On Monday, a court in Ontario will hear the legal dispute between the proprietors of various media consortia, including the Toronto Star.
Jordan Bitove and NordStar Capital Inc., an investment firm owned by Bitove and his business partner, Paul Rivett, are set to appear in court tomorrow on University Avenue in Toronto, according to the Superior Court of Justice docket.
Rivett submitted a request for a court order to wind up the media company to the Ontario Superior Court of Justice last month.
The application explores the breakdown of their partnership, and he alleged “irreparable” harm to the relationship with Bitove.
The application claims that the only way to provide a clear future for the companies covered by the umbrella is to quickly dissolve NordStar, which acquired Torstar Corp. in 2020 for $60 million.
In addition, NordStar owns flyer distribution companies, NorthStar Gaming Inc., and six regional daily newspapers in Ontario, including The Hamilton Spectator.
According to the filing, if temporary relief is not granted, “the applicants, workers of the controlled companies, and Torstar’s news readers all stand to suffer irreparable harm.”
Rivett alleges Bitove refused to give a budget and altered his mind about previously agreed-upon plans at the Toronto Star.
He has requested the court to choose PrincewaterhouseCoopers to supervise an asset sale to resolve the “impasse” between the two parties.
According to the complaint, Bitove neglected his duties at Torstar and Nordstar as well as good corporate governance.
The record states that Bitove left Nordstar’s board of directors on August 13.
Rivett formerly held the position of president at Fairfax Financial before joining Bitove. In addition to being a member of the ownership group that constructed the SkyDome, now known as the Rogers Centre, Bitove is renowned for his assistance in the establishment of the Toronto Raptors basketball franchise.
After the court ruling was submitted, Bitove stated that he is “not apologising” for the way he conducts the newspaper industry, adding that he has tried to make the business more competitive, robust, and accountable.
In order to maintain The Star’s incredible legacy and forge a stronger, brighter future, he said, “I’ve done this to ensure that the Toronto Star, Canada’s largest newspaper, can continue to deliver the news, opinion, and stories our diverse audiences seek and the investigative journalism our democracy depends upon.”
Over 10,000 media workers are represented by Unifor, which has been “discouraged” by the court application. Numerous Toronto Star employees are represented by Unifor Local 87-M.
Lana Payne, national president of Unifor, stated in a statement that “(the) unexpected announcement was extremely disrespectful to the hard-working Toronto Star workers who were shocked by this information—or rather, lack-of.
“Journalists and media professionals frequently risk their lives to bring the public fact-based information, and they deserve better.”
— files from The Canadian Press are included.
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