Canucks Owner Northwest Sports Enterprises has reached
an out-of-court settlement with its minority shareholders
"that may enable" its parent company, Orca Bay Sports &
Entertainment, to "bring in new investors," according to
Peter Kennedy of the Toronto GLOBE & MAIL. After months of
negotiations, Primex Investments "has agreed to accept" a
C$4M cash payment "to settle its long-standing legal
dispute" with Orca Bay Owner John McCaw and the other
Northwest shareholders. The proposed settlement calls for
Primex to "pick up" C$17.50 a share for its 10% stake in
Northwest and be "reimbursed" for about C$1.8M in legal
costs. The suit "stems from" Vancouver business exec Art
Rennison's claim that Northwest "didn't act in the best
interest of the company's other shareholders" when
shareholder Arthur Griffiths tried to take the company
private in '94 by buying out the minority shareholders. The
settlement was reached amid reports that McCaw is looking to
bring in new investors for Orca Bay's sports holdings, the
Grizzlies, Canucks and GM Place (GLOBE & MAIL, 9/10).
