Raicon Developments Inc. et al v. Mitchell Group Investments Inc. et al

No. S-184056

NST was counsel for the plaintiffs in a claim alleging a partnership or profit-sharing agreement in a major neighbourhood property development project in Langley on lands worth over $100,000,000. The action also involved a claim by former shareholders in Miracon alleging that Miracon had an interest in the Langley project that significantly increased the value of their shares before the shareholders were oppressed and forced out of the company. Trial was set for September 2021 and was recently settled on confidential terms.

The claim included allegation of entitlement to recovery of partnership income of $5.4 million from proceeds in a partnership joint venture with a third party in 2017; claim of breach of duty of utmost good faith; oppression claim by the former Miracon shareholders; claim for dissolution of partnership and distribution of equity in assets; claim by the plaintiff numbered companies for additional share value over and above $19.5 million paid by the defendant for their shares in order to account for Miracon’s interest in the Langley property development project; and claims for damages for loss of opportunity.