Liam Edward Robert McNeely

The applicant and three respondents sought a declaration that the respondent 2180366 Ontario Limited (218) failed to properly exercise a Right of First Refusal (ROFR) contained in a Partnership Agreement, which would permit the sale of shares from Parmantid Inc. to the applicant. 218 contended its exercise of the ROFR was unequivocal despite reserving certain rights.

The court found 218's exercise of the ROFR valid, determining that the reservation of rights was not a renegotiation of the purchase price but merely notice of a potential future entitlement, such as claims for unjust enrichment or set-off related to undisclosed liabilities.

Consequently, the Share Purchase Agreement between the applicant and the vendors became null and void.

The application was dismissed, and costs were awarded to 218 against the applicant and the other respondents.

The plaintiff sought a worldwide Mareva injunction to freeze assets and, alternatively, an order for interim possession of a jewellery set of identified diamonds.

The court denied the Mareva injunction, finding the plaintiff did not establish a strong prima facie case of fraud against all respondents or a real risk of asset dissipation.

However, the court granted the interim possession order, finding the criteria under Rule 44.01 were met, as the plaintiff demonstrated lawful entitlement to the property and unlawful detention by the respondents.

The jewellery set was ordered to be held by the Toronto Police Service pending criminal matters.