Simple Math To Ponder Hi All,
The basis for the class-action law suit will be this simple calculation:
81 million shares times a minimum of $.56 represents $45.4 million owing to shareholders.
That amount should get the attention of the Ontario Securities Commission and a law firm looking for an opportunity to unwind this corrupt deal.
Who leaves that kind of money on the table and argues they are acting in the best interests of shareholders? The Voting Trust has had multiple opportunities to divest their interest in Torstar and yet they prematurely shut the auction down for reasons that will only be revealed when this nefarious deal is litigated. The lawyers will have a field day with these buffoons in court.
You have to wonder who is giving them legal and financial advice? This math isn't complicated. Leaving yourself open to this obvious breach of your fiduciary responsibility is something that can't be lost on even the dimmest director. They should check their directors and officers liability insurance because something this obvious may not be covered (I hope) and it would be a shame if they finally had to dig into their own pockets to compensate shareholders for their incompetence.
This isn't over by a long shot. Too big and too obvious corruption for it to be overlooked. The Star once prided itself on "getting action." This should get some action!
MW