Toronto Star owners are feuding and hefty job cuts could be on the line
Anyone wanna go halfsies with me in buying the Toronto Star?https://t.co/cUNmlzRjvE— Brian Lilley (@brianlilley) September 29, 2022
In an application filed on Sept. 2 to the Ontario Superior Court of Justice, Rivett, along with his holding company Tevir Investments Inc., say they are seeking a court order to dissolve NordStar Capital, a partnership created by Rivett and Bitove to purchase Torstar in May 2020.
These are unproven allegations, but does read as though Paul Rivett is unhappy with business partner Jordan Bitove for putting the paper ahead of profits: pic.twitter.com/RpYOOtCJNC— Jonathan Goldsbie (@goldsbie) September 29, 2022
"There is a complete deadlock between Rivett and Bitove...they can no longer work together," the application reads.
Rivett's proposed solution for the deadlock is for the company to be sold under a court order, where the two sides have a chance to bid for NordStar's assests. If neither party is interested, the application proposes to sell it in a public auction.
And uncertainty for numerous local daily & weekly newspapers, under Metroland. This could be devastating for so many employees.— MaggieTulliver, PhD (@maggie_xer) September 29, 2022
Rivett's application says that NordStar is in breach of a debt agreement, and while he wants to sell some of the company's real estate to pay it off, Bitove is refusing.
The suit also asks the court to keep Torstar from firing "senior and indispensable employees. "Given the operational state of the companies, the applicants, employees of the controlled companies, and Torstar's news readers all stand to suffer irreparable harm if interim relief is not granted," the application says.
Let's hope this ends well for all of us who work here. We are still dedicated to doing a great job for our readers. Torstar owner launches court application to break up NordStar https://t.co/PZ2h3KDrZk via @torontostar— Scott Colby (@the_scolby) September 30, 2022
While the future of the partnership seems uncertain, no court hearing has been scheduled, and no allegations in the suit have been proven in court as of yet.
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