Originally Posted by
Victor Itkin
I was also trying to quote Vlad's yesterday post from this thread, but was not able to find it anymore. Was it removed?
My original intention was simply to ignore these irrelevant posts made by Vlad. But as he devoted a whole page to this legal case, and allowed himself frivolous comments on its results, the situation changed. Vlad left me no choice but to give my own brief comments on this case. Otherwise, the Voting Members may have a misconception. I apologize in advance to the Voting Members, who are likely have little interest in this topic.
One of the six shareholders of the Canadian corporation had a long-tern conflict with the other 5 shareholders (including myself). The conflict interfered with the normal conduct of the business, and five shareholders offered to by this one shareholder out. He refused, and instead sued the other 5 shareholders and the corporation itself. In the lawsuit, he demanded exorbitant financial compensation, and liquidation of the corporation.
At the trial, we received a very experienced judge who made a wise and the only correct decision in this situation. He ordered that the plaintiff is obliged to sell all his shares in the company to other 5 shareholders for the Fair Market Value of these shares (which was calculated by professional business valuators), and the other five are obliged to purchase these shares from him for that price. This was the essence of the court’s decision. The plaintiff was dissatisfied with the court’s decision, and filed the appeal, which he lost. The other 5 shareholders were happy to buy him out for the Fair Market Value, and to get rid of an inconvenient partner forever. Immediately after the trial, the company’s business went uphill and continues successfully to this day; and 5 shareholders became friends for life.
I have no clue, why Vlad decided to call acquisition of successful company’s shares for Fair Market Value a “catastrophic loss”. I call it “good investment”. This trial was not a “nightmare” for me, but an interesting experience. I am proud of my participation in this legal action, and consider it one of successful episodes in my business career.
Unlike Nikolay Noritsyn, I do not see these Vlad's posts as personal attack on me, but just as clumsy step of despair.
I apologies once again for this off-topic post, but it was not me who brought it up. I will no longer comment on this topic, even if Vlad will quote in this thread all 63-page court decision, which is publicly available in all Canadian legal databases.