Stamford promoter faces $15.3-million share suit
Stamford International Inc
STFD
Shares issued 27,526,658
2000-02-18 close $31
Friday Feb 18 2000
by Brent Mudry
Expatriate Vancouver stock promoter Bobby Miller faces a $15.31-million suit from North
Vancouver finder Chris Tomanik over a placement of shares of Mr. Miller's highflying
flagship, Stamford International. In an endorsed writ of summons filed Friday in the Supreme
Court of British Columbia, Mr. Tomanik claims that Mr. Miller, who now operates from Coral
Gables, Fla., reneged on an agreement to deliver 350,000 shares. A full statement of claim has
not yet been filed. A statement of defence had not been filed, and the allegations have not
yet been proven in court.
In the writ, Vancouver lawyer Robert McLennan of Alexander Holburn Beaudin & Lang
claims that in an April 1, 1997, agreement, Mr. Miller agreed to deliver to Mr. Tomanik 350,000
shares of Stamford at $1.25 per share in consideration for Mr. Tomanik placing one million
shares at $1.25. No further details are noted.
Mr. Tomanik claims Mr. Miller has refused to deliver the 350,000 shares. The suit seeks
specific performance or specified damages of $15.31-million, based on the difference between
the $1.25 price and the market price for Stamford shares. Mr. McLennan notes Stamford
shares closed at $45 on Jan. 26. "The plaintiff's loss, as of that date was, therefore,
$15,312,000," states the suit.
The suit does not note why this date and price were used. Stamford shares rose $3 to $31 on
Friday, the day the suit was filed. The well-promoted stock, which traded at 50 cents a year
ago, rose to $20.75 by Dec. 31 and peaked at $62 on Jan. 24.
Mr. Tomanik also served as a finder for another of Mr. Miller's promotions, Crystallex
International, in late 1994. In addition, Presidio Capital, of which Mr. Tomanik is a
shareholder, bought private placement shares of Mr. Miller's Ixtal International Technology,
renamed Job Industries, in early 1993.
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