The Star's business reporter John Rubin reports that one of the partners in the company which controls the Toronto Star has applied to the courts to break up the partnership and order its assets auctioned off.
The suit, led by Paul Rivett and his holding company Tevir Investments Inc., is seeking a court order to dissolve NordStar Capital, the partnership created by Rivett and Jordan Bitove to purchase Torstar in 2020.
In the application, filed on Sept. 2, the relationship between Rivett, chairman and co-proprietor of Torstar, and Bitove, publisher of the Toronto Star and co-proprietor of Torstar, is described as “irrevocably impaired.”
“There is complete deadlock between Rivett and Bitove. ... They can no longer work together,” the application said.
Neither Bitove nor Rivett responded to a request for comment.
Under a draft court order filed with Rivett’s lawsuit, the two sides would each have a chance to bid for NordStar’s assets, either as a whole, or piecemeal. If neither is interested in a particular asset, the draft order proposes to sell it in a public auction.
The timeline for a potential auction wasn’t immediately clear.
According to an online database, no court hearing has been scheduled and no orders have yet been issued.
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