Boss Power sued by geologist over Blizzard money
2014-04-23 13:29 ET - Street Wire
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by Mike Caswell
Boss Power Corp. is a defendant in a lawsuit filed in the Supreme Court of British Columbia by Adam Travis, a geologist who claims he is entitled to part of the $30-million settlement the company received for its loss of the Blizzard uranium project near Kelowna. Mr. Travis says he staked the Blizzard claim in 2005 and then optioned it in return for a royalty and other payments. The option agreement specified that he was entitled to reasonable compensation if the property were expropriated, he claims.
Mr. Travis's allegations are contained in a notice of claim he filed at the Vancouver courthouse on Tuesday, April 22. They come over two years after Boss Power agreed to accept $30-million from the government as compensation for the loss of the Blizzard project. The project had become worthless when the government enacted a ban on uranium exploration and development in 2008. Boss Power sued over the loss of the claims, and on Oct. 20, 2011, agreed to drop the lawsuit in return for the $30-million.
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More power to this geologist. Here's hoping the parties involved do the right thing and compensate him according to his agreement. I can only assume this will end out of court with a few million going to the geologist in return for dropping his suit.
Posted by Backseat Driver at 2014-04-23 14:40
If you read the last year's news releases, you'll see that the settlement is still hung up, with active claimants asking for a share of the $30 million.
Plus, there's been dissident shareholder activity. Far as I can see, there's seemingly been no share-the-wealth disbursements to outside entities.
Posted by harpinder at 2014-04-23 17:37
the main litigation was over tenures demanded to be resolved by the courts, and it recently was- that took years, this suit clearly states the royalty was signed over obviously for some compensation, looking for goodwill after the fact would be an interesting legal concept?
Posted by reality at 2014-04-23 18:08
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