Precious Metal Capital Corp. v. Smith

Precious Metal Capital Corp. v. Smith

The documentary and other evidence conclusively undermined PMCC's sole affidavit evidence that Peebles was retained to acquire Pachapaqui or received confidential PMCC information; therefore no genuine issue for trial existed under the Combined Air 'full appreciation' test and the Ancash defendants were entitled to summary judgment because PMCC could not establish the necessary agency, fiduciary breach or confidentiality to support its claims.

Citation
2012 ONCA 298
Parties
Plaintiff (appellant): Precious Metal Capital Corp.; Defendant (respondent); Plaintiff by Counterclaim (respondent): Gregory Charles Smith; Defendant (respondent); Plaintiff by Counterclaim (respondent): Taghmen Ventures Limited; Defendant (respondent); Plaintiff by Counterclaim (respondent): NHG Capital Limited; Defendant (respondent): Gregory Jack Peebles; Defendant (respondent): Haviland Management Inc.; Defendant (respondent): Haviland International Resources Inc. Limited aka Haviland International Resources Limited; Defendant (respondent); Plaintiff by Counterclaim (respondent): Euro Americas Securities Limited; Defendant (respondent); Plaintiff by Counterclaim (respondent): International Consolidated Minerals Limited; Defendant (respondent); Plaintiff by Counterclaim (respondent): Platinum Diversified Mining Inc.; Defendant (respondent): Platinum Partners Value Arbitrage Fund, L.P.; Defendant (respondent): Mark Nordlicht; Defendant (respondent): Ancash Mining Ltd.; Defendant to the Counterclaim (appellant): Steven Babcock; Defendant to the Counterclaim (appellant): Gary Sugar; Defendant to the Counterclaim (appellant): George H. Babcock; Defendant to the Counterclaim (appellant): Babcock Consulting Limited; Defendant to the Counterclaim (appellant): Plataperu Resources Inc.
Court
Court of Appeal for Ontario
Jurisdiction
Canada
Judgment Date
8 May 2012
Procedural Posture
Civil / Appeal From Summary Judgment
Outcome
Appeal dismissed; summary judgment for respondents affirmed; costs awarded to respondents.
Legal Topics
Summary Judgment Test, Agency Agreement, Breach of Fiduciary Duty, Breach of Confidence, Derivative Claim, Evidentiary Weight of Documentary Evidence
Source Language
English
Civil Equity Agency Fiduciary Duty Confidential Information Unjust Enrichment Conspiracy Procedure +6 more

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Parties

Precious Metal Capital Corp.

Plaintiff (appellant)

Gregory Charles Smith

Defendant (respondent); Plaintiff by Counterclaim (respondent)

Taghmen Ventures Limited

Defendant (respondent); Plaintiff by Counterclaim (respondent)

NHG Capital Limited

Defendant (respondent); Plaintiff by Counterclaim (respondent)

Gregory Jack Peebles

Defendant (respondent)

Haviland Management Inc.

Defendant (respondent)

Haviland International Resources Inc. Limited aka Haviland International Resources Limited

Defendant (respondent)

Euro Americas Securities Limited

Defendant (respondent); Plaintiff by Counterclaim (respondent)

International Consolidated Minerals Limited

Defendant (respondent); Plaintiff by Counterclaim (respondent)

Platinum Diversified Mining Inc.

Defendant (respondent); Plaintiff by Counterclaim (respondent)

Platinum Partners Value Arbitrage Fund, L.P.

Defendant (respondent)

Mark Nordlicht

Defendant (respondent)

Ancash Mining Ltd.

Defendant (respondent)

Steven Babcock

Defendant to the Counterclaim (appellant)

Gary Sugar

Defendant to the Counterclaim (appellant)

George H. Babcock

Defendant to the Counterclaim (appellant)

Babcock Consulting Limited

Defendant to the Counterclaim (appellant)

Plataperu Resources Inc.

Defendant to the Counterclaim (appellant)

Procedural Posture

Civil / Appeal From Summary Judgment

Legal Issues

  1. 1 Whether Peebles was retained by PMCC as agent to acquire or finance Pachapaqui
  2. 2 Whether PMCC provided confidential information to Peebles and whether that created a fiduciary duty
  3. 3 Whether documentary evidence defeated the affidavit evidence such that no genuine issue for trial existed

Ratio Decidendi

The documentary and other evidence conclusively undermined PMCC's sole affidavit evidence that Peebles was retained to acquire Pachapaqui or received confidential PMCC information; therefore no genuine issue for trial existed under the Combined Air 'full appreciation' test and the Ancash defendants were entitled to summary judgment because PMCC could not establish the necessary agency, fiduciary breach or confidentiality to support its claims.

Court Disposition

Appeal dismissed; summary judgment for respondents affirmed; costs awarded to respondents.

Orders

  • Appeal dismissed
  • Summary judgment granted to Platinum Partners Value Arbitrage Fund L.P., Mark Nordlicht and Ancash Mining Ltd.