One of the partners in the company controlling the Toronto Star has asked the courts to issue an order breaking up the partnership. If it does, Torstar could be acquired by one of the existing owners or a new one.
One of the partners in the company which controls the Toronto Star has applied to the courts to break up the partnership and order its assets auctioned off.
“There is complete deadlock between Rivett and Bitove. ... They can no longer work together,” the application said.Under a draft court order filed with Rivett’s lawsuit, the two sides would each have a chance to bid for NordStar’s assets, either as a whole, or piecemeal. If neither is interested in a particular asset, the draft order proposes to sell it in a public auction.According to an online database, no court hearing has been scheduled and no orders have yet been issued.
Rivett’s application also said Bitove objected to some cost-cutting measures which he allegedly initially agreed to. The application also asked the court to keep Torstar from firing some “senior and indispensable” employees.
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