The court held that Article 3.56 was a broad disclosure warranty and the defendants breached it by failing to disclose the material extent and near-completion status of the Wilson's Gas Pricers Project which materially affected ECS's 2014 profitability; the court also found certain WIP and inventory overstatements ($17,503 invoiced WIP and $1,629.86 unusable inventory) contrary to Articles 3.9 and 3.10. However, the plaintiff failed to prove causation and quantum of loss (no reliable valuation evidence and surplus working capital at closing), therefore all contractual and tort claims were dis…
The Federal Court of Appeal dismissed the appeal; it held the Tax Court’s business-income analysis under s.9(1) involved an extricable legal error but nonetheless concluded the Fees (Commitment Fee and Non-Completion/Break Fee) are includible in computing income under s.12(1)(x) as inducements received in the course of earning income from a business or property, less bid-related deductible expenses; the Non-Completion Fee did not give rise to a capital gain because Falconbridge had no vested right to complete the merger.
The Tribunal found the operative proposed merger to be the three‑way transaction including the Divestiture to Videotron and concluded, on the evidence, that the Merger and Divestiture are not likely to prevent or lessen competition substantially in the consumer wireless markets in Alberta and British Columbia; accordingly the Commissioner’s application under s.92 is dismissed.
The Tribunal approved and issued a detailed scheduling order setting deadlines for mediation, exchange of affidavits of documents and productions, motions on privilege and confidentiality, examinations for discovery (including availability of a judicial member to rule on objections), expert reports and document exchanges, and fixed the evidentiary hearing to commence February 27, 2023 with oral arguments to be heard March 29–31, 2023, finding the schedule appropriate and consistent with the Timelines Direction and subsection 9(2) of the Competition Tribunal Act.
The Tribunal ordered disclosure of the limited witness contact information (Question 1177) as relevant and proportional and subject to Level B confidentiality under Rule 240(b), but declined to order answers to Questions 1230-1254 because they were vague, overbroad and required speculative or hypothetical analysis that Secure was not obliged to create; if Secure already performed such analysis it must produce it subject to privilege and confidentiality protections.
The Tribunal, having received the parties' confirmation of availability and absent any opposition, amended the Scheduling Order to move the hearing date from March 18, 2022 to March 22, 2022 and left all other provisions unchanged.
The court held that Sequoia was entitled to its success fee after a mutually accepted LOI was signed and the sale later failed for reasons not caused by buyer breach.
The Tribunal granted the parties’ agreed, minor modifications to the existing scheduling order as reasonable and appropriate in the circumstances, approved the revised timetable of dates for disclosure, interlocutory motions, examinations, expert reports, mediation and hearing, and scheduled an additional case management conference around 21 May 2020 to reassess the timetable in light of the developing COVID‑19 situation.
The court dismissed Copper North’s interlocutory injunction application, finding no evidentiary basis for irreparable harm and deciding the balance of convenience favoured Granite.
Non-disclosure agreement
Standstill provision
Interlocutory injunction test
Irreparable harm
Balance of convenience
Full and frank disclosure in ex parte applications