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Gold/Mining/Energy : ITV Games Inc. V.TVE (Formerly Border Capital)
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To: Boolish who wrote (72)10/29/1999 11:36:00 PM
From: Boolish  Read Replies (1) of 137
 
FROM CANADA STOCKWATCH STREET WIRE

Dion Entertainment Corp -

Dions ordered to post $1-million for injunction

Dion Entertainment Corp
DIO
Shares issued 54,546,904
1999-10-29 close $1.4
Friday Oct 29 1999
Also Border Capital Corp (BOP)
by Brent Mudry
Howe Street stock and bingo promoters Louis and Leo Dion have scored a
mixed win in court in their petition against Border Capital, IBC Investments and
their associated responsdents. In a 17-page decision released Friday in the
Supreme Court of British Columbia, Mr. Justice Thomas Melnick ruled that the
Dion brothers are entitled to an interim injunction to preserve the status quo of a
disputed arbitration agreement. The judge, however, ordered the Dions and their
associated private companies to post a security deposit of $1-million. The speedy
decision comes a week after a two-day hearing ended on Oct. 22. Dion
Entertainment is not a party to the court petition.
Judge Melnick ruled that the Dions should provide a serious undertaking for
damages if the Border group ultimately wins the case. "I am not satisfied that the
petitioners have demonstrated that they have the financial ability to give a
meaningful undertaking," stated the judge. The Border group requested a
$6.8-million good-faith deposit, representing the amount Border has invested to
date, but Judge Melnick found that a smaller, but still substantial, amount was
more appropriate.
The judge noted that he originally indicated his plan to hand down oral reasons on
Tuesday, Nov. 2, but since he finished the job early, he invited lawyers for both
sides to meet in court that day to discuss the appropriate wording for the
injunction.
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