CCR Short Takes
News | 05/06/2004 4:00 am EDT
Ontario court dismisses motion by Craig Wireless vs. Look, UBS
The Ontario Superior Court of Justice has dismissed the motion brought by Craig Wireless International Inc. against Unique Broadband Systems Inc. and Look Communications Inc. Craig Wireless was seeking an interim injunction that would disallow a private placement by Look in January 2003 to UBS until it was approved by the company’s disinterested shareholders, and to direct Look to get approval from the TSX Venture Exchange for the private placement (CCR, Oct. 31/03). That transaction gave UBS majority control of Look. Craig Wireless has also agreed to a dismissal of its appeal to the Federal Court of Appeal of the October 2003 CRTC decision approving UBS’ acquisition of a controlling interest in Look. Craig argued that the commission "erred in law and breached the principles of natural justice when it approved the application on an ex parte basis and without public notice, and without affording the applicant (Craig Wireless) any opportunity to make representations or file evidence related to the decision before it was made by the commission, despite the commission’s awareness that the applicant had an interest and had concerns to voice with respect to the application" (CCR, March 11/04).