That's true, but by 1974, it was no longer an option. There was not a continuous transfer of ownership from the original Empire Company to Apotex. So it's not a reasonable assumption that the children can claim 20% ownership of Apotex.
"In 1974, Sherman founded Apotex, which is in the business of manufacturing and selling generic pharmaceuticals. As sworn by Sherman – and as found by Justice Perell and confirmed by the Court of Appeal – Apotex did not own or use any of the assets, goodwill, property or business of the Empire Companies. The definition of “purchased business” in the asset sale agreement of the Empire Companies and the option agreement does not apply to Apotex. At paragraph 157 of his reasons, Justice Perell found that “Apotex cannot be interpreted to be the “Purchased Business” under the Option Agreement……The Plaintiffs’ interpretation is wishful thinking beyond fanciful.”
I suspect that if the Empire Co had been sold to someone other than Rich Uncle, there would never have been another word said about the 20% limited, qualified, contingent and conditional employment agreement and option agreement.
I disagree with the statement that this lawsuit would not have gone forward had it not been the "Rich Uncle". IMO if the Winter children had found out that anyone had not honoured thier parents wishes they would have gone after them too.
We know that this is "True"as stated in Winter v. Sherman, 2017 ONSC 5492 (CanLII)
[16] The Sherman & Ulster offer also included an option for the Winters children to be employed by the purchased business and to acquire 5% of the shares of the company if employed for two years.
[17] The option had four pre-conditions attached; the opportunity of employment and subsequent acquisition of shares would only arise if all four pre-conditions were met. If any one of the conditions was not fulfilled at the point in time when the children were to have the opportunity of employment or share acquisition, Sherman’s obligations were to be null and void.
[18] Royal Trust had wanted stronger option terms that would have inhibited Sherman’s ability to resell the purchased business or take the Empire Companies public. Sherman refused such terms. As Justice Perell put it at paragraph 123 of his reasons:
Sherman was only prepared to offer a limited, qualified, contingent and conditional employment agreement and option agreement. He was asked to be more expansive and generous, but he would not be moved….Royal Trust did not leave any money on the negotiating table by negligently drafting the Option Agreement or by not squeezing Dr. Sherman to ensure that his promise extended to employment and an interest in any and every generic drug business in which he might become involved in the future.
[19] The shares in the Empire Companies were owned by Sherman and Ulster Li
The case that I cannot find is the Court of Appeal, Justice Paul Perell, Winter v. Sherman..Can someone find this?
Quoted in this news article
https://www.thestar.com/news/gta/20...ans-fortune-wishful-thinking-judge-rules.html and in the Sheman v. Winter document.
Quote from the news article- “As found by Justice (Paul) Perell and confirmed by the Court of Appeal, Apotex did not own or use any of the assets, goodwill, property of business of the Empire companies,” Hood wrote
^ This would mean that BS did not use ANY of the assets, goodwill, property of business of the Empire companies.
So how did BS fund the company APOTEX? It's ridiculous in my opinion. Did a forensic accountant go over BS's finacial statements prior to the purchace of Apotec.I'd personally appeal this too.Maybe someone can clarify?
Off topic. I was happy that the crimminoligist in the W5 episode stated the rarity of wealthy couples being strangled. What he did not mention is that the Shermans were the only couple ever found to date to have been strangled in a double murder useing belts as I stated before.Statisticly improbable.This is also true of a murder/suicide. NEVER happened before in the case of a wealthy couple.
ALL JMO