Sorry your Company got cut
Cooper, Koho and Montreal all making a comeback!
No. Getting bought by Brookfield, a Canadian alternative investment firm. At least that was today's rumor.
Brookfield is a snarky predatory Canadian investment firm.
Former Toronto Maple Leaf Lanny McDonald leads investors in fight against Brookfield Asset Management Inc. in Alberta Court of Appeal
Kerry Clines June 27, 2016
On June 15, a group of investors led by former Toronto Maple Leaf Lanny McDonald were in the Alberta Court of Appeal fighting Brookfield Asset Management Inc., thestar.com reports. McDonald and his co-plaintiffs allege that Brookfield subsidiaries used “misleading,” “usurious,” and “oppressive” actions to gain control of Birch Mountain Resources Ltd. and its $1.6 billion Hammerstone limestone quarry for less than $50 million.
Brookfield says the accusations are “meritless, frivolous, and an abuse of process,” and a Calgary judge agreed last year, dismissing the case and ruling that there was no merit to the claim. Now McDonald is back in court armed with new evidence as his legal team tries to launch an appeal.
McDonald could not be reached for comment, but in an email, former lead plaintiff Wanda Bond told the news agency, “we are confident that we will win this appeal.” If the appeal fails, the only option left is an appeal with the Supreme Court of Canada.
John Mazag, a Birch Mountain shareholder, said he was hopeful when Brookfield subsidiary Tricap Partners Ltd. agreed to invest the millions of dollars needed to put the quarry into full production, but his opinion changed when Brookfield called in its $31.5 million loan less than a year later.
In court filings, Brookfield claims that Birch Mountain defaulted on loan provisions several times in 2008, was losing money, and was failing to meet production targets. In November 2008, Tricap called in its loan that was secured by all of Birch Mountain’s property and took control of the quarry. The plaintiffs say Tricap did not act in good faith.
According to the report, a Calgary appeal judge was scheduled to decide whether the case should go any further, but Bond tells the news agency a decision isn’t expected for some time. If the appeal is successful, the plaintiffs will try to have the suit certified as a class action suit.
You get cut from Brookfield? One of the best run companies in the world.
You screw over Lanny, you've screwed us all over.
Dick's out for Lanny!
We now have d-bags on here bragging that they know business better than everyone! Stick to bashing kids and programs!