Brian Radnoff Quoted by The Globe and Mail on Reprieve Granted to Purported Land Developers by Ontario Appeal Court
- Radnoff, Brian N.
- Media Mentions
Brian Radnoff was quoted in The Globe and Mail's article, "Ontario Appeal Court Grants Reprieve to Purported Land Developers Ordered to Pay $9-Million to Investors." The article discusses Brian's client, the real estate investment company, Thrive Capital Management Ltd. In return for Thrive's $9 million investment to purchase land in Ontario, it was to become a 50% shareholder in the companies that owned the properties. Instead, the property sale never closed, and a $2 million deposit was lost. The principals behind the partnering company allegedly diverted millions of dollars that were supposed to be used for housing developments. After breaching several court orders and being found in contempt, they were ordered to pay the full amount sought by investors, even though the case had not gone to trial. The appeal judges found the Justice had erred during the contempt sentencing hearing when he barred the businessmen from arguing the merits, or their defense, to the primary allegation that they were not entitled to use investors' money the way they did. Despite the case going back to court, Brian said Thrive "will continue to pursue this matter, including sanctions for the defendants' contempt," and that the client is pleased the appeal judges confirmed a full judgment could still be an appropriate sanction when the case is reargued. Click here to read the article.
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