Sources in the NHL and the Toronto business community say
the Ontario Securities Commission plans a "thorough, wide-
ranging" investigation of Maple Leaf Gardens Ltd, Toronto-
Dominion Bank and MSG Chair Steve Stavro. David Shoalts of the
Toronto GLOBE & MAIL reports, since receiving complaints from
several former and current shareholders with a stake in MLG, the
OSC began reviewing transactions made by Stavro and MLG Ltd.
Among the details to be investigated are Stavro's role as both
executor of the estate of former Maple Leaf's Owner Harold
Ballard and buyer of the franchise, as well as a broadcast rights
estimates that Stavro allegedly withheld from appraisers hired to
evaluate the franchise. The OSC will examine a memo by a top T-D
Bank executive showing Stavro had told the bank, which acted as
both a lender and investor in the takeover, that the Leafs'
broadcast revenue would soon triple. Stavro plans to take MLG
Ltd. private as soon as several lawsuits connected to his
takeover are resolved (Toronto GLOBE & MAIL, 6/13).
