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Big Trouble At The Star As One Owner Tries To Break Up Partnership
One of the owners is taking the others to court, looking to break up their partnership. What it means for the future of the paper if this succeeds isn't immediately clear.
"In the application, filed on Sept. 2, the relationship between Rivett, chairman and co-proprietor of Torstar, and Bitove, publisher of the Toronto Star and co-proprietor of Torstar, is described as “irrevocably impaired.”
“There is complete deadlock between Rivett and Bitove. ... They can no longer work together,” the application said.
- mike marshall
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Re: Big Trouble At The Star As One Owner Tries To Break Up Partnership
As I read the story last night, the first thing to come to mind was the Allan Slaight/John Bitove "Shotgun Clause" story ....
>> Slaight and Bitove clashed on their arena viewpoints. Slaight wanted an arena that would be shared with the NHL's Toronto Maple Leafs, but the Leafs had declared their own intentions to build a separate arena to replace the aging Maple Leaf Gardens.Just a year later, “a shotgun clause” in their partnership agreement was activated which resulted in Slaight acquiring Bitove's shares for $65m, giving him 79% majority ownership in the team. Slaight also bought out the shares of Peterson and Granovsky shortly thereafter, increasing his ownership stake to 81%.In 1997-98, after Isiah Thomas tried to unsuccessfully buy the team, he resigned as GM and sold his share, thereby increasing the Slaight ownership stake to 90%<<
In Retrospect: The Shared NBA Vision Of John Bitove Jr. And Allan Slaight | FYIMusicNews
Last edited by mike marshall (September 30, 2022 11:44 am)
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Re: Big Trouble At The Star As One Owner Tries To Break Up Partnership
The disputants in the Toronto Star breakup case have now taken their public feud behind closed doors to arbitration. Ironic, since that means it will no longer be making the news.
Torstar owners agree to take dispute to mediation and arbitration
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Thread Starter- mike marshall
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Re: Big Trouble At The Star As One Owner Tries To Break Up Partnership
RadioActive wrote:
The disputants in the Toronto Star breakup case have now taken their public feud behind closed doors to arbitration. Ironic, since that means it will no longer be making the news.
Wanna bet? It’s a huge newspaper story with three other dailies in town. Major jobs are on the line.If there isn’t a quick agreement, the place *could* become a sieve.