro bought for C$34 apiece in a private deal with the estate's executors. Those challenging Stavro's ownership charge a conflict of interest due to Stavro's role as one of the executirs of Ballard's estate (Paul Waldie, FINANCIAL POST, 11/3). One Toronto lawyer called Justice Ground's ruling "a blow to Stavro. It's something he didn't want to happen." The case is expected to be heard in court next spring or early summer (Toronto GLOBE & MAIL, 11/3).