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ANOTHER LAWSUIT AGAINST STEVE STAVRO'S BID FOR MLG
Published May 1, 1995
MLG CEO Steve Stavro was handed "another setback" in his bid to hold onto the Maple Leafs and its arena, according to William Houston of the GLOBE & MAIL. On Friday, an Ontario judge certified a lawsuit against Stavro and his acquisition company, MLG Ventures, as a class-action proceeding. The decision means that MLG shareholder Gwen Maxwell, who brought suit against Stavro and MLG Ventures, will represent all Maple Leaf Gardens Ltd. stockholders who sold their shares to MLG Ventures, based on the company's public offering of April, 1994. Among the complaints is that Stavro may have misrepresented the stock value of Maple Leaf Gardens Ltd. Maxwell is seeking C$13.6M in damages on behalf of all former MLG Ltd. shareholders who sold their stock to MLG Ventures. The Ontario Public Trustee also is suing Stavro to have his purchase of the MLG Ltd. shares belonging to the Harold Ballard estate, about 60% of the company's total stock, cancelled. That case is scheduled to go to trial in September (Toronto GLOBE & MAIL, 4/29).