Our Tim Platnich  was successful in prosecuting a claim on behalf of a plaintiff in a shareholder dispute.

The Plaintiff entered into an agreement with two others whereby the Plaintiff was to be a 1/3 equity participant in a real estate development venture. A corporation was to be used to acquire and develop the real estate. The Plaintiff was to become a common shareholder. The agreement between the Plaintiff and the Defendants was oral and was never properly documented.

After the development was underway, the Plaintiff negotiated a second agreement whereby he would convert his common shareholdings to a preferred share position. Again the agreement was not properly documented. The Defendants denied that the Plaintiff was a shareholder. Furthermore, the Defendants argued that the money invested by the Plaintiff in the holding company was a loan and that the Plaintiff was statute barred from suing for the return of his investment.

The Plaintiff sued in the Court of Queen’s Bench of Alberta. The matter proceeded to trial in October of 2002. The Judgment in the case was issued on February 20, 2003. The Plaintiff was declared to be a preferred shareholder and was awarded a substantial judgment.

For further details regarding the case, contact Tim Platnich.