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Gold/Mining/Energy : DION ENTERTAINMENT -- Ignore unavailable to you. Want to Upgrade?

To: George Hassen who wrote (368)	10/28/1999 10:48:00 AM
From: Calibash	Read Replies (1) \| Respond to of 378

10/28/1999 06:51:00 / DION ENTERTAINMENT CORP BORDER CAPITAL CORP ("BOP-Y") DION ENTERTAINMENT CORP ("DIO-T") - Legal Update, Border Nevada and IBC to Make Claims Against Dion Border Capital Corp. ("Border") reports that the court has reserved its decision in the application for an injunction against Border, IBC Investments Limited ("IBC") and their related parties by Louis Dion, Leo Dion and others ("Dion Group"). Management for Border will report on the outcome of the decision of the court regarding the injunction application against IBC and Border, which is scheduled November 2, 1999. Arbitration proceedings have been initiated by the Dion Group in respect of various issues including the decision of IBC and Border Nevada to eliminate the Management Committee of the joint venture. Counsel to the Dion Group advised the court that agreement had been reached on the arbitrator to be appointed, and Border, IBC and their related parties confirm that agreement. Border's subsidiary ("Border Nevada") and IBC intend to raise at the arbitration claims against Louis Dion for alleged breaches of his duty to the parties to the joint venture, IBC and Border Nevada, and claims against Louis Dion and MCG Millennium Capital Group Ltd. ("MCG") for alleged breach of their duties to IBC under their agency agreement. Border Nevada and IBC also intend to make claims against Dion Entertainment Corp. (TSE:DIO) for alleged misappropriation of corporate opportunities of the joint venture that have surfaced in recent announcements by Dion Entertainment Corp. These opportunities are alleged to be game show business opportunities developed by MCG and Louis Dion who are alleged to have also breached a July 31, 1998 agreement by failing to bring such gaming opportunities to the joint venture. Additionally, Border Nevada and IBC allege breaches by Dion Entertainment Corp. of duties of confidentiality in respect of certain confidential information provided pursuant to the July 31, 1998 agreement. Moreover, Border Nevada and IBC intend to make claims against Louis Dion, Leo Dion and MCG for alleged breaches of the July 31, 1998 agreement and agency agreement, which allegedly precipitated the claim by BingoNet, Inc. ("BingoNet") for reversion of the patents under sections 7 (b) and 9 (c) of the 1996 assignment agreement between BingoNet and IBC. Section 7 (b) of the 1996 assignment agreement prohibits IBC from transferring title to the patent rights without the prior consent of BingoNet. Section 9 (c) prohibits IBC from "clouding title" to the patents should a reversion event occur. TEL: (604) 730-6910 Mr. Michael Holley, Director EMAIL: michael@bordercapital.com ______________________________________ (c) Corporate Dissemination Services Inc. All rights reserved. Tel:(604) 689-1101 Fax:(604) 689-1106 RapidFAX (tm) - To get the NEWS as it happens, call (604) 689-3041.