STAVRO FOUND TO HAVE MISLED SHAREHOLDERS DURING '94 BID
The Ontario Securities Commission (OSC) has "alleged"
that Maple Leafs Sports & Entertainment Chair Steve Stavro
"misled investors when he launched" his takeover bid for the
company in '94 by not telling shareholders "that he believed
the Gardens' revenue from broadcasting NHL games was about
to triple," according to Paul Waldie of the Toronto GLOBE &
MAIL. That information "could have boosted the company's
share price and forced" Stavro to pay more. The OSC's
"statement of allegations also names Maple Leafs director
Brian Bellmore and former director Donald Crump." The
"three have proposed an agreement to settle the matter, and
an OSC panel will decide Monday whether to accept the
settlement. All three could face a trading ban and an order
to make substantial payments" (Toronto GLOBE & MAIL, 3/23).