Relationship breaks down between Torstar owners, one seeks order to wind up company
BNN Bloomberg
One of the owners of Torstar is seeking a court order to wind up the media company, citing "irreparable" damage to the relationship with his business partner.
Paul Rivett, one of the owners of Nordstar Capital Inc., an investment company that purchased Torstar in 2020, filed an application to the Ontario Superior Court of Justice earlier this month that says immediately dissolving Nordstar is the only way to create a clear path forward for the companies under its umbrella.
The court document filed on Sept. 1 delves into the erosion of Rivett and partner Jordan Bitove's relationship. Rivett claims Bitove changed his mind about previously agreed upon plans and failed to provide a budget at the Toronto Star, which he oversees.
The filing also says Bitove ignored proper corporate governance and disregarded his responsibilities to Torstar and Nordstar.
