HIGH-GRADE NI-CU-PT-PD-ZN-CR-AU-V-TI DISCOVERIES IN THE "RING OF FIRE"
NI 43-101 Update (September 2012): 11.1 Mt @ 1.68% Ni, 0.87% Cu, 0.89 gpt Pt and 3.09 gpt Pd and 0.18 gpt Au (Proven & Probable Reserves) / 8.9 Mt @ 1.10% Ni, 1.14% Cu, 1.16 gpt Pt and 3.49 gpt Pd and 0.30 gpt Au (Inferred Resource)
Message: Judge rules on Essar Algoma oppression case, won't re-open sale process
One step closer to being done.....
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Judge rules on Essar Algoma oppression case, won't re-open sale process
Port lease unfairly disregarded the interests of Essar Steel Algoma's trade creditors, employees, pensioners and retirees, judge rules
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32 minutes ago by: David Helwig
Anshumali Dwivedi, Port of Algoma CEO. File photo by David Helwig for SooToday.
Superior Court Judge Frank Newbould has ruled that Essar Global Fund Ltd. and related company Essar Capital Ltd. were behind Essar Steel Algoma's decision two years ago to lease its aging dock to Port of Algoma Inc., and that the transaction was unfair and oppressive.
"I conclude and find that the port transaction was in itself unfairly prejudicial to, and unfairly disregarded, the interests of Algoma's trade creditors, employees, pensioners and retirees," the judge says in decision released today in Toronto.
In a separate decision, the judge has also denied an application from Essar Capital Ltd., which manages the financial investments of Essar Global Fund Ltd., to open Essar Algoma's sales and Investment solicitation process to other bidders.
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